Why Increase Health Insurance Coverage And How?
Published On Nov 23, 2020
In this economy, the financial safety net is crucial for every family with one or more earning members. We live in a modern age. It is full of economic uncertainty. Due to the ongoing pandemic situation, major economies all across the globe have been hit. The latest RBI reports have categorized the Indian economy into recession for the first time in history. Job opportunities have come down, and layoffs have gone up. The number of unanticipated emergencies has also increased. Serious ailments require expert medical attention that does not come without a hefty hospital bill. The probabilities of accidents and other mishaps are also financially demanding.
Why Should You Increase Your Health Insurance Coverage?
These are the apparent reasons that undoubtedly proves the importance of having health insurance. Any responsible family person is bound to think about the inadvertent dangers the members would face by sheer bad luck. In India, the treatments are becoming costly. The elderly members and the younger ones of a family are particularly in need of health insurance. Therefore, it is wise to invest and increase the health insurance cover to look after the family. Other important reasons may include marriage, recent parenthood, parents reaching a certain age barrier.
But ramping up the health insurance cover amount may entail a compounded cost of the increased premium. Nevertheless, there are several ways to afford a higher insurance cover at a reasonable premium rate.
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Ways To Increase Health Insurance Coverage
Listed below are some of the ways you may increase the health insurance coverage:
1. Advance Purchase
The mediclaim policy usually provided by the employer may no longer meet the varied needs of your life in the later stage. It is barely enough to cover medical expenses. Therefore buying a health insurance policy at an early stage is advisable.
When one purchases insurance early, the premium rate is comparatively low. As age increases, the various physical complications such as hypertension, blood pressure, diabetes, cholesterol, heart diseases kick in. The early purchase of health insurance guarantees economic solvency in these incredibly challenging times.
2. Selecting an Extensive Family Health Insurance
Health insurance schemes have a lot of different structures and kinds. Generally, One should select a comprehensive family plan that extends coverage from the oldest member of the family to the youngest one. In this case, the medical coverage is higher, despite the higher premium rate. One can also purchase schemes for each member accordingly, but that may not be deemed financially wise.
In family floater plans, you are required to pay a single premium per year. Insurance companies determine premiums based on the eldest family member's age. Therefore it is more advantageous for the coverage of the younger members.
Added to this are many other features in a scheme. In the case of No Claim Bonus, a policyholder can maximize the sum of money guaranteed by a predetermined percentage.
3. Specific Top-up Schemes
Super top-ups or add-on plans are particularly useful in expanding the health insurance cover. The primary aim of the top-ups is to provide excess coverage. The policyholder pays the cost directly as an expense or adds it to the existing health insurance scheme. If compared, these premiums are inexpensive and remarkably affordable.
Increment in health coverage amount becomes important as the cost of healthcare goes up. It becomes a race against time with every passing day in your life because as time passes the premium for the higher coverage will only increase.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.