4 ways to enhance health insurance coverage

By -

1. Approach your existing Insurer: This should be the first step especially for the one who’s been diagnosed with some illness or has already taken some claim. Your existing insurer has your complete track record with them and you’ve been paying them the premium for so long, so it is comparatively easy for the existing insurer to enhance the claim. Some percentage of existing cover gets easily enhanced without any medical tests, but company may ask for medical tests if you want to enhance beyond a specific limit. This limit varies with insurers.

2. Port out policy to some other insurer: These days you can port/shift your policy out to some other insurer. In porting out, the benefits accumulated in the existing policy like No claim bonus, waiving of waiting periods etc. will also be transferred to the new company.

To port out your policy you have to apply to the new insurer at least 45-60 days in advance. Do keep in mind that this is equivalent to applying for a fresh policy though with no waiting periods. The acceptance of your proposal is totally new insurer prerogative. It may accept your policy with some conditions.

Porting out is recommended only when there are some visible benefits in the new policy or if you are not satisfied with the existing insurer services.

You may go with higher sum assured then your existing one. These days you will find policies offering coverage up to Rs 50 lakh

3. Buying Policy with high no claim bonus:

First time buyer or those who want to port out existing policy, may go with a policy which offers high no claim bonus. This feature indirectly keeps on increasing total coverage.

4. Top up your existing cover:

This is the most viable and economical option for enhancing one’s health insurance cover. Top up policies can be bought up independently or along with your existing cover. Top up cover gets activated after a particular amount which is called deductible. Deductible is something which you have to pay out of your pocket or from existing insurance cover and the balance claim amount will be taken care by the Top up plans.

Say for e.g. you have a health insurance policy of Rs 3 lakh and you enhance this cover with a top up policy of Rs 10 lakh with a deductible of Rs 3 lakh. Now if there’s any claim of Rs 5 lakh, then Rs 3 lakh will be paid through base policy and rest will be taken care by Top up plans.

Comments

Post a Comment

Popular posts from this blog

Which term insurance plan is best for you?

By -
  Which term insurance plan is best for you? In today's world, where things can be uncertain, making sure your family has enough money for the future is really important. That's where term insurance plans come in handy. They're an easy and not-too-expensive way to make sure your loved ones have enough money if something happens to you. If you live in Nagpur, it's especially important to pick the right term insurance plan, and having a trustworthy insurance agent or advisor in Nagpur can really help. In this article, we'll talk about the different types of term insurance plans available and help you figure out which one might be the best for your situation. Level Term Insurance: One of the simplest and most widely chosen types is level term insurance. With this plan, you pay a fixed amount of money for a certain period, like 10, 15, 20, or 30 years. Many people in Nagpur like this type because it's easy to understand. If you happen to pa...
Read more

Six sip secrets you should know.

By -
  Six sip secrets you should know. Mutual fund investing has long been regarded as one of the best strategies for long-term wealth growth. Like many other Indian cities, Nagpur is seeing an increase in the number of people using mutual funds to reach their financial objectives. By using a systematic investment plan (SIP), you can invest in mutual funds in one of the most well-liked and convenient ways possible. However, there are a few SIP secrets that, when understood and used, can drastically affect the results of your mutual funds. We'll go into these six SIP secrets in this blog and examine how they can affect your financial journey, with a particular emphasis on Nagpur and the significance of a mutual fund advisor in Nagpur. Consistency is key - Systematic Investment Plans, or SIPs, encourage investors to make consistent, recurring investments. This methodical strategy makes sure that you invest a set amount of money at regular intervals, usually once a mo...
Read more

Sip or Buying a DIP? Which is better?

By -
  Sip or Buying a DIP? Which is better? Investors have access to a wide range of tactics and methods for investing in the financial markets. The SIP (Systematic Investment Plan) and the DIP (Buying the Dip) are two widely used techniques. The decision between the two tactics depends on a number of elements, each of which has advantages and disadvantages. With a focus on the setting of SIP investment in Nagpur, India, and the function of a financial advisor or investment planner in Nagpur, we will examine the contrasts and advantages of each technique in this article. Let's start by discussing SIP investments. A SIP is an investment strategy in which a person makes fixed investments in mutual funds or exchange-traded funds (ETFs) at predetermined periods, generally monthly or quarterly. The rupee cost averaging that SIP provides is its main benefit. The impact of market volatility is reduced because the investment is spread out over time. By using a systematic approach, investor...
Read more