Health Insurance 839 views June 16, 2021

How to Extend Your Health Insurance Cover?

The rising COVID-19 cases have made it necessary for everyone to have health insurance. You may find a wide range of health insurance plans in the market, but not every plan can help meet the medical expenses of today’s times. In case you have bought a plan but the cover seems inadequate in light of medical expenses these days, you need to extend your health insurance cover. In this article, we will discuss the ways by which you can do so to secure yourself and your family from rising medical expenses. So, read on!

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Tips to Extend Health Cover

Extending health insurance coverage is possible by adding suitable riders to your base plan, increasing its coverage amount periodically, etc. We’ve explained all these ways for you to understand and implement in real-time.

Add Riders to Your Health Insurance

If your health insurance doesn’t fulfill all your medical requirements, customize it by adding a rider to your policy. By adding a rider, you can get extra benefits under your basic health insurance. The following is the list of riders offered by insurance companies:

  1. Critical Illness Cover: You can get financial coverage against a list of critical illnesses by opting for this rider. So, if you are diagnosed with any one of the listed critical illnesses during the policy period, the rider sum assured will be payable to you.
  2. Accidental Disability Cover: The insurer will cover total or partial disablement arising out of an accident if you opt for this rider.
  3. Room Rent Waiver: You may have seen room rent capping on health insurance. So if you want to get rid of that, add this rider to your policy and have the room of your choice without any sub-limit.
  4. Hospital Cash: If you opt for this rider, you will receive a daily cash amount for all the days you have been hospitalized due to an illness or injury. The payable amount differs from policy to policy. Hospital cash shall be payable only if the insured is hospitalized for at least 24 hours.

Purchase a Health Insurance with Maternity Cover

Many insurers do not provide maternity cover in health insurance. But you can purchase specially designed maternity health cover and get financially immune from delivery expenses. In a maternity cover the insurer provides coverage against medical expenses arising during childbirth, pre and post-delivery expenses, etc. However, the coverage under maternity cover starts after a waiting period of 9-months to 1 year.

Enhance Your Sum Insured

Health insurance companies increase your sum insured, provided you haven’t filed a claim in the previous year. This is also known as the no claim bonus that will help you get higher coverage against medical expenses. You can get the sum insured up by 10-25% on average. Some health insurers hike it to even 100% and help individuals deal with healthcare expenses better.

Restoration of Sum Insured

In case the health insurance gets exhausted due to claims, you can restore the sum insured too. All you need to do is request the insurer about the same and get that added. However, the insurer may place a condition that the restoration should be for a different illness. All that would be there in the policy wordings for you to look at.

Buy a Super Top Up Plan

A super top-up plan offers additional coverage in your existing health insurance. Super top-up plans provide coverage for both pre and post-hospitalization expenses, daycare procedures, etc. But how does a super top-up plan work? In super top-up insurance, a deductible applies, so when your hospitalization bill crosses the limit, the top-up plan will come in force and cover your medical expenses. To understand it better, check out the example shown below:

Suppose you purchase a top-up plan with a deductible of INR 5 lakh and you file two separate claims of INR 4 Lakh and INR 3 Lakh, your top-up plan will be activated and cover INR 1 Lakh of your incurred medical expenses.

The premium paid for super top-up plans is eligible for tax deduction under section 80D of the Income Tax Act, 1961. So, all in all, it is a great deal for you to extend your health coverage with a super top-up plan.

Switch Your Plan to the New Insurer

Portability is another way by which you can extend your health insurance cover if your existing insurer doesn’t offer better coverage. You can switch your health insurance by applying for portability and get an increased sum assured. So, check the benefits of the new health insurance plan while porting your policy. How to port health insurance? You need to approach the new health insurer 45 days before the expiry of your existing policy and submit the duly-filled proposal form for portability along with the copies of the existing policy. Upon receiving the request, the new insurer will approach your existing insurer and know your medical and claim history and accordingly approve your porting application.

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