What are the benefits of upgrading your health insurance policy?

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15 Jun 2023

Upgrading Your Health Insurance: Key Benefits

Medical emergencies do not occur with prior notice. The unexpected nature of health concerns makes it essential to have a well-covered health insurance policy. However, it is necessary to make regular updates to ensure that it doesn't become irrelevant. Read on to know the benefits of health insurance and why you need to frequently upgrade the same.

Reasons you need to upgrade health insurance:

Indemnity Health Insurance policies are developed in such a way that it covers the necessary criteria in case of health emergencies. However, the policies, as well as their premiums, do keep changing from time to time. Hence it becomes imperative to ensure that you have sufficient coverage at all points in time to avoid monetary pressure in emergencies.

So, it becomes important to not just renew but also update your health insurance policy regularly to continue enjoying the benefits of health insurance plans.

  1. To add extra coverage to the regular health insurance coverage.

What seems enough today might not suffice at a later date. Your needs and health conditions might change, and you might have a higher requirement for coverage.

Your existing health insurance policy might need to be revised and hence require several add-ons, such as maternity coverage, critical illness cover, and many others, depending on the stage of life.

Also, with age, your health insurance requirement would rise, but your chances of opting for the higher insurance coverage might reduce. Hence, it is prudent to opt for additional coverage at intervals to ensure you have coverage for all possible medical emergencies without having to worry when you need it most.

  1. Addition or elimination of family members

It may be necessary to update your health insurance coverage when there are changes in your family situation, such as the addition or removal of family members. For instance, when a new baby is born or a loved one passes away, adjustments may need to be made to your health insurance plan to ensure that it meets the needs of your current family structure.

  1. To ensure flexibility in your health insurance policy.

If you upgrade health insurance, you can customise and upgrade your health insurance policy according to your needs. Health insurance companies are on a spree to innovate newer products every year, especially the millennials and Generation Z. In fact, the Covid-19 pandemic has triggered a growth rate in the health industry by about 29% in premiums till Nov 2021. So, if you wish to upgrade health insurance, it might be a good time now with multiple innovative health plans in the industry.

  1. To reduce and avoid high costs.

The cost of medical aid for any kind of medical disorder is increasing, with India’s medical inflation of 14%, as of January 2023, which is one of the highest among Asian countries. With increasing age, your life risks also increase, leading to an increase in the cost of treatment. So, to enhance your coverage, it is advisable to upgrade your health insurance with a super top-up plan along with your base plan, wherein you can increase the sum insured at a nominal cost.

Do not forget to make a comparison before opting for any particular insurance plan, as it will give you a better understanding of how to make health insurance plan benefits for yourself and your family.

Conclusion

As seen, upgrading health insurance becomes necessary to make plans most beneficial for individuals. So, ensure you regularly upgrade health insurance plans to avoid extra costs and other medical crises during emergencies.

Source:

  1. https://bfsi.economictimes.indiatimes.com/blog/innovations-that-transformed-the-insurance-landscape-in-india/90587085

  2. https://timesofindia.indiatimes.com/business/india-business/health-insurance-companies-lure-millennials-with-innovative-plans/articleshow/97177354.cms

  3. https://health.economictimes.indiatimes.com/news/insurance/union-budget-2023-24-what-the-health-insurance-sector-is-expecting/97483553

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Team Kotak GIC

The content of this blog has been created and carefully reviewed by the esteemed team at Kotak General Insurance, with the sole purpose of providing valuable guidance and sharing insights on the importance of general insurance. Our objective is to assist users in making informed decisions when purchasing or renewing insurance policies for their cars, bikes, and health. Our expertly curated information aims to empower our readers with the knowledge they need to protect their valuable assets and financial interests.