Health insurance is an important element of financial planning today. With the increasing cost of medical treatment and rising medical costs, having a basic Mediclaim policy might not be sufficient. A sudden hospitalization or illness could easily ruin your savings if you’re medical coverage isn’t sufficient. There are, however, ways to increase the amount of coverage you have. Learn more about how you can increase the amount that is covered under your health insurance plan.
When Can You Raise the Amount Covered by Your Health Insurance
You may enhance the amount of your health insurance during the time of renewal. Insurance companies permit you to increase or decrease the amount covered when renewing the policy, if you inform them in time. However, increasing the amount insured could result in an increase in the cost of your insurance.
5 Ways to Raise the Amount of Your Health Insurance Coverage
Here are five ways to increase the amount insured by your Mediclaim policy:
1. Request a Greater Insured Amount
It is possible to ask your insurance company to increase the amount insured by the medical insurance plan at the renewal time. If your request is approved, you might be required to pay an additional health insurance cost. The insurer will examine your current medical condition and adhere to the guidelines of their underwriting department before raising the cost. Additionally, you’ll have wait for the waiting period to be eligible for the coverage increase.
If your request for the enhancement of the amount insured rejected, your current insurance will remain with the same sum of money insured.
2. Purchase a New Policy for Health Insurance
If the current health insurance isn’t providing sufficient coverage, you may decide to cancel it and purchase an alternative plan that has more coverage and a greater amount of insurance. But, the decision to accept your request for the new plan is up to insurer. Additionally, if you have any prior medical condition or have already filed claim under your existing policy the new insurer might not be willing to provide you with the highest amount of coverage. If so have to wait for the waiting period to receive the coverage increase.
3. Invest in a Top-Up or Super Top-Up plan
An efficient and cost-effective method to increase your medical insurance amount is by extending the existing plan and then purchasing the top-up as well as a super-top medical insurance plan. These plans pay for the medical costs of your family for reasonable costs in the event that the amount you have already insured is exhausted. But, the top-up plan include a deductible which you must pay prior to filing the claim.
4. Examine Including Riders or Extras
You can boost the total worth of your health insurance policy by including the health insurance rider or add-on coverages like critical illness coverage cash allowance for hospitals, maternity cover, OPD cover, personal accident insurance and so on. You can pay an additional cost. These add-ons do not add to the sum of your insurance however they provide additional financial assistance during certain circumstances and reduce the cost of your base insurance.
5. Increase Your Total Bonus
You can increase your insurance amount by keeping a clean record and gaining the total bonus through your policy. policy. The cumulative bonus will increase the amount of your insurance by a specific percentage every year without cost. Over time the bonus can dramatically increase the amount of your insurance which will allow you to claim more medical expenses, without having to pay for an upgrade.
