The health insurance industry is continuously changing to align with the changing preferences of users. Insurers constantly need to update the terms and conditions of a health insurance plan. For instance, the pandemic showed us a new side of the world. Health insurance companies needed to come up with a Corona-specific insurance plan that would allow protection and security from the new strain of the virus. While insurers updating their products help you maximise, there are some more you could do to utilise your health insurance even better. For this, it is necessary to know the terms and conditions of your health insurance. So, your work does not end when you buy a policy. You need to ensure you are getting the best out of your policy.
How to the Make the Most of Your Health Insurance?
This guide lists a few ways to utilise your health insurance the best way. Read on to understand these better:
1. Don't Hold Up the Buy
Buying an insurance policy that meets your needs is imperative, but people generally delay it. The foremost thing you need to do is stop procrastinating it. The main reason why people wait for it is that health insurance requires a lot of research and comparison. You need to figure out all the requirements you have from a health insurance plan. For this, you can sit and write down your requirements and compare all the policies that have them without further delay. The longer you live without a health insurance policy, the longer you risk your and your family's health and potential treatment. An early buy would help you lock the deal at a much lower premium than doing so later in your life. So, get your health secured for the lowest premium by buying the best health insurance policy early.
2. Personal Plan or Family Plan
You need to decide on what type of plan you need. An individual plan will only protect you from all the liabilities and costs, while a family floater health insurance plan will also cover your family. If you are in your 30s and looking to get married, you should look for a family floater plan. This will help you reduce the cost you would incur when adding new members to your plan. With a family floater plan, you can add up to six to eight members to your insurance. Therefore, this will be a more economical option than an individual plan.
But it would be best if you took care of an exception here. If you are adding your parents or someone above 50 to your health insurance plan, it is advisable to have a separate plan for them. This is because they fall under the high-risk category, and the chances of their claim are higher and are likely to increase with time. So, it is advisable to have a separate policy for them.
3. Keep Your Family Informed
There are many cases where the family is not aware of the policy that they have or are covered under. So, when the main insurance holder is absent under any circumstances, the family members are unaware of it. In most cases, even when they do know about the policy, they don't know the specifications and the claim procedure for it. So when filing a health insurance claim, the family members are invariably unaware of the claim process and what is covered under it.
4. Increase Your Insurance Sum
Consider increasing the amount insured to get value out of your insurance. You will need to ensure that the health insurance plan you choose will keep up with the rising rates of medication costs and hospital bills. So, it is necessary to evaluate the health insurance plan timely. If you could evaluate the sum insured amount perfectly while buying a policy, better! If not. you could request the insurer to raise your sum insured on renewal. Anyway, if you don't claim in a policy year, the sum insured will rise automatically on renewal, courtesy of the no-claim bonus feature of health insurance. But if you have claimed previously, the insured amount would decrease inevitably, calling for an increase in the sum insured amount.
5. Set Reminders for Renewal Date
People tend to get an insurance plan and then forget to renew it. This renewal can come annually or every three years, depending on the policy terms and conditions. Mostly, people forget to set a reminder about the renewal date and miss out on paying the policy renewal. If you do so, the insurance provider is in no way liable to make the payment for your treatment if anything happens. You will also receive a reminder call from the health insurance company, so try not to miss it. Set a timer for your due date and pay the renewal fees timely.
6. Keep Your Provider Informed About Any Health Changes
It would be best to inform your insurance provider about any changes in your health conditions. This will help the insurance provider better curate the insurance policy for you. This way, it will be well prepared when receiving a claim from you.
7. Add New Member(s)
You may have a new addition to your family as you get married or have babies. Under such situations, you should have the new member added to the insurance plan as soon as possible. They are now a part of your family and are here to stay with you for the rest of it, so look to get them on your health insurance. For a child insurance policy, an insurance company allows the addition of a child after 91 days from birth. So, it can add the baby to your health insurance protection on renewal, and you will pay a pro-rated premium.
8. Room Rent Capping Addition
Some health insurance policies cover only a limited amount of room rent, called room rent capping. Under this, you will be provided only a limited amount of compensation for your room rent. So, let's say your room rent cap is 40%; even if your room costs 10,000 INR, your health insurance will only pay 4000 INR. This is not fair and advisable, but if you know about this, you can discuss this with your provider. A room rent add-on waiver is also available for an additional premium.
9. Save on Your taxes
Under Section 80D of the Income Tax Act, you are eligible for tax breaks on the premium you pay on your policy. But this is true only if you have paid all your premiums without missing a due date. If you are unaware of the tax benefits available, research them to get the best out of your insurance. You can read Section 80D of the Income Tax Act to learn more about it. You could even have zero tax liability using deductions of 80D and some other sections. The maximum tax exemption limit under Section 80D amounts to INR 1 lakh.
Conclusion
You should consider several points to properly utilise your health insurance plan. This means to be well informed about the terms and conditions of the health insurance and inform your family members, too. It will allow you and your family members to facilitate easy claim reimbursement. Make sure of timely renewals to ensure coverage without any breaks. Read all the necessary information and communicate with your insurance provider in case you have doubts.
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