Last year, a report by Mercer Marsh Benefits noted that health costs in India are rising at double the inflation rate. A major illness can wipe out your savings. The need for medical insurance cannot be overstated.
Term Insurance Plans suggests that individuals review their health cover periodically and upgrade it to match the current and estimated future costs. Here are a few aspects to help individuals ensure they are getting it right with regards to their medical insurance.
- Get lifetime renewal
If your current health insurance policy has a cut-off age for renewal, then you should think of upgrading to a new plan or even change the insurer. Select a plan with lifetime renewability cover. You should be able to avail your medical insurance benefits at the time of need as your health will tend to deteriorate with age.
Usually, health insurance companies send a reminder so that you do not miss your policy due date. And buying a new policy when you grow old will not be a convenient option. So, upgrade to a plan that offers lifelong renewability.
- Get sufficient coverage
Try to follow a process to upgrade your health insurance policy. Analyse your health risks, the health requirements of your family members, and other changes that may cause hindrance in your health insurance coverage.
There are various factors that you need to look at: the sudden demise of an insured family member, new baby coverage etc. And if you are covered under a group health insurance policy and are planning to change your job, consider an upgrade to an individual or a family floater health insurance policy.
If your current health insurance plan includes co-payments, sub-limits, and room rent capping, then you should upgrade to another plan. Choose a plan that imposes no restrictions on the type of hospital room and room rents.
- Opt for adequate sum insured amount
It’s the right time to upgrade your policy if you see a rise in your medical requirements. You can upgrade to a higher sum insured to compensate for health emergencies.
Your health insurance plan will be upgraded based on your health conditions and claim history.
If you are aware of these things beforehand you would be able to save a lot of time and efforts.
- Get cashless hospitalization cover
Is your current plan is giving your troubles in availing cashless hospitalization or the insurer is delaying approval for your cashless claims? It’s time that you should upgrade your policy and find a policy that has an extensive list of network hospitals where you can avail cashless hospitalization with ease.
In case of an emergency, you should be able to get easy admission to any of the hospitals in your vicinity rather than searching for a network hospital that falls under your insurer’s panel.
- Choose a plan without the loading clause
Is loading applicable to your current policy? Then you must upgrade to a plan that comes without any loading on the medical insurance premium against the claims filed by you.
Loading is an additional cost built into the insurance policy to cover losses which are higher than anticipated for the company arising from insuring a person who is prone to a form of risk. It is the amount charged by the health insurance company on your renewal premium when you make claims in your policy.
- Opt for rider benefits
If your current policy has a scope of add-on coverage then you must select rider benefits to upgrade your coverage. It will be wise to get additional benefits along with your base policy. It is one of the best, swift and easy methods to upgrade your basic policy to a 360-degree coverage policy.
- Upgrade as earliest as possible
Upgrading your health insurance policy in the early years of your life is a feasible option as you do not need to undergo medical screening again. The older you get, the more you are vulnerable to illnesses.
It is always better to disclose all your health ailments before purchasing a policy, so that, at the time of up gradation, the insurer doesn’t deny you an extension.
- Always compare
You should always compare health insurance plans with the other available options in the market. And if your current health insurance company doesn’t offer you better coverage, there is no harm looking for other options or an up gradation.
If your current policy offers you a higher sum assured then you can opt for another plan that offers additional coverage at a lesser premium.
So, if there is a gap between what was promised and what is being offered to you by your health insurance provider, you can upgrade the benefits or switch the insurer and still avail the benefits accrued from your existing health insurance policy.
