How to Make Best Use of Medical Insurance Policy
The cost of healthcare has significantly increased over the years and the health insurance industry has gone through drastic changes. More people are now aware of the importance of a medical insurance policy and they are making a wise decision to insure their health.
Apart from providing health cover, a medical insurance plan takes care of the expenses incurred in case of a medical illness or injury. A medical insurance policy ensures that you receive the best healthcare services in the country.
You can follow various steps to make the most of your health insurance policy. Listed below are a few points that you should consider to make the most of your health insurance plan.
- Do not delay buying a policy
The first thing you need to remember is never delaying the purchase. Buying a quality health insurance policy now is better than buying a policy after ten years. Set your requirements and buy health insurance at the earliest.
- Choose the right policy
If you have a family, and are buying the policy in your 30s, you need to consider a family floater plan. Hence, instead of investing in a policy for every family member, choose the best family floater plan, which includes all the members. If you are buying a policy in your 20s, and are single with no dependents, you can opt for an individual plan.
- Inform your family about it
There have been instances when the family was unaware of the plan that the insured had purchased. In order to make the most of your policy, you need to inform your family about the same and keep a copy of the policy in a place that is easily accessible.
- Remember to renew on time
Many policyholders tend to pay the premium at the last moment. You need to avoid this approach and mark the due date for renewal. Pay the premium amount on time and ensure you arrange for the funds before the due date.
- Avail of tax benefits
A health insurance policy comes with a tax benefit. When you make the premium payment, you can avail of a deduction under Section 80D. Claim the tax deduction at the right time.
- Inform the insurance provider about changes in the health history
You need to be honest and upfront when it comes to the insurance provider. Health insurance policies are renewable every year.You need to disclose everything that is related to your health or any pre-existing illness at the time of renewal so that there are no complications at a later stage.
- Increase the sum insured
In order to beat the current level of inflation, you need an adequate sum insured. Evaluate the cover on a regular basis and specifically at the time of policy renewal. If there is an option to increase the cover, go for it. You can also opt for a top-up policy to increase the limit of your sum assured.
Health insurance has its own features and benefits.You need to look at different health insurance companies and buy the right policy with adequate planning.