How to Make the Most Out of Health Insurance Plans

How to Make the Most Out of Health Insurance Plans

- in Health, Lifestyle
Comments Off on How to Make the Most Out of Health Insurance Plans

You pay a certain premium to avail of health insurance coverage. It works as a protection cover towards any unpredictable medical conditions that may affect you during the future.

Modern living has made people more prone to serious medical ailments. A health insurance plan is necessary as conditions like high blood pressure, cardio vascular problems, and diabetes are affecting a higher number of people.

To further add to the rising rate of medical conditions, healthcare costs are also constantly increasing. To ensure you receive the best treatment you need to purchase a cashless medical insurance policy. It will cover hospitalization and other treatment costs, in case the need arises.

Most insurance companies offer health insurance plans in the country. Buying one without understanding the terms and conditions is not advisable. You must not settle for any policy that is recommended by your agent. Furthermore, do not only rely on the group health insurance plans offered by your employer. It is important you avail of individual coverage for maximum protection. This is because the group cover may be insufficient. Furthermore, the coverage will discontinue if you quit your job.

To make the most of your health plan, you must clearly comprehend the benefits related to different policies. Here are four ways to use these to maximize your advantages.

  1. Choose a higher deductible

The deductible is the amount you need to pay through your personal resources before the insurance company offers the benefits under the health insurance plan. You may prefer choosing a lower deductible to reduce the amount you need to pay from your own pocket. However, several experts recommend opting for a higher deductible as it will significantly lower the premium on your health insurance policy and plans. The deductible may be availed from as low as INR 25,000 to a maximum of INR 5 lakh. This will help you save money on the insurance premium amount.

  1. Preventive health checkups

Most private health insurance plans and policies provide preventive health checkups without any additional costs. These include services like a comprehensive annual screening, counseling, and screening. Opting for an insurance plan that offers free medical checkup from the first year is recommended. It is advisable to take advantage of these additional services to prevent any serious medical conditions. It also helps in an early diagnosis in case you suffer from any ailment.

  1. Stay healthy

The unhealthy lifestyle is a major reason why an increasing number of people suffer from serious ailments. Some of the insurance companies offer health returns for working out and following a healthy lifestyle. It is advisable to regularly exercise, avoid drinking and smoking, and live in a healthy way. This reduces the risk for the insurance companies and you may be able to procure higher coverage at a lower premium.

  1. No claim bonus

Insurance companies offer a bonus for each year during which you do not make a claim. The no claim bonus may be available as a discount on the premium or an increase in the sum insured.

Additional things to bear in mind

  1. Opt for a suitable insurance policy

Several insurance companies offer different types of health insurance plans. It is recommended you conduct a research on the various products to choose a plan that most appropriately suits your personal needs. For example, you must opt for a policy that offers maternity and newly born baby coverage in case you plan to start a family. Alternatively, if you do not need to frequently visit the doctor, opting for a higher deductible plan is advisable.

  1. Top-up insurance plans

It is possible that you may have started with a lower budget while purchasing the health insurance plan. However, you must consider top-up policies as your income increases or if you receive a bonus. The primary objective of these insurance plans is to enhance your coverage without going through the entire procedure again.

Health insurance is essential in today’s world. In addition to the aforementioned benefits, these plans provide tax benefits under Section 80D of the Income Tax Act, 1961.

Before you sign on the dotted line, it is important to clearly understand all terms and conditions. Finding the least expensive policy is beneficial; however, you need to consider other insurance-related factors to make an informed decision.