A comprehensive health insurance cover has become a must, especially since the onset of the pandemic. Experts say people have now started valuing the importance of insurance, keeping in view the exorbitant hospital and medical bills for COVID treatment.

Having said that, when it comes to choosing an ideal health insurance plan available in the market, people should be more cautious and choose the right health cover.

Here are some of the parameters one should keep in mind when choosing the right health insurance plan:

Determining the adequate cover

The inevitable question is, how much medical insurance is ‘adequate’?

Dipika Jaikishan, Co-Founder and COO of Basis, says, “There is no simple answer as there are several individual factors that affect the answer. We can’t predict future illnesses, but a quick guide is to figure out which hospital you would like to go to in case you fall sick and then check out what a heart bypass costs.” Hence, based on that one should plan to have a medical cover for that amount at least.

Personal medical history

Another way of figuring out what your medical insurance cover should be is to take into account your age, family history of medical problems, and lifestyle (which is a major contributing factor to your health). Typically, health insurance companies ask for this information in advance and you need to provide full disclosure to ensure that you are avoiding any future issues.

Jaikishan points out, “Also, as women, we are more likely to be diagnosed with illnesses that will stem up later in life, and so being over-prepared is not a bad thing. Factor in the cost of treatment for most common illnesses and make sure your policy covers those.”

Different coverage with age

By and large, insurance experts suggest that an adult (above 21) should have at least a cover of Rs 10 lakh when they are in their 20s. Also, the amount should increase as they grow older.

Jaikishan says, “One needs medical insurance even in their 20s. Also, when one is younger and is in better health, premiums are cheaper. As we get older and with lifestyle illnesses, these can affect not just our health, but premiums as well.”

Coverage changes with family status

When your family status changes — for instance, post-marriage – you can opt for a family floater policy that covers both the spouses. The kind of family floater you opt for can change as your family grows.

Having said that, Jaikishan adds, “It is important to have an individual cover irrespective of having a family floater as well. If a woman has no individual policy and is only a floater with her husband, it could spell trouble if things get rocky in the marriage. Irrespective of your relationship status, buying an individual health insurance policy is highly recommended.”