Health Insurance: What should be the size of health cover in your 30s?

In today’s fast-paced world, there is a lot of focus on health and wellness. Individuals are taking a lot of steps to ensure they remain fit. A lot of attention is being paid to diet and exercise. But people often forget one crucial step when it comes to taking care of themselves and that is health insurance. As per the National Family Health Survey (2019-21) only 41 per cent of households in the country have at least one member covered under a health insurance scheme. The penetration of health insurance in India has been slow. A number of factors are responsible for this, including inadequate knowledge about health covers and premiums.


Many people do not properly consider the benefits of getting health insurance. Another thing that they often fail to calculate is the ideal sum assured or the amount that will be paid by the insurer in case of any unfortunate event.


How to calculate the ideal health cover for health insurance?


There are several factors to take into account while choosing the sum assured of a health cover. This includes pre-existing health issues, whether the person is living in a metro or non-metro area, premium to be paid, annual income of the policyholder and inflation. If there is no issue of cost, policyholders should go in for a sum assured that is twice or thrice their income.


What should be the size of health cover in your 30s?


Many people start opting for health insurance in their 30s since they can get comprehensive coverage at an affordable price. The policyholder should opt for a cover of at least Rs 10 lakh. If they are in a metro city, the sum assured can be Rs 20 lakh due to the higher cost of treatment there. Having a minimum sum assured of at least Rs 10 lakh ensures that a person is financially prepared for sudden hospitalisation or serious medical conditions.


What are the things a person in their 30s should look for in a health insurance plan?


A person should look for some basic things while choosing a health cover. This includes the insurer’s efficiency in settling pending claims and the network of hospitals covered under the plan.


Insurers which provide pre- and post-hospitalisation coverage are better than those which provide money only for expenses while admitted, even if they charge a higher premium.


Policyholders should look carefully if there are any sub-limits in their plan. Sub-limits means that the insurance company will not pay more than a certain amount for some procedures/treatments. Sub-limits can lead to more out-of-pocket expenses.