Quality healthcare is an inevitable expense for all of us. But, unfortunately getting the best medical facilities in India is quite expensive and unaffordable for many. A sudden medical emergency in the family can deplete your years of hard-earned savings faster than you can imagine, derailing your financial goals and leaving you financially vulnerable.
You can avoid facing such an unfortunate situation by planning your future carefully and purchasing a robust health insurance policy. It helps you get financial protection against unexpected and planned medical expenses, and keep your savings intact. However, sometimes, even if you have health insurance coverage, you may still incur out-of-pocket expenses if the policy’s sum assured is not enough.
So, in this blog, we discuss tips to increase the health insurance policy coverage amount.
Buy a health insurance policy early
When you are young and at the pink of your health, buying a health insurance policy may not seem like a priority. You don’t see yourself falling ill or facing any health trough at that age. However, experts recommend buying health insurance at a young age, preferably as soon as you draw your first salary.
Insurance companies decide the premium based on factors like age, medical history, lifestyle habits and current medical conditions. And the more you delay buying a policy, the more susceptible you get to diseases like diabetes, and heart conditions. When you are young and healthy, you can purchase a policy with high sum insured at an affordable premium.
Thus, you can always be prepared to meet any emergencies without any hassles.
Increase the existing sum insured
Almost all insurance companies allow you to increase the sum insured of your existing policy during renewal. While it will increase your premium slightly, you can be assured that you will have adequate coverage for your family’s medical needs without having to pay out of your savings.
One of the advantages of increasing your health insurance policy’s sum insured during renewal is that you need not worry about any waiting period and you can file a claim as and when required. Experts suggest that an individual with a family consisting of a spouse and a child must have health insurance coverage of at least INR 20 Lakhs.
Purchase top-up or super top-up plan
Another cost-effective way to get high health insurance coverage is to buy a top-up or super top-up plan. These plans allow you to get coverage even after you use up the original sum insured amount and avoid paying out of pocket for the expenses. The top-up and super top-up plans act as an additional cover and allow you to make a higher claim.
Leverage the cumulative bonus benefits
If you don’t make any claim during a policy year, your insurance company will offer you a cumulative bonus. Generally, the bonus given is in the form of a discount on the premium or increasing the sum insured by a specific percentage. So, if you have any accumulated cumulative bonus, leverage it to your advantage when you renew the policy and increase your policy coverage.
Choose the right add-on covers
Buying add-ons or riders is an excellent way to increase your health insurance policy coverage. The riders allow you to get protection against specific risks that are not covered under your standard policy. While you may have to pay an additional premium for every add-on you purchase, these add-ons come handy later on while filing a claim.
Some of the popular add-on covers that you can consider buying include room rent waiver cover, personal accident cover, critical illness cover, maternity cover, etc.
Assess your needs carefully and choose the right add-ons accordingly so that you get sufficient coverage without having to pay a high premium.
Now that you are aware of the simple ways to increase your health insurance coverage, do your due diligence and always ensure that you have enough medical insurance protection for your family.