Three Ways to Increase Your Health Insurance Coverage


There has been a huge increase in demand for health insurance plans over the past few years and more since the outbreak of the Covid-19 pandemic, along with lifestyle-related illnesses and healthcare costs. which keep increasing. A health insurance policy is the best alternative to ease the extra burden of medical expenses on your pocket and benefit from medical treatment seamlessly.

A health insurance policy acts as a protective cover in the event that you or your family members are hospitalized in the event of a medical emergency or treatment for an illness. Buying a health insurance plan protects you from the financial implications of medical bills in the event of a certain or uncertain medical emergency.

You may think that your health insurance policy offers adequate coverage to cover the cost of treatment in a medical emergency, but this is no surprise since we have found over the past year that you may run out of sum insured. It becomes imperative in such situations to increase your insured capital and cover your processing costs.

So, you may need to consider increasing your health coverage to get adequate protection against completely unexpected medical emergencies and to deal with exorbitant treatment costs in private hospitals.

Take a look at the following three ways to increase your health insurance coverage:

1. Buy a super supplement plan: Increasing your health insurance coverage by purchasing a super supplement plan can be very beneficial. Super supplemental plans are specially designed to provide additional coverage over a particular deductible, the amount that is borne by the policyholder by paying directly out of pocket or through their basic health insurance plan. In the event that there are several claims in the year and the policyholder has already exhausted the original sum insured, the super supplemental plan pays the additional amount.

The benefits of the plan include day care, hospital care, pre and post hospitalization costs, cumulative bonus, etc.

2. Increase the sum insured when the policy is renewed: you have the choice of increasing the coverage of your policy or the sum insured at the time of renewal of your policy, which also gives you the advantage that your period of current wait is not extended or renewed. with it, which could be the case to change or completely buy a new policy.

Increasing your face amount when renewing your health insurance policy can help you get adequate coverage for better financial protection.

3. Buy a comprehensive family health insurance policy: A family health insurance policy is a type of health insurance plan purchased for the whole family where the premium and the total sum insured are shared among all family members. . Buying family health insurance may be more beneficial than purchasing a single individual health insurance plan, as one can get more extensive medical coverage for various treatment costs and medical needs by paying a only premium.

Adequate health coverage is crucial because you may never know when a health emergency may strike you. If you are looking for an additional sum insured or wish to increase your health insurance coverage, opt for a supplemental plan or purchase supplemental insurance cover in case of emergency.

(The author is Executive Vice President and Technical Director, Kotak Mahindra General Insurance Company Ltd)

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Posted on: Sunday, December 26, 2021, 7:00 a.m. IST

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