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Factors to Look at When Upgrading Your Health Insurance Cover

Health insurance is a necessity in today’s day and age. What one was an added support to address medical needs, is now a must-have in 2021, especially since the pandemic began. It has reinforced the importance of having a health insurance plan to safeguard the health of you and your families.

When you purchase a health insurance plan, you need to keep in mind not just the present costs of treatment, but also approximate the same in the future. It is not as easy as it seems and hence most people fail to avail an adequate health insurance policy accounting for future treatment costs. Thus, such individuals need to upgrade their insurance covers from time to time. While inadequate coverage is one of the reasons to upgrade, reasons like a spike in medical inflation, changing needs, poor customer service, requirement of additional insurance coverage, better offers, adding family members are few other reasons that may require a upgradation of your plan.

To seamlessly upgrade of your insurance plan, this article mentions some factors that you must consider beforehand. Continue reading to know more about it.

  • Premium vis-à-vis its coverage

The first factor to consider when enhancing the insurance coverage are the benefits offered by way of coverage as compared to its cost, i.e. premium. The more the coverage, the better it is, but also the cost you end up paying for it needs to be compared. This will help you assess whether your new policy is expensive or affordable. You can weigh the features available in comparison to its price.

  • Claim settlement ratio and the insurer’s repute

Claim settlement ratio is that number which denotes how many claims are honoured when compared to the total applications received. It also helps you estimate the probability with which your insurance company will compensate for the treatment costs availed. Insurance companies publish such data each year so you can get an idea of the settlement ratio.

In addition to that, check for the insurance company’s reputation. Customer testimonials and feedbacks are a smart way to know the real picture. So, look for such reviews amongst your friends and families before you finally switch to one provider.

  • Network hospitals

Health insurance companies offer a cashless treatment facility, but only at a network hospital. For that, you need to seek treatment in one of the affiliated medical facilities. Thus, checking for network hospital coverage before zeroing down comes handy. Make sure you compare health insurance plans and pick one that provides a wider network coverage.

  • Waiting period and renewability

The waiting period is the duration for which your insurer does not provide a reimbursement. So, any claim made during this period will not be paid. Thus, look for a policy with lower waiting period that ensures quicker insurance coverage. In addition to it, buy a policy with lifetime renewability option. So even with increasing age, you can avail an individual or family health insurance cover. * Standard T&C Apply

With these factors in mind, opting for a policy when upgrading can be hassle-free. So, make sure to compare and check all its features before you finalise on any. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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