Every individual or family tries to build a financial safety shield to protect themselves from unforeseen emergencies, such as serious health issues or injuries/accidents. Such situations can have serious financial consequences that lead to high expenditures.
Thus, having a health insurance policy with adequate coverage is a must, as it can protect your savings from ever-increasing healthcare costs. However, it is equally important to periodically review your health insurance sum assured and increase it, if required.
If you are wondering about how to increase health insurance coverage while balancing premium costs, you are at the right place. Here are some key tips to increase your coverage.
How to Increase Health Insurance Coverage?
Super Top-Up Plans
Super top-up plans are highly beneficial if you wish to increase health insurance coverage. Specially designed to provide extra coverage over a particular deductible, the amount is borne by the policyholder by directly paying from the pocket or via existing medical plans.
The best and biggest advantage of all these plans is the pocket-friendly premium. Super top-up plans have more financial advantages than top-up plans.
Opt for a Long-Term Health Insurance Policy
Having health insurance policies for the long term best tackles the “does health insurance increase every year” problem. If you opt for a policy with a longer tenure, say, three years, your premium charges will be lower than annual terms.
This also reduces the stress of renewing your policy every year to secure continued coverage and a no-claim bonus. Additionally, long-term health insurance is eligible for many discounts and offers, which help you secure comprehensive coverage and affordability.
Increase the Sum Insured of Your Existing Health Insurance Policy
To increase your health insurance coverage without buying a new policy, you can increase the sum insured by your existing health insurance policy. At the time of renewal, you are provided with an opportunity to improve your coverage if the existing sum insured seems inadequate.
Thus, you must utilise this opportunity to review the current healthcare requirements and adjust the sum insured accordingly.
Increasing the sum insured provides higher coverage limits, ensures that more medical expenses are covered, does not greatly affect premium prices, and eliminates the waiting period as opposed to purchasing a new policy.
Port Your Health Insurance Plans
In case you are unhappy with the coverage received for the amount of premium paid, it is best that you compare other plans from various insurers and seek a better deal. If you find such a plan with better coverage options at affordable prices, you can switch from your current insurance provider to a new one.
Additionally, while porting your plan, you can request an increased sum insured for your current coverage. However, it is important to note that to avail portability, you must contact a new insurer 45 days before the expiration of your existing health insurance policy.
Opt for Add-on Covers
Before choosing add-on covers, understanding the scope of your existing health insurance policy and your chosen add-on is crucial. This helps you choose the right add-ons for you without being overwhelmed by the choices.
For instance, if you are newly married and are planning a family in the next few years, you can opt for a Maternity Add-on Cover.
Enhancing the policy’s coverage with relevant add-ons can provide comprehensive protection, eliminating the need to purchase a separate policy for similar coverage.
Choose a Comprehensive Family Health Plan
Buying comprehensive family health insurance is more beneficial than individual coverage, as one can get higher medical coverage for numerous medical needs. Family floater plans are more helpful and beneficial than buying a plan for every member of the family. In a family plan, you need to pay a single premium and get all the benefits.
In almost all medical plans, the premiums are set as per the age of the oldest family member, so if your family members are young, have an added advantage.
Review and Update Your Coverage Regularly
Regularly reviewing and updating your health insurance policy is important to ensure that it meets your financial and medical needs. As your health, lifestyle and family dynamics change, you must consider upgrading the coverage of your health insurance plan.
Stay in touch with your insurer to make necessary policy adjustments and receive tips on securing the best deal.
Conclusion
Increasing health insurance coverage is essential for protecting yourself and your family from unexpected medical expenses. At Reliance General Insurance, we offer comprehensive
health insurance, with a wide range of add-on covers, a super top-up plan and cumulative bonus to help you get the coverage you need.
Additionally, plans like our Reliance
Health Insurance Infinity provide comprehensive coverage options suitable for families and multiple discounts that help balance the premium costs.
Take a step towards protecting your family’s health by choosing an enhanced insurance plan that covers a high range of medical expenses.
You can further choose from our other plans, such as Critical Illness Insurance,
Personal Accident Insurance and so on for added protection for you and your loved ones.
Frequently Asked Question
Does health insurance premium increase on renewal?
Health insurance premiums depend on various factors, such as coverage, chosen add-ons, sum insured, etc. The premiums rise nominally every year to cover any age-related conditions and if a higher sum insured or add-ons are chosen.
What is a “waiting period”?
Whenever you buy a health insurance policy with us, there is a 30-day waiting period (it may be different for different insurance providers). During this time, medical expenses incurred due to planned hospitalisation or injury will not be covered. However, this is not applicable to policies under renewal.
What are the factors that affect health insurance premiums?
