Guide to increase your health insurance plan coverage

The average money spent on healthcare is increasing every year, especially after the covid pandemic. Nobody ever wants to be in a circumstance where being unprepared for a healthcare crisis depletes your savings & resources. Moreover, it can also put you in danger of falling into a debt trap. However, a health insurance policy can assist in these unforeseen circumstances, especially when medical concerns are involved, by reducing financial concerns.

There are many different health insurance plans available today, and each one is tailored to a certain group of individuals. Picking a sufficient quantity of the sum guaranteed is a crucial step in choosing the right coverage. This sum assured is the maximum amount for which the insurance provider would compensate you. You must always choose a health insurance policy and purchase it with future coverage needs in mind.

Simple ways to increase your health insurance coverage

• Purchase a health insurance policy as soon as possible.

Even though it might not seem important while you're young, getting a health insurance plan early on can provide a number of benefits. Old age is accompanied by a variety of health problems; hence, insurance providers demand higher premiums during that time. Younger people often have a lesser chance of developing health problems; therefore, the premium is significantly lower. The burden of medical costs is lessened when health insurance is purchased early. Also, you can concentrate your financial resources on other investments.

• Select a comprehensive health plan.

A health insurance policy with a comprehensive plan covers a variety of medical procedures. The top ways to expand your coverage with a comprehensive health insurance plan are listed below:

• You should have pre- and post-hospitalisation costs covered by your comprehensive health plan. Additionally, a basic plan also covers general hospitalisation costs.

• It needs to include organ donation, home health care, and alternative therapies.

• Maternity costs should also be covered by your health insurance policy. This is often issued following the end of a certain waiting time.

• Your ideal health insurance plans should pay for normal medical visits, such as OPD consultation fees.

• Super top-up plans

Top-up insurance policies, commonly referred to as catastrophe plans, aim to improve insurance coverage by providing additional insurance coverage. Super top-up plans offer coverage that goes above and beyond that of your current insurance policy. When your medical bills exceed the sum insured limit, they serve as a buffer. A super top-up cover that was unused during the last hospitalization may still be used for a later hospitalization. They are helpful in improving the coverage of family health insurance plans and can be advantageous in the event of any claims during a single policy period.

• Selecting the best health insurance riders/add-ons

Similar to how car insurance plans provide add-ons to tailor their coverage, health insurance policies offer riders an expansion of their coverage. These add-ons are optional and subject to the insurance provider's selection, requiring a separate fee. However, compared to their price, they provide a far greater advantage. Adding a few riders, such as the hospital cash rider, the maternity cover rider, and the accident disability rider will boost your policy's coverage, helping you in times of crisis.

Conclusion

Without insurance, medical costs can quickly become a financial hardship. Increasing your health insurance coverage will provide you with more comprehensive coverage because basic insurance only provides a small amount of coverage for your medical expenses. However, it's crucial to pick a health insurance policy you can rely on.

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