Unhappy with Your Health Insurance? Here are 4 Tips to Deal with It

People’s health insurance policies often fail to be in accordance with their medical and financial needs, resulting in disappointment and inconvenience. There are some health insurance tips that will help you buy health insurance that suits your requirements:

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      Inadequate Cover: 

      A good health insurance policy cover must account for growing medical inflation. If it does not, then during medical emergencies, you may end up bearing a major chunk of the medical expenses, thus defeating the very purpose of a good health insurance plan.

       

      Pre-Existing Medical Conditions: 

      A good health insurance plan must provide sufficient cover for pre-existing medical conditions. Even if this comes at an extra cost, it is worth it.

      Waiting Period:

       If your health insurance policy involves an unreasonably lengthy waiting period for a list of diseases before you can make a claim for them, it is time to make changes.

      Stringent Limits:

      Always ensure that you read your health insurance plan’s fine print in details. Some policies impose limits on expenses that can be incurred to avail adequate and good medical treatment. These restrictions could be on surgery expenses, hospital room expenses, etc. If your health insurance policy’s stringent limits subjugate its benefits – rethink.

      Hospitalization Cover: 

      Although health plans usually provide pre and post hospitalization cover, some of them mask this benefit by offering expenses coverage only for a limited number of days. This makes the policy more attractive, as lower premiums can be offered. However, in the long run, this turns out to be an expensive affair for the customer.

      Settlement of Claims:

      A good reputation with regard to settlement of claims is a crucial consideration while choosing your health insurance provider. Putting forth a claim is a cumbersome, tedious and time-consuming process, hence the insurer must settle claims as quickly as possible with minimal hassles. If your insurance provider’s claim settlement reputation is not good, you could be in trouble.

      If your policy has some or all of these drawbacks, it is imperative that you either change your insurer or make the requisite adjustments and/or changes as it is not a good health insurance policy.

      H2: These 4 health insurance tips can help you extract the maximum benefits from your health insurance plan:

      Increase the Sum Assured

      You can easily increase your existing policy’s sum assured at the time of renewal, by paying an additional premium. The insurance company will approve your request based on certain qualifying parameters.

      Portability

      The provision of portability by the Insurance Regulatory and Development Authority of India (IRDAI) is a major development in the health insurance field in India, and for policyholders, this is truly a welcome relief. If you are unhappy with your existing insurer, you can switch to a different insurance provider and opt for a different plan. You just need to communicate your decision to your current and prospective insurer, minimum 45 days before your existing policy’s renewal date.

      Pick a health plan with your prospective insurer that assures a higher sum, better benefits, no loopholes, and complete transparency. A good thing about portability is that the waiting period for pre-existing medical conditions can be carried forward from the old to the new insurer – subject to the condition that you do not take a break during policy renewal.

      Top-Up Plans

      If you feel your current policy’s assured sum is insufficient, you can get either a top-up or a super top-up plan on your existing policy. A top-up is an extra cover in addition to your existing health plan’s sum assured. To illustrate, let us assume that your existing policy’s sum assured is Rs.5 lakhs along with a top-up cover of Rs.7 lakhs with the deductible of Rs.3 lakhs. Now in the event of hospitalization claim in a year, suppose the total expenses are Rs.8 lakhs, then Rs.5 lakhs will be paid from your existing policy and the balance amount of Rs.3 lakhs will be paid using the top-up cover.

      Read More- Medical Insurance Companies in India

      This feature, however, can be availed only once a year, and only after you exhaust the existing policy’s benefits. If you have a second hospitalization claim in the same year, the top-up cannot be utilized.

      We can use the same example illustrated above to understand what a Super Top-Up is. If you have a second hospitalization claim in the same year, the super top up will help you with the entire medical cover, provided the amount is within the specified limits. This saves you from the extra financial burden posed by the second hospitalization.

      You can purchase either of the top-up plans depending on your current sum assured and your specific medical requirements.

      Get a New Policy Altogether

      A good health insurance policy is meant to give you timely and adequate financial support, along with making it convenient for you to use it when the need arises. If you fail to get this and continue having issues with your current policy, purchase a new policy that meets your exact requirements, instead of renewing the old one.

      When buying health insurance in India, plan as meticulously as possible, and ensure you thoroughly read the policy documents. If you or your policy happen to go wrong somewhere, then at the time of the health plan’s renewal, you can always set things right.

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      Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

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      *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. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.

      *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.

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      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.

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