5 Factors To Help You Know How Much Health Insurance Is Ideal!

Health insurance has become an integral part of financial planning. With the rising medical expenses and inflation rate, health-care costs have increased. It is needless to say that if you are not buying a health insurance plan, you are taking a big risk.

The importance of buying a health insurance cannot be overemphasized. Buying a health insurance plan is the basic requirement. But it is important that you have the right amount of coverage as per your needs.

The first question that comes to your mind while buying a health insurance plan is the amount of coverage you would need. So is there any ‘right amount’ of coverage that you should buy?

There is no fix formula to compute the optimum coverage that is ideal for you. Yet there are some factors that can help you in making your decision regarding the amount of health insurance coverage.

Factors affecting the amount of health insurance coverage

Financial Abilities: The first and foremost factor in calculating your health insurance coverage is your ability to pay. Premium is directly proportional to the amount of coverage. Before buying a policy, you must check your financial ability to pay the premium for the coverage. 

It is not necessary that you always need to buy a policy with a large coverage. If you cannot pay a high premium, you can go for a small coverage. You can increase the coverage in future if your pocket allows you.

Age: Age is an important factor in deciding the amount of coverage you need. If you are taking a policy at an early age, you can take a small coverage and then increase it in the coming years. 

Alternatively, you can take a large coverage initially as the premium payable is less for young people due to lesser chances of pre-existing diseases. A middle-aged or old aged person generally needs to purchase a higher coverage as the chances of diseases are more and so the premium payable is also high.

Hereditary Diseases: If your family has a trend of hereditary diseases, the probability of it being passed on to the future generation is high. In such a case, you should buy a health insurance that provides a wider coverage while you are young.

Percentage of Income: Your income plays a key role in your decision of buying a health insurance plan. Your health insurance coverage should be at least 50 percent of your annual income. It is practical for you to buy a health insurance coverage which ranges from 50 to 100 percent of your total annual income.

Type of Hospitals: There are different categories or types of hospital. Different insurance plans charge a different amount for different categories of hospitals. Your decision regarding the amount of health insurance coverage is also determined by the category or type of hospital you would prefer for your treatment. 

There are the factors that can increase the value of your coverage without any additional cost. With features like riders and top-ups in your plan, you can always have the additional benefit without any increased premium.

Read Also: 5 Elements to Look for in Best Health Insurance Plans

The Bottom Line

There is no set formula or rule for calculating the amount of health insurance coverage you need. Different people have different needs. The amount of coverage depends on your financial ability and requirement.

So you should analyze all the above-discussed factors from your point of view and choose an optimum coverage that is ideal for you.

Author BIO: Sidharth Kapoor is a well-known financial insurance advisor with the abilities to keep a track and predict the market trends with the utmost accuracy.He has done PGDBM in finance. He has worked on different financial sectors dealing with the entire range of Insurance like health Insurance,life insurance,personal accident insurance and also contribute as a writer at everythingoninsurance blog more. He is also an expert in writing many finance related articles and blogs.

The Average Wedding Costs $33K: How to Keep to a Budget of $5K or Less

The average wedding cost $33,000. This is a lot of money. If your family is not overflowing with money at the seams, this is a poor investment. $33,000 is enough to put a down payment on an amazing home, start an investment fund for your family or fund the services of a night nurse when you have your first child together. 

Instead of putting this money into one day that flies by so quickly, keep the budget low and put the money elsewhere. Consider these tips to help you keep a budget of $5,000 or less on your wedding day.

Use Inexpensive Decorations

Flowers are one of the most expensive line items within a wedding budget. Cut the price down dramatically by making different choices for bouquets, centerpieces and the other decor. Instead of renting tablecloths for $30 apiece, purchase $12 tablecloths at a discount store. 

Use a steamer to freshly press them. No one will know the difference. Use mirrors from the dollar store, and set an arrangement of inexpensive candles on each mirror. Add vases with floating candles, sequined ribbons and water to create stunning centerpieces. 

For the bouquets, use inexpensive silk flowers. No one will know the difference. Once you’re finished with all of the items, you can resell them on a discount wedding website and make money.

Find a Modest Dress

There are many people who focus on making sure they have the latest designer dress for their wedding day. While the dress can be a showstopper, it’s more about the woman in the dress. You don’t need to have an expensive designer dress to look amazing. 




In fact, if you focus on creating a themed look that’s pristine and polished, a simple modest white dress will look absolutely stunning. Plus, it just might be a much more affordable option. Focus on accessories and hair styling. This will help you to pull off the look effortlessly.

Find a Venue That Allows Your Own Catering

Food is also a major expense at a wedding. If you can find a caterer that’s willing to provide meals at an affordable rate, you’re already in great shape. 

Once you jump over that hurdle, you’ll need to find a venue that’s okay with you bringing in your own food. Once you combine those two expenses, you’ll be able to save a lot of money in the long run.

Find Discount Alternatives for Various Services

Next, you’ll want to find ways to get various services at discounted rates. Oftentimes, professionals increase the prices once they know it’s a wedding. If you’re hiring a DJ, don’t necessarily tell them up front that it’s for a wedding. 

Alternatively, you may also want to consider the music lovers in your family. Ask them if they’re willing to be in charge of music at your wedding either as a wedding gift to you or for an affordable price. This same sentiment applies to the day-of coordinator and the master or mistress of ceremonies.

Once you combine all of these expenses together, you’ll see that you won’t need to spend $33,000 on your wedding. With some strategic planning, creativity and negotiating, you can keep your wedding expenses within a budget of $5,000.

