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Ways to Optimally Utilize your Health Insurance Plan!

Updated On Feb 11, 2021

Over the years, the health insurance industry has faced numerous and significant changes. These modifications include specific guidelines, premium costs, and more, put in place to regularize the whole system of medical coverage. The changes may affect the policyholders who possess health insurance plans from the period before the regulations were changed. Therefore, it is incorrect to assume that it suffices to make payments simply make payment and receive the policy documents. There are several points that need the attention of the policyholders in order to optimally utilize their health insurance. Listed below are some methods to do so consistently: 

Buy a Health Plan Early in Life

While it makes sense to seek a good price for health policy, wasting precious time waiting for the ‘cheapest’ scheme on the market, could pose a problem. It makes sense to buy a health insurance policy early in life, when one is in good health – the schemes are better and the premium would be lower too. We advise you to evaluate your requirements and income, make a sound comparison online of the available health plans, and choose the one that would suit your requirements and paying ability. We reiterate the need to make this evaluation and take an informed decision as early in life as is possible. 

The Individual Policy or Family Floater Plan

Those who may be single, and without any family responsibilities usually seek to buy health insurance once they start earning. This type of insurance plan is usually an individual policy. However, once a person is married and would eventually increase the number of family members, it makes sense to switch to a family floater plan rather than keeping the individual policy. This type of policy is cheaper and can cover 6 to 8 members of the immediate family. Additionally, the coverage increases too, allowing any member of the family to use it based on need. 

Industry experts say that in case you would want to cover parents under health insurance, it is advisable to buy a senior citizen plan, rather than including them in the family floater plan (as discussed above). Older people usually required medical treatment more frequently, which could affect the policy cover, and in some case result in policy lapse.

You may also like to read Individual versus Family Floater Health Insurance Plan - Which one should you buy? 

Keep Your Family Informed About the Policy

It is imperative to ensure that all family members insured by the health plan are completely aware of the policy details, and should have access to the insurance policy, the number of the agent, and list of panel hospitals. In the absence of such information, the insured may not be able to use the policy at the time required, or may not be able to do so optimally. The lack of knowledge of their health insurance policy could pose some serious problems in a health emergency

Avail the Tax-Related Benefits 

In addition to providing financial assistance and hassle-free hospitalization at the time of a medical emergency, several health plans also provide tax exemptions. This further helps the efforts of saving for the insured. It is recommended to check with the insurer/agent and check online to understand the rules of section 80D of the income tax act.

You may also like to read 2019 Top 10 Health Insurance Policies with Tax Benefits

Be Honest with the Insurer about Your Health History

To ensure a long and workable association with your insurer, make sure you provide all factually accurate information. This means revealing the exact details of the health history of all those for whom health insurance is required. In the event that there is some misrepresentation or incorrect information provided, there could be some serious repercussions, including the rejection of a claim. We reiterate the importance of sharing all the information with the insurance provider to gain all the benefits of the service and be able to optimally utilize your health insurance plan

Add a New Member and Increase the Sum Insured Suitably   

There are times when new members are added to a family – post getting married and then the children. The family floater plan is ideal for this. However, as members increase the sum insured would be increased as well, which would mean a higher premium. It makes sense to plan accordingly. Inflation costs must be taken into consideration as well, and policyholders must evaluate their insurance cover at the time of renewal and top it up as required. 

Inspect Room Rent Upper Limit Prior to Buying the Plan

At the time of hospitalization, the patient would require a room in which to be housed during treatment. Many insurers do not reveal the room rates and are ambiguous about this very important fact. The truth is these factors heavily impact health packages – as inflation increases, so do room rates, and hence it is important to understand. Health insurance plans bear the cost of room rent to a certain limit which is known as room capping. Any amount exceeding this ‘capped’ amount then has to be borne by the insured, which could increase the amount being spent at the time of hospitalization.

You may also like to read Best Health Insurance Policies without Room Rent Sub-Limit 

Plan Premium Payment and Never Miss the Renewal Date

There are several instances where policyholders miss the renewal date and end up losing the benefits they were availing or could have availed through the health plan. This would cause a lot of trouble and inconvenience, and force the insured to wait for a long time before the new policy comes into effect, given time-bound features such as the waiting period. It is important to remain updated and renew your insurance policy on time.  

Also Read

5 Factors to Consider While Buying a Health Insurance Plan

Why is it crucial to have a critical illness plan?

In Conclusion

Health plans do contain a number of beneficial features however, not everyone is able to select the best one as per their requirement. Buying the perfect policy is a tough task and hence the process requires continuous attention and analysis even post making the purchase. Do keep in mind the points mentioned so as to benefit optimally from the health plan you buy.

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