Health insurance is one of the most important types of insurance that you need in life. However, simply buying the first health insurance plan you come across is not a very smart thing to do. You need to assess your own needs and then weigh them against the features of the plan to ensure you have a good cover. In case you have a mediclaim policy that you are not a hundred percent satisfied with, you can change it. There are some other options available to you as well. Let us see what they are:
- Utilise the Free-look Period
Every health insurance company offers a free-look period with the mediclaim policies. The free-look period refers to a period of 15 days after you buy the plan. You can cancel the plan within this time and get your money back if you find the features of the cover to be dissatisfying. Be very vigilant in this period and re-read the policy wording to make sure you have a good health cover. If there is any underwhelming or suspicious clause, terminate the plan at once and look for a better alternative.
- Buy Some Riders
Riders are your best friend in health insurance! They help you to customise the plan and make it more flexible, depending on what your specific needs are. Every rider you buy will cost you extra money. This is why you need to pick and choose your riders carefully. Not everyone needs every single rider, so analyse your needs and only select the most useful riders along with the health insurance cover. You can buy various riders including:- Critical Illness Rider - When you have a critical illness rider, you will get an additional sum insured if you are diagnosed with a listed critical illness such as cancer, heart attack, stroke and so on. You can use the money in any way you want as there are no limitations on it.
- Room Rent Waiver - Many medical insurance policies have sub-limits on the room rent. This prevents you from choosing a premium hospital room. But with the room rent waiver rider, you can choose to stay in any room in any hospital without having to worry about the sub-limits.
- Maternity Cover - Maternity expenses aren't usually covered under a family health insurance plan. Even if the cover is available, you have a long waiting period. But you can get a more immediate and apt maternity health insurance cover when you buy this rider along with your mediclaim policy.
- Hospital Cash - If you have this rider, you can get a fixed sum of money for each day spent at the hospital. You can use the money to pay an attendant or pay for your family’s expenses while you are away. Here too, you are free to use the cash in any way you please.
- Personal Accident - If you get injured in a road accident and the hospitalisation happens as a result of that, you will get an added sum of money to help you recuperate faster.
- Buy a Top-up Policy
You can buy top-up health insurance even when you have an existing health insurance policy. The top-up cover can help pay for additional claims that surpass the limit on your primary policy. A top-up plan helps to counter the limitations of the primary health plan that you are dissatisfied with.
- Consider Porting
If you are very unhappy with your health plan, and specifically with the health insurance provider, you can port to a different company. Porting means changing your current insurer and carrying your health cover over to a new insurer. All the features such as the completion of the waiting period, the no claim bonus, etc. will be carried forward when you port.
- File a Complaint and Cancel the Plan
If you are completely unhappy and feeling you have been cheated by the health insurance company, you can file a complaint with the IRDA and have your policy terminated. You need to put in a written application to the IRDA’s Grievance Redressal Cell which is a part of the Consumer Affairs Department.
Summary
A recent survey found that over 40% of the Indian policyholders were dissatisfied with their medical insurance covers. While some were unhappy about the claim process, others felt the premium was too high. Some even admitted that they were convinced by an agent and bought the incorrect health insurance plan. Avoid making such mistakes and buy the best possible plan right at the onset. However, if you still don't feel happy about it, make use of the above-mentioned options and rectify the health coverage you have.
