There is no magic figure that can be put forward as the right amount of medical insurance for an individual. What might seem just enough today may make you feel under-insured tomorrow. Let's find out how to go about making choices.
Is a health insurance of Rs. 3 lakhs enough? Probably for a normal illness or a minor surgery; What if a major accident happens or if you have to undergo a major surgery or an organ transplant? Will Rs 3 lakhs still be enough?
When we talk of how much health insurance is needed, we already realize the fact that health insurance is very important. To decide upon how much health insurance will be enough, is the tough. We don't know what to expect and what future holds. Working with some pointers can help decide on an amount. Using these pointers, we may be able to reach a probable figure that may be sufficient or at least enough to alleviate major costs.
So the first thing to begin with is we need to take up certain situations and consider related expenditures. Thereafter, we need determine how much we can afford and what finances are available to us. Consider the following:
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