Every person or family looks for building a financial safety shield on their savings. Having a comprehensive health insurance policy can add a strong shield to keep your savings safe in any unforeseen medical issues. Unforeseen emergencies may be serious health issues or injuries that can burn a big hole in your savings. That’s why having health insurance is a wise decision to cover medical treatment experience.
Here’s how you can easily increase your health insurance coverage at a reduced premium rate.
Increase Your Existing Sum Insured
Though your insurance companies give you an option to increase the sum insured of your existing health plan at the time of renewal, it will increase your premium rates.
Choose Top-Up or Super Top-Up Plans
Another way to increase your health insurance coverage with a reduced premium is to choose a top-up or super top-up plan. These two health insurance products are booster to your basic health insurance and offer coverage even if you consume your base sum insured amount. Both these plans can increase your sum insured over and above your health insurance plan.
While top-up plan covers your medical expenses even after you exhaust the sum insured of your regular health insurance plan, super top-up plan offers additional coverage after the medical costs exceed the threshold limit.
Choose A Good Family Floater Plan:
If you have a family like your wife, and children, then opt for a family floater health insurance policy rather than buying individual health insurance for every member. In the latter case, the premium will be higher. A floater policy covers the entire family members under a single premium.
No-claim Bonus
If your family member is young, you will hardly find any claims so the premium will be low. In addition, you will be able to get a no-claim bonus (NCB) for every claim-free year. This bonus can be reduced premiums or an increased sum insured.
Conclusion
These are the four easy ways to increase your health insurance coverage. If you think your health insurance policy has a low sum insured, choose a top-up plan, super top-up plan, a family floater plan and stay healthy to avail the no-claim bonus benefits.