Categorized | Health Insurance

how to get maximum coverage without increasing the premium?

With rising prices of normal day-to-day stuff, increasing medical expenses, higher personal obligations and greater expectations, the need for bringing about a balance between insurance premiums and health cover is now more than ever. Health Insurance cannot be negotiated upon and the need for increasing the sum Insured cannot be denied. So, how about a health Policy that has higher health Coverage but that doesn’t bother you with higher premiums? Here are a few things that you can do with health plans towards the objective:

1.TRY THE FAMILY FLOATER: With a family floater health insurance, you would be able to get increased health cover by including more people under the health policy than you would by opting for health plans for individuals. The sum insured, in this case, would include the medical expenses that you may have to incur not just for yourself, but would include more people in your family with the same health policy. With the family floater, you would effectively be paying a single Premium for the protection of two or more, though, as you would expect, the premium would be more than what you would have to pay for health cover for an individual. The plus point here is that the premium would be much lesser than what you would have otherwise paid individually under normal health plans.
 
2.GO FOR Critical Illness POLICIES: With increasing stress defining lifestyles, there is all the more the reason why critical illness policies should be part of your health insurance. While increasing the sum insured is certainly one of the ideas, critical illness policies would, as the name suggests, cover some of the core diseases that may not be typically covered under health plans. The advantage with critical illness policies is that your premium paid would be negligible in comparison with the health cover that you obtain and when compared with the sum insured that you get. Critical illness policies allow claims after an initial period of health insurance and pay in lump sum as soon as the illness is diagnosed. The payout that you get out of critical illness policies would be fixed irrespective of the expenses that you may have to incur on treatment options and without taking other health plans into consideration.
 
Here are a few things that you may note with regard to critical illness policies:

a.Read through the fine print, find out what is covered and what is not, and look for the exact list of diseases and their nature that tend to be covered in the individual health plans.
 
b.Shop around and see which critical illness policies seem to make sense and to suit you better in terms of the health cover on offer. Go for the health policy that is intuitive and logically appealing.

c.It is advisable not to make changes to critical illness policies once you have purchased them; and if you would still want to, ensure that your existing health insurance doesn’t stand cancelled before the changes are in place.

3.TOP IT UP WITH TOP UP PLANS: Another way to increase your insurance cover without having to make your insurance premium too costly would be to go for top up plans. You could have the benefits of increasing your sum insured when you enhance your health policy with top up plans. In many cases, it may so strike you that the existing health cover may not be sufficient to cover all your hospitalisation expenses, in the event of sickness of meeting with accidents. Top up plans provide for enhanced protection from your health insurance and increase your sum insured while your premium would be a negligible amount. Premium savings come in the form of deductibles that form part of top up plans, where the hospitalisation bills have to cross a threshold for the health policy to kick in with regard to the additional benefits. This affords the insurers to levy smaller premiums, while you could increase your health cover.