9 Pointers for How You Can Best Utilise Your Health Insurance

Over the past years, the health insurance industry has witnessed lots of changes. Many new regulations have been introduced and the entire industry has been standardised to some extent. As a lot of policyholders bought their health insurance years ago when rules were different, they may not be relevant in today’s context. 

Read More

Policybazaar exclusive benefits
30 minutes claim support##
(In 120+ cities)
Relationship manager
For every customer
24*7 claims assistance
In 30 mins. guaranteed*
Instant policy issuance
No medical tests~
People trust Policybazaar^
6.7 crore
Registered consumers
51
Insurance partners
3.4 crore
Policies sold
Policybazaar is one of India's leading digital insurance platform

0%

Find affordable plans with up to 25% Discount**

Select members you want to insure

  • More Members
  • Back
    Continue
    By clicking on “Continue”, you agree to our Privacy Policy and Terms of use
    Maximum child sum can be 4
    This will help us calculate the premium & discounts for your family
    Previous step
    Continue
    This will help us to find the network of Cashless Hospitals in your city

      Popular Cities

      Previous step
      Continue
      Get to plans directly next time you visit us
      Please provide your active international number
      Previous step
      Continue
      We will find you the plans that cover your condition.

      Do any member(s) have any existing illnesses for which they take regular medication?

      Get updates on WhatsApp

      Previous step

      When did you recover from Covid-19?

      Some plans are available only after a certain time

      Previous step
      Advantages of
      entering a valid number
      You save time, money and effort,
      Our experts will help you choose the right plan in less than 20 minutes & save you upto 80% on your premium
      Advantages of entering an International Number
      Prompt connectivity
      Find the right plan in under 20 minutes
      Get best discounts
      Ensure smooth issuance

      If you’re amongst those who think the job is done once the insurance is purchased and the policy document is received, then we have some unfortunate news for you that this is not the case. There is a huge list of things to do after you insure your health with an insurer. Here’s how you can put your health insurance to some good use in 10 ways.

       

      # 1- Don’t Delay Buying it.

      The foremost thing to remember is ‘No delay’. Buying a good sufficient policy is 10 times better idea than purchasing the best health policy after 10 years. Fix it in your mind that you’re going to buy health insurance now, set your requirements first, compare the plans online and get your dream coverage.

      # 2-Individual Cover or Family Floater

      If you are planning to buy a plan in your 30s, consider buying family floater plan. Because at this age, either you’re already married or getting married. So, rather than buying a separate plan for each family member, you can opt for the best family health plan or floater plan that includes maximum 6 to 8 members. This way it is cheaper than an individual plan. Also, there will be a large cover shared by all the members and one can make a claim, whenever required.

      But here comes the twist!

      If you’re adding your parents who are more than 50 years old or have health issues, it makes sense to have separate health plans for them. Here you should not include a member with high risk as the frequency of claim is likely to be higher with time. Hence, rest of the members could be left with less or no cover to claim should they need it.

      # 3-Ensure Your Family Knows About the Policy

      There are many cases when the family is unaware of a plan the insured has bought. Consequently, the dependents may not file a cashless claim or there may be a delay in registering a claim, and so, they may end up bearing the medical expenses. So, it is essential to inform your spouse or family about the policy and keep a copy of policy document in a place that is easily accessible. Each member should be aware of how to go begin the claim process if need be.

      No # 4- Mark the Renewal Date & Arrange for the Sufficient Fund

      It is always the case that policyholders tend to pay the premium of health insurance in the nick of time or when they receive a reminder call from the insurance company. One should avoid this approach as insurers are not bound to do so. The insured should set a reminder of the due date and pay the premium timely. As the premium could be a huge chunk of your monthly expense, make sure you arrange for the same before D-day arrives.

      No # 5- Avail Tax Benefit

      You are a regular and timely premium payer, since you bought your health insurance. However, it may be that you lack awareness of the tax benefits that one could avail against the premium paid for a health plan. Due to this, you might not claim a tax deduction or do it the wrong way. This can be avoided by increasing a little knowledge about Section 80D of the Income Tax Act, which talks about tax deductions on the premium of health insurance.

      No # 6-Intimate the Insurance Provider about Any Changes in Health History

      When it comes to the insurer-insured relation, you need to be upfront, be it any claim related issue or about your poor health condition. Usually, health policies are renewable in every year and as per the IRDA guidelines, no insurer is authorised to increase premium based on claim history of the customer, during renewal. In order to maintain good faith, one should disclose everything related his/her health or any pre-existing illness so that no complications arise during a claim.

      No # 7- Increase Sum Insured

      In order to beat the current inflation level you will need a sufficient Sum Insured. Otherwise, your health insurance plan will prove to be insufficient when you need it the most. Hereby, it is very important to evaluate your insurance cover from time to time and during policy renewal is the best time to do so. If the insurer offers you 10% or higher increase in the cover, go for it so that your health plan keeps pace with current inflation rates. If there is no such provision, then you can opt for a top-up policy which covers you when the limit of your base health policy is exhausted.

