Majority of people think that they don’t require health insurance separately because they are insured by their employers. But, insurance experts suggest people to hold a secondary health cover because of below mentioned reasons: Employer coverage may not be enough.
Employer can change the medical policy in future. Medical problems develop with age and you may not get a new mediclaim policy. When you switch a job, the new employer may not have a proper scheme or may not offer a healthcare plan at all. Only few employers cover your dependent parents.
Below are some tips to decide what kind of coverage and amount people should opt for while buying secondary health insurance coverage:
Current Cost of Insurance
Review the current insurance costs as a percent of your total income. Insurance experts recommend that your total yearly insurance cost should be nearly ten percent of your yearly take home income.
Know Your Age and Medical History
People who are in their 40’s, it’s better to start investing in a secondary health insurance coverage. Select the coverage amount and the policy type based on customer’s family history and health condition. In addition to the basic health cover, there are special plans available for heart and diabetic patients.
Opt for More Beneficial Features
If you prefer to continue using your employer’s policy as a primary health insurance, insurance advisors recommend people to go for an expensive no claim bonus. Private insurers offer a wide range of advanced features such as high no claim bonus, no sub-limits for the claim purpose and combination of family floater + individual cover.
Select the Correct Amount
Select the coverage amount depends on medical situation, current standard of living, budget and location. Coverage can be much lower or higher based on the specific scenario.
Insurance advisors generally suggest customers to prioritize health insurance policy before life insurance because the chances of hospitalization are more as compared to death.
Choose the Right Insurer
With innovative features and competitive costs, private sector insurers generally score more as compared to national insurance companies in India.