Get Complete Health Insurance Protection l Combining Health Covers - YouTube

We discuss how to combine various categories of health insurance policies for complete health insurance protection

We are talking about Individual Health Insurance Plan, Family Floater Insurance Plan, Critical Illness Insurance Plan

Daily Hospital Cash Benefit Plans and Accident Insurance Plan

We discuss how you can combine them to cover major categories of health expenses

We will also discuss how you can combine this portfolio of health insurance policies with emergency funds

A combination of different categories of health insurance policies will solve the problem of specific expenses not getting covered

We will discuss how this combination of health insurance policies can be built over time

They prevent you from disrupting your budget, taking expensive loans and making premature use of investments

Video links of different health insurance policies and emergency funds are provided in the description section

You need to build health insurance portfolio over time

First, go for Individual Health Insurance (IHP)

There is an insurance amount earmarked for each family member

Older family members need larger coverage

With age, chances of hospitalisation get higher

You might want to increase the insurance coverage without a commensurate increase in premium

You need family floater insurance where there is an insurance amount earmarked for the family

Any claim made by a family member gets deducted from the total

The remaining portion is available for other members in a policy year

The younger you start, the better since premiums rise with age

Every year, you don’t make a claim, you get a No Claim Bonus (NCB)

You can now add a critical illness insurance plan

You can buy it from a life insurance policy as a critical illness rider attached to the life insurance policy

You get the full insurance amount on detection or any other trigger policy condition

There are insurance policies that reimburse you for eligible costs when sold by health insurance or general insurance companies

The key is to have as large coverage for critical illness as possible

To keep the premium costs in check you could consider the possibility of using a deductible

It is the amount till which you are willing to pay after which the expenses are borne by the insurance company

Deductible amount should be determined by the amount of emergency fund you keep for medical expenses

Deductible helps you reduce your health insurance premium

This will help you have a balance between the insurance premium and emergency funds

You need to have 3-6 months of expenses as emergency funds

Treatment for accidents should be treated as a medical expense and that is why accident insurance is needed

You can get accident insurance from an accident insurance rider in a life insurance policy

You can also get it as a standalone plan

It is a great idea to get both

Accident Insurance Plan premiums are very affordable

These plans also provide a financial cushion against death and disability

Next, you need to buy Daily Hospital Cash Benefit Plan

It makes daily cash payment which is a percentage of the insurance amount

They help to cover expenses not covered by other standard plans

They help meet expenses that may not be covered like protective clothing and some surgical equipment

Just in these health insurance plans don’t cover certain health expenses, an emergency fund can do the needful

If you are under-insured, you need a large emergency fund in low return, liquid investments