      No # 8- Add New Member

      It often happens that after buying a policy, one may start a family. If this is the same with you and your baby has arrived, immediately inform the insurer without waiting for the next renewal. Add your child in the policy then and there. Usually, most health insurers cover new-born babies after 91 days. You will have to pay a pro-rated premium and the insurer will issue an endorsement. In your next renewal, your child will be covered as well.

      No #9- Careful about Room Rent Capping

      This is one thing that your insurer or agent may not be willing for you to know and this could single-handedly depreciate the worth of your insurance plan with inflation.

      Health insurance policies have a limit on room rent that is called room rent capping. As per this, the insured is eligible to claim room rent expenses below this limit. In case your hospital room rent exceeds this limit, you’ll have to bear the expense from your pocket.

      Let’s say, that you opt for a health insurance policy that sets capping on room rent up to Rs. 5000 per day. Now, when you get hospitalised, god forbid, you choose a room worth Rs. 10,000 per day. Though your policy covers you for room rent, it will pay you up to 5000 per day only. The balance amount will be paid by you. This should not be the case, right? But, in reality, it is the truth. The insured is liable to get only 40% of the actual room rent. For example, of your ICU cost is 20,000. Even if it is within the limit, you will only be paid for 40% of 20,000 that is 8,000. Conclusion is you’ll be at loss due to room rent capping 

      In a Nutshell!

      Though health insurance comes with lots of benefits and unique features, choosing the right plan is not less than a herculean task. Since buying the right policy is imperative yet difficult, it requires constant review and attention, even after buying the plan, so that it can be used for your best use. By making a check-list of how to track your plan timely in a right way, you can avail the maximum benefits out of your health plan. Be smart, stay healthy!

      book-home-visit
      Search
      Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

      Health insurance Articles

      • Recent Article
      • Popular Articles
      01 Jul 2024

      Surgeries Covered Under ICICI Lombard Health...

      Life can throw unexpected medical emergencies your way, making

      Read more
      27 Jun 2024

      Is LASIK Surgery Covered by ICICI Lombard Health...

      Waking up with a clear vision is a dream for many. LASIK surgery

      Read more
      21 Jun 2024

      Does ICICI Lombard Health Insurance Cover...

      Cataract surgery is an essential procedure for people seeking to

      Read more
      14 Jun 2024

      Father’s Day 2024: Gift Your Father Health...

      Father’s Day is celebrated every year on the third Sunday of

      Read more
      05 Jun 2024

      Does SBI Health Insurance Cover Dental Treatments?

      SBI General Insurance Company provides comprehensive coverage

      Read more

      How to Apply for Ayushman Bharat Pradhan Mantri...

      Ayushman Bharat Yojana is a flagship health insurance scheme launched by the Government of India to offer universal

      Read more

      10 Major Benefits of Ayushman Bharat Yojana

      Pradhan Mantri Jan Arogya Yojana (PM-JAY) is the second component under Ayushman Bharat Scheme. PM Narendra Modi

      Read more

      10 New IRDAI Health Insurance Guidelines in 2024

      Health insurance penetration in India is far lower than it should be. A significant chunk of the Indian population

      Read more

      How Senior Citizens can save Tax with Medical...

      Senior citizens can save on income tax by availing tax benefits on medical expenses under Section 80D of the Income

      Read more

      Best Health Insurance Plans for Senior Citizens

      Senior citizens are the most prone to diseases. Considering the medical inflation in India, buying health insurance

      Read more

      *We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881. Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. As per the Insurance guidelines, you are allowed to cancel the policy with-in 15 days from the date of Issuance of policy. For more details, please read the Plan Brochure carefully or talk to our advisor at the time of purchase.

      *All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.

      **All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.

      *₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.

      *₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases

      *₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.

      *₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.

      *No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.

      *The values taken for effective cost calculation are indicative values and may change as per the selected plan.

      *Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.

      *Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.

      *The scope of coverage may vary from plan to plan.

      ~Source: Google Review Rating available on:- http://bit.ly/3J20bXZ

      ##On ground claim assistance is available in 114 cities

      Tax Benefits are subject to changes in tax laws. GST Exemption depends on fulfilment of qualification criteria and submission of relevant documents as required by the insurers. For more details on risk factors, terms and conditions, please read the sales brochure and applicable rules and regulation carefully before concluding a sale.

      STANDARD TERMS AND CONDITIONS APPLY. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.

      Policybazaar is a registered Composite Broker |Registration No. 742, Valid till 09/06/2024, License category- Composite Broker (Life & General)| Visitors are hereby informed that their information submitted on the website may be shared with insurers.

      Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana - 122001 Contact Us | Legal and Admin Policies

      © Copyright 2008-2024 policybazaar.com. All Rights Reserved.

      top
      Close
      Download the Policybazaar app
      to manage all your insurance needs.
      INSTALL