Buying Your Second Health Insurance? Read This First!
Updated On Feb 12, 2021
Thinking of buying your second health insurance policy?
Do you want to buy a critical illness policy or one that provides coverage to your dear ones?
Well, if you think your existing health insurance lacks sufficient coverage, buying one of the best health insurance policies again, and that too according to your updated medical requirements can be a considerable option.
However, there are multiple aspects that you should consider before you buy a second health insurance.
Things to remember:
If buying a second health insurance policy is your ultimate requirement, make sure it doesn’t become a regret once you have made the policy purchase. Therefore, it is important for you to emphasise a lot of aspects before finalising your decision.
To start with, make it a point to analyse your current situation as well as future requirement. Do not forget to consider the number of family members, your lifestyle, your earnings, current illnesses that you are dealing with, and other elements. In case, you did not opt for additional benefits in your existing health insurance policy, keep in mind that you invest in additional benefits this time with your second health insurance.
If you think it would be hard for you to manage multiple health insurance policies, rest assured if you tactfully choose the right policy the second time, handling two different policies won’t cause you any trouble.
Some Key Aspects to Consider Before Buying Second Health Insurance
- Sum Assured Amount - Since medical costs are increasing with the passage of time, you can choose to increase your sum assured amount to get your health concerns satisfied. Keep in mind that your insurer will take your request based on your claim history as well as medical conditions. As far as the premium is concerned, note that the premium of your second health insurance policy will depend on the age of the insured individual. With increasing age, there will be an increase in the premium amount too as you will become more vulnerable to health issues.
- Policy Coverage - Analysis of your health requirements, health concerns of your family members and other aspects is a must. The reason is because multiple factors might have affected your medical health as compared to the previous year. For instance, if their is a birth of a new born baby in your family, job changes, or anything like such, it would have changed your health insurance requirements. Considering factors like these and many more would help you choose a policy apt according to your current needs. All in all, remember that if you choose a plan with minimal limitations and maximum benefits, it would be a beneficial purchase.
- Investment in Top-up Plans - Based on the medical requirements you have, you can choose top-up plans on your existing policy also. May be it could work out by increasing your health insurance benefits that you are looking for in another plan. Similarly, if you have a policy from your employer’s side, you can opt for add-ons and save a significant amount of money.
- Lifelong Renewal Feature - Does your existing health insurance policy feature a cut-off age for renewal purposes? If that’s the case, make sure this time you choose a policy that comes with lifelong renewability feature. Note that lifelong renewal feature would be significant for you to have in your policy at present so that when you grow old, you won’t have to face difficulties buying a new plan.
- Analyse Whether You Want to Switch Your Insurance Provider - Instead of buying your second health insurance policy from your existing health insurer, you can also choose to go with a new health insurer. Having said that, multiple policyholders look forward to changing their present insurer so that they can look for a different plan with a different insurer providing plans with higher sum insured or may be additional benefits such as critical illness cover, hospital cash benefit, and many more. It is important for you to know that as per IRDA, the insured individual does not lose benefits of the current policy if they choose to go with health insurance portability.
If you have been facing issues with your existing health insurance policy for a very long time, it would be better to invest in a new health insurance policy to get all your necessary medical requirements met.
Having a health insurance policy is important, but having the perfect cover is most important so that you get worthwhile health treatment when required, without compromising on your needs.
If interested in learning more about different health insurance policies or health insurance companies, explore your website right away!
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