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How Much Health Insurance Do You Need?

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Kang Jum - Living life on prayer was considered to be okay in the medieval era when the population had no other option. To top it all, there was a lack of awareness and education forcing people to believe that illness was God's curse and there was no way of escaping the wrath of the lord! However, the present times are a bit different. We have technology and a whole lot of medical services that re helping in improving the quality of life with every passing second. Given this situation, life insurance is mandatory. Don't get us wrong, we are not asking you to divulge from your faith but investing in life insurance is always a wise decision.

"You know you'll likely need something, even if you're a totally healthy person," says Amy Bach, executive director of United Policyholders, a San Francisco-based insurance consumer advocacy group. "For most people, it's about comparing deductibles, copays, benefit limits and reimbursement rates -- basically, everything that you could be responsible for -- and then any portion of services that would fall to you, such as hospital stays."

Like work-based health insurance, individual coverage that you buy directly from insurers on the private market also presents more of a question of "Which plan?" than "How much?" And, selecting the right individual market plan has not been easy.

Here are a few tips to help you decide the amount of life insurance cover that you should invest in:

The premium that you can afford

Medical insurance amount is somewhere dependent on the premium that you can afford to pay. In your endeavour to gain maximum protection, don't end up choosing a cover so big that you are unable to manage the premium.

Family history

This is important because a lot of diseases are hereditary and you are automatically at a higher risk if anyone in the family has the problem. Trace the family tree and highlight the serious health problems that you come across.


How much is just enough?

If your most basic answer to the "How much health insurance?" question is, "As little as possible," then you'll want to know that the exchanges also feature a list of compliant "catastrophic" plans for those who don't mind risking a high deductible in exchange for the lowest-possible premium. But be forewarned: Catastrophic plans are reserved for consumers who are under 30, or who have faced hardships, including having their previous health insurance canceled.

So, how much health insurance do you need? As reforms continue to take hold, Bach expects more consumers will come to have a better understanding of what's "just right."

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