Health insurance isgaining mass popularity every single day in India. Moreover, the rising cost of medicines and hospital treatments make health insurance the need of the hour.Irrespective of the income class of an individual, health insurance plans promises maximum benefits. In India, the majority of the population falls under low to middle income bracket. Therefore, there are a variety of insurance policies that are available in the market with different perks, greater coverage, and a wide health care network.
You must do your research to get the best policy that fits your needs. But, do not limit yourself tounderstand the benefits of your policy. You should dig deeper and do some reading on your end to check out about the various ways that you can use to make the most out of your health insurance.
Here are the top 5 ways to achieve the maximum returns out of your investment:
- Secondary health insurance plan
All the working professionals are covered under the group health insurance policy by their employer, as mentioned in the company norms. You will be covered under this policy to the extent of the assured sum per year. You must consider supplementing the existing health insurance policy by buying another one which offers more comprehensive benefits. The benefit of having a secondary policy is that you can invoke the secondary policy along with the first one if needed. If the sum assured does not suffice your needs, you can use the secondary policy.
- Preventive care policies
Preventive care includes things like mammograms, vaccines, GYN appointments, and annual physicals. All these are conducted free of charge in the network care providers under the policy. Advantages of preventive care – first you don’t have to pay anything from your pocket, and second, preventive care means that you are less likely to meet any serious condition down the line which in turn will raise your annual premium.
- Cashless benefits
You must stay with your network hospitals when it comes to preventive care. If you go to a non-network care provider, you might have to pay the bills from your pocket. All this is a part of cashless hospitalization. You can only avail cashless benefits in network hospitals.
Check the exclusions column in your policy fine print. If you go for any procedures that your insurer does not cover, you will have to pay it from your pocket once again. Moreover, ignoring the exclusions might lead to the rejection of your insurance claim in the future.
- Add-ons orriders
Riders help you to enhance your cover and require you to pay an additional payment of charges. Therefore, a policyholder must ensure he opts for only those riders, which are based on his needs and preferences.There are riders like critical illness insurance plansthat are very beneficial. They offer a lump sum payout in case a claim is approved.
- Cumulative bonus
Claim free years can get you a good cumulative bonus. These bonuses help you get extra benefits on premium rates during renewals.