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Tips to increase your health insurance coverage

People are trying to build a financial safety shield to safeguard their finances even in untoward health emergencies. An unforeseen health issue or injury/accident will drain you out emotionally as well as financially. Thus, people are purchasing health insurance policies to combat these situations.

But during this lethal COVID-19 pandemic, it has been found that an insured Indian is paying at least 40% of the COVID-19 related healthcare expenses from his/her pocket. Therefore, it can be said that health insurance plans are not fully paying for all healthcare expenditures incurred by people due to this deadly virus. So, this is the time that everyone should re-evaluate whether their purchased health insurance cover offers adequate protection against unanticipated situations like the COVID-19 pandemic or not. Moreover, in India, medical expenses are rising fast because of the advanced healthcare treatments and procedures.

If you are not pleased with your present health insurance coverage and want to increase your health insurance coverage, you can do the same in the below-mentioned ways:

7 Top tips to increase your Health Insurance Coverage

  1. Purchase Early
  2. Add a new comprehensive plan
  3. Go for a super top-up plan
  4. Go for an Arogya Sanjeevani Cover
  5. Purchase the COVID-19 specific plans
  6. Increase your sum assured at the time of renewal
  7. Portability

 

1. Purchase Early

Always try to purchase health insurance early, as you need to pay a lower premium. With your age, the premium amount will also increase. Once you grow older, you will become more susceptible to diseases, including diabetes, hypertension, and blood pressure, etc. And, because of all these diseases, your premium amount will also increase. Therefore, to utilize your health insurance policy utterly, always purchase a policy as early as possible.

2. Add a new comprehensive plan

While purchasing a health insurance policy, you must ensure that each family member gets an adequate sum assured if many members need treatment simultaneously. Thus, buy a policy that offers sufficient coverage to each member. Though most existing health insurance policies offer health insurance for COVID-19 (cover the COVID-19 treatment costs), an adequate sum assured is still required. If you find your policy is not offering an adequate sum assured, you should purchase additional, comprehensive cover either with the same insurance company or with another reputed one.

3. Go for a super top-up plan

If you feel your family members are adequately covered with your purchased health insurance policy, but the coverage may fall short in case of multiple simultaneous hospitalizations or extended COVID-19 complications, then you need to think about a super top-up health insurance policy. After completing the deductible, a super top-up plan compensates for the complete cost of any hospitalization costs.

For instance, if you purchased a super top-up plan that has a total sum insured of Rs 20 lakh with a deductible of Rs 5 lakh, then in case of a Rs 20 lakh bill, your super top-up plan will pay Rs 15 lakh. The remaining Rs. 5 lakh either you need to pay yourself, or you can pay it through another policy.

If your family floater plan is already exhausted, then you should top it up with a super top-up plan. This will ensure that all family members will get higher coverage again.

4. Go for an Arogya Sanjeevani Cover

Policy buyers, who can’t afford a comprehensive health cover or those who want to pay for their employees, maids, drivers, etc., must go for a disease-specific policy or look at standard health insurance products like Arogya Sanjeevani. These products are budget-friendly, and they are promoted by the regulator where all conditions are standard.

If your existing health insurance policy has restricted sub-limits or copayment clause, then by adding an Aarogya Sanjeevani Policy, you can bridge the gap at the lowest premium. If you want to uplift your protection after your basic comprehensive plan and Aarogya Sanjeevani, you can purchase an additional super top-up plan with a higher deductible.

5. Purchase the COVID-19 specific plans

If you want to uplift your protection temporarily, nothing can be better than purchasing short-term policies like corona health insurance policies promoted by the regulator IRDA. This is beneficial for people who are suffering from the loss of income, salary deduction, or job loss.

If a person tested positive for the COVID-19 infection, then Corona Kavach Policy covers his/her hospitalization costs, pre-and post-hospitalization expenditures, home care treatment expenses, and AYUSH treatment costs.

Corona Kavach is an indemnity-based COVID-19 insurance policy that offers the actual cost if a person needs 24 hours or more hospitalization. On the other hand, Corona Rakshak policy is a benefit-based policy where a fixed sum assured is paid to policyholders irrespective of actual cost if the policyholder needs more than 72 hours of hospitalization due to COVID-19.

6. Increase your sum assured at the time of renewal

Every insurance company embraces its customers with an option to increase their sum assured at the time of policy renewal. The best part is that there is no waiting period if you choose a new health insurance plan. An individual with a spouse and a kid must go for coverage of at least Rs 10 lakh.

7. Portability

Portability means you want to migrate your health insurance plan from one insurance company to another. You can enhance your sum assured while applying for portability. If the insurer accepts your request, then you can increase the sum assured amount. The increase in sum assured will be decided by the underwriter depending on the age and health conditions of the applicant. If you request a claim-free policy, then the chances of approval will be on the higher side. In the case of portability, you should check the benefits that the new insurer offers.

By choosing any of the above-mentioned points, you can enhance your health coverage and lead a worry-free life. In addition, give the utmost protection to your family’s health by selecting an enhanced health insurance plan that offers higher coverage for health emergencies.

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