How to make the most out of your health insurance: 6 ways
Health insurance is no longer a push product. Most people now realise its importance as the Covid-19 pandemic has showcased how expensive the sudden hospitalisation could be. If you have plans to buy a health policy or have already bought one, there are a few things to keep in mind that will help you get the most out of your health insurance:
Opt for a super top-up plan
Buying a super top-up over your base policy is a cheaper way to enhance your policy coverage. For example, if you want a policy cover of Rs 20 lakh, you may go for a base policy of Rs 5 lakh coverage combining it with a super top-up plan of Rs 15 lakh. This will keep your premium affordable. Buying a base policy of entire Rs 20 lakh coverage will be much more expensive
Avail of tax benefits
The premium that you pay for your health insurance policy gets the tax deduction under section 80-D of Income Tax, 1961. The maximum tax deduction is limited to Rs 25,000 for an individual or a family floater policy. One may claim an additional tax deduction of Rs 25,000 for insurance paid for parents aged less than 60 years and Rs 50,000 if parents are above 60 years of age.
Get health check-ups
Most health insurance policies offer you free annual health check-ups with some terms and conditions. You must avail of it.
Health insurance policies offer you cashless claims only if you get hospitalised in their network of hospitals. Make sure that the hospitals near you are part of the insurer’s network before you buy the policy.
Buying the insurance policy at a young age keeps your policy premium lower even when you get old instead of buying a fresh policy at an older age. You may not be eligible for health insurance as you get old if you contract a severe disease. The sooner you buy a health plan, the better it will be in all regards.
Avail of discounts
If you buy the insurance policy online, you get a discount of 5% on the premium. If you maintain certain steps in a year or follow other healthy habits, you may again get a discount of 10-30% depending on the insurer on your renewal premium.
Read What to do if the insurance company rejects your claim ?
For experts help in getting your money back from insurer company, you can visit our website InsuranceSamadhan.com