How to Maximise Your Health Insurance Benefits?

How to Maximise Your Health Insurance Benefits?

How to Maximise Your Health Insurance Benefits?

Health insurance can cost a lot, even if you try not to spend too much. Your health plan can really affect your money a lot, so it is crucial to make the most of it. Besides covering medical costs, there are extra benefits you might need to learn about that can help you save money.

Go through this blog, to learn some essential tips to maximise your health insurance benefits.

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Tips to Maximise Your Health Insurance Benefits

Here is a list of some crucial ways through which you can make the most of your health insurance:

  • Understand Your Insurance Policy

Take time to go through your plan's policy and understand the benefits it provides at the start of each year. You can find these documents in the mail or on your insurer's website. Even if you have the same plan for a while, review the coverage limits, co-pays, coinsurance, Waiting period in health insurance, deductibles, out-of-pocket maximums, and other terms and conditions.

It helps you refresh your memory about your policy and informs you of any changes in benefits and terms by your insurer. Moreover, it is also important to do this if your health situation has changed, as certain aspects of your plan may become relevant in the new year.

  • Purchase a Plan with Restoration Benefits

When you want to renew health insurance, consider opting for a plan that comes with restoration benefits. If your insurance plan includes restoration benefits, it means that if a part of your sum insured is used up for a claim, it will be replenished to its maximum limit afterward.

For example, let us say your health insurance covers up to ₹3 lakhs, and you make a claim for ₹2 lakhs. Later, if you need heart surgery costing ₹3 lakhs, you can claim the full amount because your coverage will be restored to the original ₹3 lakhs. So, when you renew your health insurance, select a plan with this helpful feature.

  • Choose a Family Floater Plan

Opt for a family floater plan to cover yourself, your spouse, and young kids under a single premium, making it more cost-effective. In cases where all your family members are young and healthy, the insurance premiums become affordable.

You can take advantage of the no-claim bonus for each claim-free year, either through reduced premiums or an increased sum insured. With a family floater plan, you can enjoy higher coverage by insuring more people under one policy. It assures that your entire family can access quality healthcare without worrying about excessive expenses.

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  • Choosing the Right Healthcare Providers

To get the most out of your medical insurance, pick healthcare providers which are in your insurance network. These providers have agreed on prices with your insurance company, which means you will pay less out of pocket.

Use the directory or online tools provided by your insurance company to locate in-network doctors, hospitals, and specialists nearby. Also, check out reviews and ratings of providers to make sure you are getting quality care. It is one of the important tips to maximise your health insurance.

  • Maximise Your Preventive Care Coverage

Many people often in India overlook the valuable benefit of preventive care coverage in their health insurance. However, the majority of health insurance plans include coverage for preventive care, such as diagnostics, comprehensive checkups, scans, and more. You can make the most of these benefits by using them to identify potential health issues early on, making them easier and less costly to treat.

  • Track Your Medical Expenses

Keep recording what you spend on medical care, like co-pays and prescriptions. It helps you see where your money is going and find ways to spend less. Some insurance plans offer accounts like flexible spending accounts (FSAs) or health savings accounts (HSAs) that can save you money on taxes and help you save up for future medical needs.

  • Regularly Check and Update Your Insurance Policy

As your health evolves, so do your healthcare requirements. It is essential to regularly review your health insurance policy to ensure it meets your current health needs. Major life events like welcoming a new family member, such as a baby, or encountering changes in your health status might necessitate adjustments to your coverage. Keeping your policy updated helps you avoid gaps in coverage and get the most out of your benefits.

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Different Ways to Increase Your Health Insurance Coverage at Lesser Premium

  • Network Considerations

Choose a plan with a network that includes your preferred healthcare providers. Staying within the network often results in lower out-of-pocket costs

  • Bank on Cumulative Bonus

Some health insurance plans offer a Cumulative Bonus feature. If you do not make any claims during the policy year, your Sum Insured could be increased when you renew health insurance without any additional cost. This can be a valuable benefit, encouraging policyholders to maintain a healthy lifestyle and seek medical attention only when necessary.

  • Use a health insurance calculator

Factors such as age can play a significant role in your health insurance premiums. Therefore, before you buy a plan, use a health insurance calculator and get an idea of the premium to avoid much expenditure later.

  • Compare different insurers

Compare different health insurance plans from various providers to find the best coverage at a competitive premium. Online comparison tools and insurance brokers can assist in this process.

  • Raise Co-payment and Co-insurance

Consider adjusting co-payment and co-insurance levels. Increasing these amounts can lower your premium, but you'll also pay more out-of-pocket for each medical service.

Thus, you can follow these tips to maximise the benefits of your health insurance plan and take the necessary steps to avoid paying high premiums.