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How Much Health Insurance Cover Do You Need?

Published On Dec 30, 2022 10:00 AM By InsuranceDekho

With inflation at an all-time high, the season of layoffs around the world has highlighted the importance of understanding the certainty of being insured under health insurance policies. We can live a stress-free life knowing that we have a roof of financial protection over our heads. Besides this, after the global pandemic of COVID-19, many individuals realized the importance of securing their own and their loved ones' futures. So, if you are the one who is planning to buy a health plan, you should understand how much health insurance coverage you need. Read on to find out! 

How Much Health Insurance Cover Do You Need

How Much Health Insurance Is Necessary for an Individual? 

When purchasing a health insurance plan in their early years of life, a person should always choose health coverage that is greater than Rs. 3 lakhs. This will assist them in claiming the insurance to cover any medical bills that may arise. Additionally, since you have a low likelihood of filing a claim when you are young, you are more likely to qualify for the no-claim bonus or cumulative bonuses, which will result in an annual increase in your total insurance of up to 200%.

How Much Health Insurance Is Necessary for a Family? 

The cost of healthcare has been continuously increasing over the past decade. It might get risky to not buy a health insurance plan. This is due to the fact that any family member could experience a medical emergency at any time, and just one hospital stay could significantly deplete your family's funds. Insurance professionals advise a family of four to have a minimum health insurance cover of Rs. 10 lakh in order to avoid such a circumstance.

Therefore, you can buy a family floater health insurance policy to save on premiums and secure all the members of your family under a single insurance policy. 

How Much Health Insurance Is Necessary for Senior Citizens?

Senior citizens should buy a health insurance policy with a high sum assured amount as they are more vulnerable to illnesses. Even minor regular surgical procedures might now easily cost up to Rs 100,000. A bypass surgery at a reputable hospital currently costs more than Rs 2 lakh and will almost certainly cost more in the forthcoming years. A sum insured that appears enough now may be insufficient to pay your healthcare needs later. As a result, it is prudent to consider inflation when determining the sum insured. Also, if your parents are senior citizens, they will undoubtedly require a larger sum insured as well as a higher premium in accordance with their age.

Things to Consider When Choosing the Appropriate Health Insurance Coverage Amount

Listed below are some of the factors that you should keep in mind while choosing an adequate health insurance coverage amount. 

  • When determining the coverage amount, the age of the individual should be taken into account. The more the person age, the larger the sum insured amount should be chosen because as you become older, you are more likely to become ill.
  • Before selecting a coverage amount for the policy, it is advisable to look into a person's medical history. A person with pre-existing conditions could need to make numerous claims. As a result, if you have a medical history, you ought to choose a greater coverage level.
  • The level of coverage should be determined while taking your income and ability to pay into account. 


While choosing the right coverage amount, there are many factors, such as age, policy type, medical history, and others, that you should keep in mind. In addition to this, and most importantly, you should focus on the rising cost of the healthcare sector.

Also Read: 

Healthy resolutions to follow for the new year


This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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