Health insurance coverage is a crucial financial safety net to protect your money from any unanticipated medical expenses. Consequently, having a comprehensive insurance policy is always a good idea, especially given the rising expense of medical care.
There are several ways to increase your coverage while keeping your premium reasonable, though.
Cost-effective ways to expand your health insurance coverage
- Increase your current sum insured
Almost all insurers will give you a choice to raise your current sum covered for your health insurance plans for your family when you renew it. This way, you can be sure you have enough coverage for your and your family’s medical requirements without having to pay too much out-of-pocket. It will slightly increase your premium, though. One benefit of doing this is that there won’t be a waiting period for the higher total insured amount. *
- Select super top-up or top-up plans.
Another way to secure greater coverage without a significant cost is through top-up or super top-up plans. These plans will still offer coverage even if you use up your initial sum insured amount. This is accomplished by dividing your coverage into two parts: a secondary cover and the predetermined limit of the original health plan. You can submit a bigger claim if you have this extra coverage.
- Policy for long-term healthcare
In general, choosing a long-term insurance policy is preferable to one with an annual term, such as one with a tenure of two to three years. This is because premium payments for such long-term insurance are frequently lower. ##
- Invest in the best add-on covers
Your current health insurance coverage in India can be supplemented with extra coverage through additional covers, often known as add-ons or riders. Maternity insurance, room rent exclusion, critical illness insurance, and personal accident insurance are common add-ons.
The IRDAI has ordered that the total premium for all add-ons purchased under a single health policy cannot exceed 30% of the original premium amount, despite the fact that you may already be aware that these covers are only available at an additional cost. The additional premium you will have to pay for add-ons cannot thus be more than 1,500 if the premium is 5,000 per year. #
- Obtain health insurance early
Purchasing a health insurance plan while you’re still young is another strategy to guarantee that your premium payments stay low. Since age and medical history are taken into account when determining the premium. Since the likelihood of developing age-related disorders like diabetes and heart ailments rises, insurers will charge older clients higher premiums.
However, purchasing coverage in advance will guarantee that your rates stay reduced, and you will also be eligible for cumulative bonuses for years without a claim. *
- Receive an accumulation bonus
Your insurance company will reward you with a cumulative bonus if you go a whole policy year without filing a claim (also called a Cumulative Bonus). You may receive a concession on your premium or an increase in your sum insured at the same premium as a result of this. As a result, you will be able to either pay a lesser premium or receive additional coverage for the same price. *
Even if you already have health insurance, you may frequently feel that it does not fully cover all potential medical occurrences. Therefore, you can use these techniques to receive this coverage without ultimately having to pay a larger premium if you’re thinking about upgrading your health coverage to get greater protection against unforeseen medical situations.
* Standard T&C Apply
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.