Fulfil Your Dream of Travelling the World without Worrying Anymore

Travelling is a dream for some and business for others. Whatever be the case, travelling overseas is always expensive. Saving beforehand for travel expenses may help sometimes, but not always. There can be many reasons for your abroad trip plan:

• Seeing Switzerland was your childhood dream. 
• Your children live in a foreign country, and you visit them every once in a while. 
• You have a vital month-long business meeting where you have to take your employees. 

Whatever the purpose is, it can be anything but economical. Financial institutions offer Loan against Property to manage your travel expenses efficiently. You can easily avail Loan against Property for travel from them and make your dream tour come true. The Loan Against Property Interest Rates are quite lower in comparison to other loans , thus a better option for repayment.

What is a Loan Against Property?

Loan against property is what its name suggests. A financial institution gives you a loan against a property registered in your name which they keep as a mortgage or security. Hence, these are secured loans. 




Such credits have high loan-to-value. It is the ratio of the credit amount to the actual value of the mortgaged property. It is usually higher in comparison to other secured loans.

Loan Against Property Eligibility:

In case you draw salaries, the age bar is 33 to 58. For self-employed individuals, the age bar is 25 to 70 years.

Loan Against Property Documents:

Loan against property documents required are minimal:

• Salary slip
• Statements of your bank account for the previous 3-6 months
• KYC documents 
• Address proof
• IT returns
• Property documents

Loan Against Property Tenure:

Financial institutions offer you loan against property with repayment periods of 2 to 20 years. That is a huge window to repay your credit amounts conveniently. However, there are also options for part-prepayments of the loan against property for travel. You can also opt for foreclosure of your credit account.

Additional Read: Choosing the Perfect Loan Against Property to Tackle your Financial Problems

Loan Against Property Interest Rates:

The interest rates for loan against property India are less compared to other forms of secured loans owing to their longer tenures. EMI amounts for such loans are comparatively lower.

Other Loan Against Property Features:

Financial institutions provide the following features with loan against property -

1. Easy Balance Transfer
Using easy balance transfer facility, a customer can transfer the remaining loan against property for travel amount to another lender who provides with low rate of interest. The current lender may charge a minimal fee for providing this facility.

2. Top Up
Customers can avail a loan top up with their existing loan in case they need additional financing.

Loan Against Property and CIBIL score:

Your CIBIL score will also improve if you pay the EMIs on time. A high CIBIL score helps you in many ways. While a high credit score is not mandatory for availing a loan against property, it will largely help you in getting unsecured loans and credit cards in the future.

However, not repaying your due credits in time will negatively affect your CIBIL score. Keep in mind the things to avoid while availing a loan against property.

Apart from all these benefits, availing Loan against Property has more added benefits. The application procedure is the easiest among all other financial institutions. Also, the end use of such loans is not restricted. You can finance your child’s education or meet your parents’ health requirements.

So, avail a loan against property for travel today and surprise your dear ones with a dream vacation in The Bahamas, Egypt, Japan, or any other.

Money Management: 5 Reasons to Get a Financial Planner Now

Understanding how to effectively manage money should be a top priority for any adult. The good news is that you don’t have to create a financial plan by yourself. A financial adviser can teach you how to save for retirement, build an emergency fund or otherwise meet your financial goals.

Professional Insight Can Save You Money Immediately

The simple act of creating a budget can help you save hundreds or thousands of dollars a year. A budget can help you control your discretionary spending or help you pay your bills on time to cut down on late fees. Other simple acts like consolidating credit card balances can reduce interest paid to lenders.

Saving Money is a Learned Skill

While saving money is essential to create financial security, it is a habit that is learned over time. However, when a professional tells you more about the magic of compound interest, you may feel more motivated to start saving. 

Furthermore, a financial adviser can tell you what types of accounts to put your money in. This can be in addition to you traditional savings account or another type of investment that will earn you more interest over time.

Learn How Taxes Impact Your Plan

Whenever you earn money, the government is going to take some of that cash for itself. By talking with a financial adviser, you can devise strategies to keep the tax collector at bay for several years into the future. 

If you have current tax debts, an adviser can help you create a plan to pay down that debt in a timely manner. It is also a useful to know when tax season comes around to know what you can and can’t deduct on your taxes. 

The more you can deduct the less money you have to pay and the higher return you will get back on your taxes after they have been filed.

Develop Strategies to Accomplish Short and Long-Term Goals

While your long-term goal may be to retire at age 55, there are many more pressing goals that may need to be met in the short-term. For instance, it is good to know how you will pay for your first house or for the wedding that you want to have next year. 

A financial adviser can make sure that you get the house or wedding you want without jeopardizing your retirement. It is also a good idea to use those small goals to get what you want when you want it.

If you do this right, this can make your bigger goals for retirement more meaningful as you have accumulated some of the things you want while working towards retirement.

Find Ways to Grow Wealth Beyond Inflation

Financial planners know that inflation erodes the value of a savings account or investment portfolio over time. However, they can suggest investments such as real estate or emerging market funds that have the potential to grow faster than inflation or outperform the market as a whole. 

The bottom line is, a financial advisor can help you find the right market and the right investment to make at any given time. They will explain to you the risks versus the rewards of those investments and will make recommendations to you based on your current financial portfolio and stability. They will advise you which investments risks make sense and which ones are too risky.

Meeting with a financial planner doesn’t have to be complicated or scary. All you need to do is be ready to have an honest and open conversation with someone who has your financial best interest in mind.