Health Insurance Tips: Key Things To Consider While You Are Planning To Expand Your Medical Insurance Cover

As we are just a few days away from the start of 2024, some of us might be thinking if it's time to expand our health or medical insurance coverage. You can expand your health insurance coverage by n number of ways i..e by expanding the policy size, covering it for critical illness, or opting for the best top-up plan.

Inflation in India and globally has become a hot topic these days. With rising costs, our medical expenses have also gone up, and this has left our policy size inadequate, especially if the size of the policy cover was barely adequate when we first purchased it.

In this article, we have brought you important things you should consider if you are considering expanding your insurance coverage:

1. Increase the policy size

Taking into account your growing age and soaring inflation, it is advisable to explore expanding the insurance cover. Inflation has increased, and so does our age and with time our income has also probably increased, which means you can now afford to pay a higher premium. If this is the case, you can now expand your policy cover to Rs 10 lakh, if it was Rs 8 lakh earlier.

2. Critical illness cover

This could be a savior in case the policyholder has now been detected with a critical illness. You can buy critical illness coverage in case you don't want to expand your medical insurance cover.

3. No claims bonus

Most insurers offer no claims bonus (NCB) that effectively widens the coverage. So, if the no-claims bonus has considerably expanded your insurance coverage, you may not feel the need to expand the coverage.

4. Look For the best affordable plans

Compare and explore the best affordable health insurance plans with affordable premiums, uncover discounts and monthly payment options provided by our Insurance partners

5. Select a comprehensive health plan

A comprehensive health insurance plan refers to a plan that provides coverage for a wide array of medical expenses. Your comprehensive health plan should cover both pre- and post-hospitalization expenses, organ donation, maternity expenses, and routine doctor visits i.e. Out Patient Department (OPD) consultation costs.

6. Best top-up plan

A top-up plan is an extended cover, which is over and above your existing base health insurance plan. It offers an additional sum insured amount which can be used in case you entirely spend the current coverage of your basic insurance plan.

Top-up health plans can be purchased over and above your existing base health insurance policy. Usually, top-up health policies provide coverage for in-patient hospitalization and pre as well as post-hospitalization charges. It remains a prudent decision to avail of a top-up plan at a young age because if you are less than 55 years of age, then there is no need to undergo additional medical scrutiny.