What Happens If I Don’t Use My Health Insurance?

Health insurance covers medical treatment costs and prevents your savings from getting exhausted towards the same. However, a stringent fitness routine can help you avoid medical emergencies and keep your health insurance unused. So, does that lead to the expiry of your health insurance over time or bring some pleasant surprises for you? The answer is – you will get a bonus that raises your coverage amount automatically without any extra premium payment on renewal. Having such a bonus is important in the context of annual medical expenses that have risen 7-10% for the last 3-4 years. The increase in the coverage amount will only help you manage treatment expenses efficiently. Let’s read this post further to know everything about this bonus concept.

So How Does That Health Insurance Bonus Help Meet Your Medical Expenses Better?

When you don’t claim in a financial year, the health insurance company will reward you with a no claim bonus (NCB), thereby raising the coverage amount or sum insured. When choosing a health insurance plan, you get a sum insured based on your age, the premium amount, the number of members you want to cover, etc. So when you don’t claim in a financial year, the sum insured will rise by 5-20% to up to 100%. But how does the game of percentage work? An example below will help us understand the same.

For example, you buy a health insurance plan with a sum insured of INR 6 lakh. You don’t claim for three successive years and get a 10% bonus for every year. So, after the first year, your sum insured will rise to INR 6,60,000 (6,00,000+10% of 6,00,000). But after the second year, the sum insured will not rise based on INR 6,60,000, but on the base sum insured i.e. INR 6,00,000. And the same pattern will follow afterward in case of no claim. That way, your sum insured will rise to INR 7,80,000 owing to the 10% bonus for three years. The increased sum insured will help you deal with the rising healthcare expenditure. And if you buy a health insurance plan early in your life, the scope for such a bonus remains much higher as you are most likely to stay fit at that time.

So Which Health Insurance Plan Has the Most Impressive NCB Offer?

Do compare the NCB offers of top insurers to pick the best one and get increased protection against medical expenses. Here’s a list of such offers.

What Else Can You Get on Not Claiming Your Health Insurance?

Health insurance companies also offer wellness rewards to people having good health by giving them a discount on their premiums. However, you need to maintain certain health parameters to get such rewards – Body Mass Index (BMI) of 18.5-24.5, normal heartbeat & blood pressure, etc. Various application tools are available to check the health status. Let’s check out the wellness rewards of top health insurance plans.