Our health is our greatest asset. Hence, taking care of it is a given. But despite our best efforts, we sometimes fall prey to diseases. In such cases, our primary concern turns to the monetary aspect of the issue. This is justified as medical treatment costs have increased considerably recently. To effectively combat these financial implications, it is best to buy Health Insurance. It is a contract that covers all your medical expenses.
It finances your treatment effectively, allowing you to get the needed medical attention on time. It even pays for out-of-pocket costs like hospitalisation charges, doctor’s consultation fees, etc. But to enjoy such assistance, you need extensive policy coverage. By following some practical tips, you can do so easily:
- Opt for an efficient Insurance company
Selecting a reliable provider is the first step to buying suitable Health Insurance. But it is also essential for several other reasons. For instance, a dependable company gives you access to various offerings. It also enables you to extend your coverage with ease. Thus, take your time while selecting a provider. Follow the mentioned steps:
- Run a quick search for the most reputed companies that offer Health Insurance in India
- Go through the customer reviews of each for more clarity
- Compare the premium structure and offerings provided by each company
- Use a Health Insurance Premium Calculator to pick an appropriate plan and provide
- Consider buying a Super Top-Up Plan
This provides additional protection to your online Health Insurance coverage. It proves to be exceptionally helpful in cases where your medical bills exceed your base policy sum assured limit. It also comes with a deductible. This means it only becomes active when your hospitalisation expenses exceed the existing coverage. In this manner, you cover your pre- and post-hospitalisation bills rather quickly.
- Increase the existing sum insured
At the time of renewal, Health Insurance Policy providers give you the option of increasing your sum insured. If feasible, consider doing so. Although it might slightly increase your premium, it allows you to extend your cover. It saves you from the waiting period for the increased sum insured.
- Choose suitable add-on covers
Like other General Insurance, Medical Insurance also offers specific add-on covers. Such facilities amplify the coverage of your base policy. But you should pick them mindfully. Some of the popular add-ons include:
- Room Rent Waiver
- Personal Accident Cover
- Maternity Cover
- Multiple Critical Illness Cover
If you already have add-ons, you can buy more. It is a great way to enhance your coverage strategically without attracting a higher premium.
- Opt for a cumulative bonus
In India, insurers offer a cumulative bonus if you do not make any claims during the policy year. They let you enjoy either of the two perks:
- An added amount to your existing sum insured at the same premium
- A discount on your current premium
Note that these offerings differ between insurers. For clarity, consult your company to know about this facility and its eligibility.
