10 Ways To Reinvent Your Health Insurance

The rising price of health care is becoming a big issue for most of the people. With an inflation rate close to 20%, health care is burning deep hole in everybody’s pocket. That’s why a health insurance policy has moved from a luxury product to a necessity for everyone. Apart from providing cover for hospital expenses, a health insurance policy offers numerous benefits which can be easily availed if you are well informed about the product. But most of the people  aren’t aware about the ways through which they can extend their coverage and they just keep renewing their policy which keeps them away from the diversified benefits which a health insurance policy offers.

You also need to keep reviewing your policy periodically, so that you can update your health insurance policy according to your changing needs and situation.

So let’s go through the various ways through which you can reinvent your health insurance policy, so that you can take advantage from it.

1) Top Up Health Plans

These plans offer you coverage over and above your existing policy’s coverage amount. For example, you have an existing policy with a cover of Rs. 3 lakhs. You can buy a top-up of Rs. 10 lakhs over the maximum limit of Rs. 3 lakhs. So in case you have to undergo hospitalization and the bill comes to Rs. 5 lakhs, Rs. 3 lakhs will be paid from your existing policy and remaining Rs. 2 lakhs will be paid from the top up plan. However, you can use the benefit of top up only once a year on a single hospitalization.

2) Super Top Up Plans

Taking the above-mentioned example further, if you have the second hospitalization in the same year with a bill of Rs. 3 lakhs, using super top up plans you can settle the bill even if you have exhausted your basic policy amount during the first hospitalization. This means, super top up health insurance plans provide you with the total hospitalization coverage irrespective of the fact how many times you need it in a year, subject to the maximum limit as per the plan.

3) New Policy with Higher Sum Assured

If your needs have changed over the years and you have to take care of parents as well, in that case, you can go for an entirely new health insurance plan with a higher sum assured. There is no compulsion to continue with the same plan, but do remember to buy a new plan immediately after the current policy expires. There shouldn’t be any break between surrendering old plan and buying a new plan.

4) Buy Add-ons/Riders

Keep checking for additional benefits being offered in the market and check with your insurer if they are offering the same. Instead of the purchase of a new policy, you can pay a little bit of extra premium to have those add-ons in your policy as an accident cover or critical illness cover. Adding riders allow you to extend your coverage, but you should add only those riders which are required.

5) Low Premiums

You can always get better policies at lower premiums. All you have to do is compare health policies in India online and select the plan that gives you the same or even better features as compared to existing policy at a lower premium.

6) Disease-Specific

If you have been recently diagnosed with a new ailment, it calls for a change in your health care plan. Reason being, your current plan may not cover you for such diseases, and you might lose out on it during a single hospitalization. Find out about the plans that cover your new ailment and invest in it.

7) Family Floater Plans

Till the time you are single you can invest in simple health plans, but with a growing family, you need to invest in something that takes care of the whole family’s medical expenses. Change your plan accordingly.

8) Additional Coverage

Most employers provide you with a group health insurance policy, but you need to understand that such policies are not provided according to your need and is similar for all the employees. The coverage amount of an employee provided group health insurance is also low and it comes with various limitations and exclusions. That’s why it is better to buy an individual health insurance plan which will give you a 360 degree protection against hospitalization expenses.

9) Buy Online

This is the best way to reinvent your health care plans as you can study and compare all possible health plans available in the market from the comfort of your home. Once you find a policy that offers the best features and benefits at the lowest possible cost, go ahead and buy it rather than waiting for your agent to update you.

10) Known Brand

If your existing health insurance policy has low premiums but doesn’t offer much benefit or the service isn’t good then it makes sense to buy a policy with reputed brands which has a specified turnaround time to help you in the event of claims. Find out about their financial standing, claim settlement ratio, incurred claim ratio, service quality and overall reputation in the market and then take the decision.

Hope these pointers help you in getting the best medical cover for all your needs. Keep working on your health insurance from time to time to get the best of insurance cover within your budgets.

Harjot Singh Narula

Harjot Narula is founder and CEO of ComparePolicy.com, an IRDAI approved insurance web aggregator focussed on selling online insurance for companies. Harjot has more than a decade of experience in software development and has also spent 5 years in US working for the mortgage and risk management industry.

Leave a Reply

Your email address will not be published. Required fields are marked *