Due to uncertain times and rising healthcare costs, the need for an increased health insurance cover has grown tremendously. You may possess a health plan to financially safeguard your family from any medical risks. But is the insurance coverage sufficient to secure all your requirements? If it isn’t, don’t you worry because, in this article, we shall explore five ways to maximize your health insurance cover.
- Purchase a Second Comprehensive Health Policy
While buying a health insurance plan to secure your family, you have to ensure that the policy offers sufficient coverage. The sum insured of the plan shouldn’t fall short in covering the members during a health emergency. But if the coverage isn’t enough, you might want to consider opting for a second health plan in case you cannot upgrade to a higher sum insured.
By purchasing another policy, you can maximize your insurance coverage and get additional benefits to safeguard against any medical risks. You can simply compare various policies available in the market to get increased features and a higher sum insured amount. However, it is recommended to mention your existing health plan while filling out the proposal form for a new policy.
- Choose a Super Top-Up Plan
Another way to increase your health insurance cover is with the help of a super top-up plan. Such a policy covers your medical bills above the deductible limit and is a cost-effective option when compared to buying a new health plan.
Once you pay off the deductible, you can easily make multiple claims throughout the policy year without any worries. Unlike regular top-up plans, a super top-up policy covers cumulative expenses after you have exceeded the deductible limit. Hence, your loved ones shall be secure in the event of medical urgency. Based on your existing health coverage and insurance requirements, you can customize the sum insured to make the most of your super top-up plan.
- Go for Add-On Covers
Add-on covers or riders are additional components that you can purchase over and above your health insurance plan. Such covers enable you to enhance your insurance policy and gain extra coverage against certain events. As these features are not available under your existing health insurance policy, add-ons help you increase the cover at an affordable rate. Some popular covers are hospital cash cover, critical illness cover, maternity cover, room rent waiver, etc.
Though these add-ons come at an additional premium, the benefits offered to go a long way in safeguarding your healthcare needs. Hence, you must consider the various add-on covers available with your insurance provider and opt only for the required riders.
- Port Your Health Insurance Policy
Porting your insurance plan is when you switch your policy from one insurance provider to another. Doing this allows you to avail extra benefits such as a higher sum insured amount. In case your current insurer isn’t offering you additional cover against risks or higher insurance coverage, then porting your health policy is a feasible option.
However, you must remember that porting of health plans is allowed during the policy renewal period. So, you cannot switch insurers if your policy renewal date isn’t any time soon. Furthermore, it is recommended to go through the benefits of your new plan and the applicable terms and conditions.
- Opt for Insurance Early in Life
You must be aware of the perks of opting for a health plan early in life. Due to fewer or no health complications at a young age, you can easily choose a high sum insured amount at an affordable premium. Another benefit of purchasing health insurance in your 20s is the early completion of the waiting period.
For example, if you buy health insurance in your late 20s and want the plan to cover your pregnancy expenses, there could be a waiting period applicable. Thus, you will have to bear the maternity cost even though you have insurance. However, if you opt for insurance early, the waiting period would be over by the time you get married. This is also applicable to ailments and pre-existing illnesses which come with a waiting period.
Wrapping It Up!
With this, you can choose to maximize your health insurance coverage to ensure you have sufficient protection against risks. To opt for a suitable health insurance policy, you can go through the plans available on Finserv MARKETS for lucrative features and hassle-free claims!