How To Enhance Your Existing Health Insurance Policy?
Published On Feb 28, 2022 11:00 AM By InsuranceDekho
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The majority of us are concerned about our health. Medication and hospitalisation play an important part in protecting a family's health, from elderly parents to newborn children. While age-related illnesses are nearly unavoidable, today's youth are not immune to health dangers, particularly lifestyle-related illnesses. If you aren't prepared, rising medical care expenses and rising drug prices might deplete your funds.
A health insurance policy serves as a safeguard in the event that you or a member of your family has to be hospitalised. Individual and Family Floaters are the two fundamental types of regular health insurance policies. Individual health insurance is a type of insurance that is tailored to the needs of people. A Family Floater plan, on the other hand, is a Health Insurance policy which encompasses the entire family and allows any family member to use the limit (insurance amount or sum guaranteed). With the unpredictability surrounding medical crises and escalating healthcare expenditures, going without health insurance might be dangerous. To get to know more about enhancing an existing health insurance policy, read on.
How Can A Person Enhance Their Existing Health Insurance Policy?
When shopping for a health plan online, keep in mind that medical inflation in India is expected to be over 15% each year. With inflation in mind, you'd need a double level of safety to be secure against medical crises. Medical treatment is also becoming less intrusive and more expensive as a result of new technology. Obviously, the expenditure of super-specialty technology and robots is transferred onto patients. If you believe your existing Amount Assured will not be enough to meet escalating healthcare expenses, you have a few alternatives. The first alternative is to purchase another Health Insurance policy or boost the Sum Insured under your current policy to a suitable level. Because of your advanced age and inflationary pressures, a new health plan with a similar Sum Insured would almost definitely cost more than the previous coverage. To obtain the new coverage, you may be needed to pass a medical checkup.
A TOP-UP PLAN is a superior alternative. A top-up plan is intended to enhance your primary health insurance coverage for a low monthly fee. However, there is an amount known as the "threshold level," which is also known as the "deductible" amount. This is the threshold at which the Top-Up can be used to cover expenditures. A health insurance policy's deductible is indeed a cost-sharing obligation. It's the maximum amount for which a hospitalisation claim can be reimbursed. A standard Health Insurance policy pays hospital expenditures up to the insured amount, whereas a Top-Up plan pays expenses after the deductible has been met. Because of the deductibles, top-up plans are less costly. The lower the deductible, the less expensive the coverage. Under addition, medical check-ups are not required in Top-Up insurance until the age of 55. This is normally 45 years in conventional health plans.
For example, if a person has Rs 3 lakh in basic medical insurance and buys a Rs 5 lakh Top-Up plan with a Rs 3 lakh deductible, his final amount covered is Rs 8 lakh. If the insured is involved in an accident and is hospitalised, his basic insurance will cover the claim value of Rs 3 lakh. The additional money will be compensated from the Top-Up plan if the sum insured exceeds Rs 3 lakh. The threshold level in this scenario is Rs 3 lakh, that is the same as the protection of the standard MEDICLAIM POLICY. Simply put, your basic coverage will pay the bill to the Sum Insured maximum if you are hospitalised. On the other hand, the top-up will only begin until a certain barrier has been reached, such as Rs 3 lakh. It will cover the claim amount in addition to that.
After evaluating all of the aspects, it is typically preferable to hunt for the greatest insurance. There are a number of online insurance comparison tools that can help you with this. Examine, among other things, the premium rate, coverage, and important features. This does not guarantee that a lower premium will produce enough coverage, but it will very definitely do so. You'll also be safe from any bluffs, then you'll be able to plan for a prosperous future this way.
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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.