Make Your Health Insurance Inflation-Proof with These Tips

Posted on: Dec 15, 2022 | | Written by:

Make Your Health Insurance Inflation-Proof with These Tips

Published on December 15, 2022. EST READ TIME: 4 minutes

With the increasing prevalence of infectious and lifestyle diseases, taking good care of your health and keeping adequate health insurance and critical illness insurance policies handy is the need of the hour. A health insurance policy covers your hospital bills and other associated expenses and prevents financial setbacks. When you have adequate health insurance, you can opt for the finest treatment without worrying about the expenses. A critical illness insurance policy covers more than 15 life-threatening conditions and offers huge financial support to policyholders who get diagnosed with a critical illness.

If you are looking to buy a Mediclaim policy, shortlist some good health plans and check their inclusions and exclusions before zeroing in on one. Also, compare different health insurance premiums online to find one that best matches your requirements and pocket.

The following are some tips to buy an inflation-proof health insurance policy:

1. Choose an adequate cover:

Considering the ever-increasing healthcare costs, it is important to buy a Mediclaim policy that will be adequate to cover your bills. If you are buying a family floater, keep the age and medical history of all family members in mind and select coverage accordingly. Opting for inadequate coverage or sum insured just to save on policy premiums can cost you more in the future.

2. Always keep a personal health plan handy:

Even if you are covered under corporate or group health insurance, keep an individual health plan or family floater handy. Your group health insurance policy will cover you only till the time you are employed in the company. Once you leave the job, the coverage will cease to exist, and you will be left without health insurance then.

When you have both corporate and personal health insurance policies, you can use your corporate health plan during medical emergencies and enjoy a no-claim bonus on the personal one. By the time you leave the company, the accrued no-claim bonus benefits will make your personal health insurance coverage stronger and pocket-friendly at the same time.

3. Buy health insurance early:

The earlier you buy health insurance and critical illness insurance, the better it will be for your health and pocket. These important health plans will cover your hospital bills and other associated expenses and save you from ever-increasing healthcare costs. Also, when you buy early, health insurance premiums are on the lower side and easily affordable.

4. Buy super top-up plans:

A super top-up plan is an extension of your existing health insurance policy. In case you use up the maximum claim amount of your health plan during the policy tenure, the super top-up plan will provide you with additional insurance coverage. This is one of the best ways to enhance your policy coverage and make it adequate for medical emergencies.

5. Check the list of network hospitals:

When you are buying health insurance, check and compare the list of network hospitals of different insurance providers. It is always better to take health insurance from a company with some good network hospitals in the vicinity. You can easily opt for cashless treatment when required and save yourself from paying the bills from your pocket. Although you can file a reimbursement claim, the entire process can take some time.

6. Go for a no-claim bonus:

Choose a health insurance policy offering no-claim bonus benefits for every claim-free year. Some insurance companies offer no-claim bonus benefits in the form of increased policy coverage, while others offer a discount on the premium amount. The benefits increase with every claim-free year, so this is a great way to enhance your policy coverage and cope with medical inflation.

Conclusion

The above-mentioned points can make your Mediclaim policy inflation-proof and help you deal with the increasing healthcare costs. These simple tips can also save you from high health insurance premiums and promise adequate coverage during emergencies. Apart from health insurance, you must also keep a critical illness insurance policy handy, especially if there is a history of critical illnesses in your family. These conditions demand long-term treatment that can drain your finances in no time. When you have a critical illness plan, the insurance company will give you a lumpsum amount that acts as an income replacement. You can use the same for your treatment as well as day-to-day expenses.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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