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How Can You Improve Your Current Health Insurance Policy?

Published On Mar 23, 2022 11:00 AM By InsuranceDekho

A Health Insurance Coverage protects you and your family if you or a member of your family needs to be hospitalized. The two most common types of regular health insurance policies are Individual and Family Floaters. Due to the unpredictability of medical crises and escalating healthcare expenditures, going without health insurance may be dangerous. Continue reading to learn more about how to improve current health insurance coverage.

How Can You Improve Your Current Health Insurance Policy?

What Can A Person Do To Improve Their Current Health Insurance Policy?

Keep in mind that medical inflation in India is estimated to be around 15% per year when browsing for a health plan online. With inflation in mind, you would need two levels of protection to be protected from medical emergencies. As a result of new technology, medical care is becoming less intrusive and more expensive. The cost of super-specialty technologies and robots is clearly passed on to patients. You have a few options if you fear your current Amount Assured will not be adequate to cover rising healthcare costs. The first option is to obtain a new Health Insurance policy or increase the Sum Insured under your current policy to an appropriate amount. A new health plan with a similar Sum Insured will almost certainly cost more than the previous coverage due to your advanced age and inflationary pressures. You may be required to pass a medical exam in order to acquire the new coverage. 

A TOP-UP PLAN is a far better option. For a reasonable monthly charge, a top-up plan is designed to supplement your primary health insurance coverage. However, there is a "threshold level," often known as the "deductible" amount, which must be met. This is the maximum amount of money that the Top-Up can be used to cover expenses. The deductible on a health insurance coverage is, in fact, a cost-sharing responsibility. It is the maximum amount that can be reimbursed for a hospitalization claim. A traditional Health Insurance policy covers hospital costs up to the insured amount, whereas a Top-Up plan covers costs after the deductible has been met. Because of the deductibles, top-up policies are less expensive. The coverage is less expensive the lower the deductible is. Furthermore, with Top-Up insurance, medical check-ups are not required until the age of 55. In most traditional health plans, this is 45 years. 

If a person has Rs 3 lakh in basic medical insurance and purchases a Rs 5 lakh Top-Up plan with a Rs 3 lakh deductible, his total coverage is Rs 8 lakh. If the insured is involved in an accident and is taken to the hospital, his basic insurance will pay up to Rs 3 lakh for the claim. If the sum insured exceeds Rs 3 lakh, the additional money will be compensated from the Top-Up plan. In this case, the threshold level is Rs 3 lakh, which is the same as the regular Mediclaim Policy protection. Simply put, if you are hospitalized, your basic coverage will pay the expense up to the Sum Insured maximum. The top-up, on the other hand, will not commence until a particular threshold has been met, such as Rs 3 lakh. In addition, it will reimburse the claim amount.

Take Away

It is usually recommended to look for the best insurance after weighing all of the factors. You can use a variety of online insurance comparison tools to assist you with this. Examine the premium rate, coverage, and significant features, among other things. This does not guarantee that a cheaper premium will result in adequate coverage, but it almost certainly will. You will be protected from bluffs as well, and you will be able to plan for a bright future this way.

Also read- What You Should Know About the Omicron COVID Variant

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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.

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