Getting the best health insurance plan is a vital financial shield against unforeseen medical expenses. With the escalating cost of treatments, having comprehensive insurance coverage becomes increasingly important. However, when seeking broader coverage, many individuals need more clarity about the potential for higher premiums.
This article will cover smart strategies to secure higher healthcare insurance coverage while keeping your premium affordable, ensuring peace of mind without compromising individual financial well-being. So, let us get started
6 Ways to Enhance Your Existing Healthcare Plan
Here are the six ways to enhance an existing medical insurance plan:
1. Increase the Existing Sum Insured
Most insurers offer the choice to enhance the insured sum within the existing policy upon its renewal, presenting an opportunity to secure ample coverage for the healthcare needs of the individual and their family, with only a marginal rise in premiums.
This approach guarantees sufficient financial protection without excessive out-of-pocket expenses. One notable benefit of this strategy is the omission of any waiting period for the insured sum, which is usually the requirement that applies to a new policy.
2. Opt for Super top-up Plans
Opting for top-up or super top-up plans offers an alternative avenue for securing extended coverage without incurring substantial premiums. These plans guarantee continued coverage even after depleting the initial sum insured.
This method involves segmenting the coverage into two components: the predetermined limit of the primary health plan and an additional secondary cover. This supplementary coverage empowers the policyholder to make larger claims when necessary.
3. Get Long-Term Healthcare Insurance Policy
Opting for an extended insurance policy, such as a 2-3 year duration, is typically more advantageous than selecting a conventional annual term. Longer-term policies often come with reduced premium commitments.
Many insurers provide these extended-duration policies. Thus, it is essential to evaluate the array of policies available and select the one that aligns most closely with an individual’s specific needs.
4. Choosing a Family Floater Plan
Choosing a family floater best health insurance policy is a smart way to enhance healthcare insurance coverage for families. This plan covers policyholders, their spouse and children all together. The good thing is that the whole family gets covered by paying just one premium.
Such floaters also give more coverage. It is because the coverage amount is shared among all family members. For example, if four people are in the family, they can get more coverage with a family floater plan than if they had separate plans.
5. Get a Cumulative Bonus
While elevating one’s healthcare insurance coverage, the policyholder has the opportunity to secure a cumulative bonus, also called a no-claim bonus.
Policyholders can avail of this bonus when they do not file for a claim during a policy year. Such a bonus can be led to either a reduction in the premium amount or a greater insured sum at the existing premium amount.
6. Choosing the Right Healthcare Insurance Riders
A health insurance policy offers optional riders that allow policyholders to customise and enhance their coverage. These riders, provided by insurance companies, come at an additional premium.
However, the benefits they offer far outweigh the extra cost. Some popular riders include the hospital cash rider, critical illness insurance, maternity cover rider, accident disability rider, and waiver of room rent rider.
Such riders can provide extended coverage and financial protection in critical situations, making them valuable investments.
Conclusion
Enhancing the existing healthcare insurance policy is good for comprehensive coverage and financial protection. By considering these ways, one can strengthen their healthcare insurance coverage to meet their healthcare needs. Customising the policy with the right riders can also provide specialised benefits, offering peace of mind during challenging times.
Secure your family’s health and well-being with Niva Bupa health insurance’s comprehensive health insurance plans. Explore their wide range of coverage options, add-ons, and get the right healthcare insurance plan according to your requirements.
