6 Ways to Increase Your Health Insurance Benefits

Health insurance which is a contract between a company and a consumer in which the company agrees to pay all or some of the insured person’s healthcare costs in return for payment of a monthly premium is a very important and beneficial insurance.

Having a health insurance policy is like a financial safety net, it protects your savings from the unexpected burden of medical expenses, as one can unknowingly come across an accident. In a situation where healthcare are so costly, having comprehensive insurance coverage is very important as you don’t know when it will save you. However, the challenge most people have with it is that it often lies in striking a balance between coverage and affordability, especially when you contemplate increasing your coverage.

Is it possible to secure a higher insurance cover without breaking the bank? Absolutely! Here are six exceptional strategies to boost your health insurance coverage.

1. Amplify Your Sum Insured

Most insurance providers offer the option to increase your existing policy’s sum insured during the renewal period. While this might slightly increase your premium, it ensures that you and your family have adequate coverage without affecting your finances much. Another fact is that you won’t face any waiting period for the augmented sum insured, as you might with a new policy.

For individuals, a minimum cover of health insurance is recommended, while families with one child should much budget for their insurance in coverage.

2. Explore Top-Up and Super Top-Up Plans

Top-up and super top-up plans are clever solutions brought out to increase your coverage without incurring a hefty premium. These plans kick in when you exhaust your original sum insured, then will it offer you additional protection. It is just like having a safety net for your safety.

3. Embrace Long-Term Healthcare Insurance

Going for a long-term insurance policy, spanning 2-3 years, as opposed to the standard annual term, can lead to lower premium payments. These extended policies are offered by various insurers, so it is very important to compare options and select the one that aligns best with your needs and the one you think you will benefit more from.

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4. Select the Right Add-On Covers

Enhance your already existing health insurance policy with add-on covers or riders. These additions will provide you with extra layers of protection. Other known options include Maternity Cover, Room Rent Waiver, Critical Illness Cover, and Personal Accident Cover. Most importantly, the Insurance Regulatory and Development Authority (IRDA) has capped the additional premium for add-ons at 30% of the original premium amount. So, you can increase your insurance coverage without breaking the bank.

5. Start Early, Pay Less

This is one of the important strategies, for it has a simple and detailed meaning. Purchasing health insurance at a young age can keep help your premiums affordable. Premium calculations factor in age and medical history, and as you grow older, the chances of various kinds of illness rise, which usually results in insurers to increase premiums. Starting early does not only keep your premiums lower but also lets you accumulate bonuses for claim-free years.

6. Reap the Rewards of a Cumulative Bonus

When you go an entire policy year without making any claims, insurers typically offer a cumulative bonus, also known as a no-claim bonus. This can translate into a discount on your premium or an increase in your sum insured, all at the same cost. In other words, you either pay less for your existing coverage or enjoy more protection without an additional financial burden. Which is very beneficial for most people.

In Conclusion

Enhancing your health insurance coverage does not always have to come at a premium price. By following these strategies, you can fortify your financial safety net against unforeseen medical emergencies without breaking the bank. Remember, securing your health and financial well-being iHealth insurance is a contract between a company and a consumer. The company agrees to pay all or some of the insured person’s healthcare costs in return for payment of a monthly premium.