5 Tips to Reinvent in Your Health Insurance

With the medical inflation rising every year, healthcare expenses are burning deep in everyone's pocket. This has also shifted the people's perspective of a Mediclaim policy from luxury to being a necessity for all. Apart from covering the hospitalisation expenses, health insurance policy offers a wide variety of benefits. But, most policyholders fail to take advantage of it because they are not well-informed about their plan.So, if you have been renewing the same plan over the years, it is time to reinvent your policy. The following tips can immensely help you.

1. Purchase top-up plans Top-up plans provide additional coverage over and above the existing policy's sum assured. For example, if you have a healthcare plan with a sum assured of Rs. 5 lakhs, you buy a top-up plan of Rs. 5 lakhs more. In the event of hospitalisation, if the bill comes to Rs. 6 lakhs, the insurer will pay Rs. 5 lakhs from the original policy, and the remaining amount will be paid from the top-up plan.A top-up plan's important feature is that it can be used only once in a year and after the original policy limit is exhausted.
2. Buy add-ons Today, the health insurance sector is constantly evolving, and the companies are introducing new plans and add-ons to meet the varying needs of the people. It is paramount that you keep checking the new add-ons available in the market and if your insurer is offering the same. Depending on your needs, you can consider buying a new add-on instead of buying a new policy and get additional coverage.Some of the popular add-ons for health insurance include critical illness cover, accidental cover. But, remember, you must be prudent with your choice and buy only the add-ons as required.
3. Port your policy If you are not happy with your current insurer's services, you can port your policy to a new insurance company and get better benefits and services. When you port, it is paramount that you do your research well about the different plans and select the one that gives you maximum benefits at an affordable premium.
4. Purchase a disease-specific policy If you are diagnosed with any illness, it may call for a new health insurance cover if your existing policy does not cover the same. In such a situation, you may not get any compensation for the hospital expenses. So, find out plans that cover the ailment and invest in it.
5. Buy online One of the best ways to reinvent health insurance is to buy a policy online as it allows you to compare the different policies in the market and make an informed buying choice. Once you find the policy that suits your needs, go ahead and buy it immediately rather than waiting for your agent to update you about it.

Final word Irrespective of whether you have an individual plan or a family floater policy , you must review your policy periodically to update the policy as per your changing needs and reinvent it.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.