Q. Me and my wife have health insurance with a cover of ₹ 3 lakhs. How do I upgrade the policy and increase the coverage?
An essential aspect of personal finance, health insurance provides financial protection in case of a medical emergency. A health insurance policy for ₹3 lakhs is a good starting point, but it's always advisable to have higher coverage.
Here is a guide to help you understand why you must upgrade your health insurance cover and how.
Changing healthcare needs: As you grow older, your health needs change, and so do your healthcare expenses. Upgrading your health insurance coverage ensures that you have adequate funds to pay for the care you need.
Inflation: Medical inflation is a reality, and the cost of healthcare is constantly increasing. Upgrading your health insurance ensures that you have sufficient funds to beat inflation.
Growing family: As your family grows, it's important to ensure that all members of your family are protected against medical emergencies.
Pre-existing conditions: As you grow older, pre-existing health conditions can flare up. Upgrading your health insurance coverage can help you cover the cost of treating such conditions.
Superior medical care: Higher coverage gives you access to a wider range of better medical treatments and procedures, which may not be covered by your current policy. Thus, upgrading can help you receive the best possible medical care and treatment when you need it the most.
How to upgrade health insurance cover?
Contact insurance company: Contact your current insurance company and ask if they can increase your coverage. They may offer a different plan or some add-ons to your current policy.
Review policy documents: Review your current policy documents to determine your coverage limits and the types of coverage. This will help you know how much more coverage you need and what kind of add-ons would be right for you.
Decide on new coverage amount: Based on your medical needs and budget, decide on the new coverage amount you require. Consider factors such as your family's medical history, your current health status, and your age.
Upgrade options: An efficient way to increase your coverage is to purchase a super top-up policy. This is like an add-on plan that can be used to cover unexpected medical expenses beyond the limit of the primary policy.
Check for waiting period: Some insurance policies may have a waiting period for certain types of coverage, like pre-existing conditions. Check if the increased coverage you have opted for has a waiting-period clause.
Provide necessary documents and pay premium: Once you've decided on the new coverage amount and the best way to upgrade, submit the necessary forms and documents (like your identity proof and address proof) and pay the additional premium.
Remember to review your policy regularly to ensure that it still meets your needs. Adjust your coverage as required. With the right health insurance policy in place, you can have peace of mind knowing that you and your loved ones are protected.
Choose an affordable policy that meets your current and future medical needs. Consult your financial advisor or an IRDA certified insurance intermediary who can help choose the best policy for your needs and also simplify the process of upgrading.
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