Did you know, health insurance premium costs ₹1,500 – ₹5,000 (approximately) per month to maintain? When you spend such an amount every month, you must get other benefits as well.
Let us discuss the different ways you can maximise your benefits when you buy a medical insurance plan.
5 Ways to Maximise Your Medical Insurance Plan Benefits
Everyone talks about how individual or family health insurance plans will help them financially. But have you wondered what benefits they give, apart from the financial peace of mind?
Let us explore below:
- Buy Young and Healthy
You can enjoy the maximum benefits of health insurance plans when you buy them early in life. You may ask why? The reason is that when you are young, your risk of developing any specific disease is low.
That’s why your premium amount will be much less, helping you stay insured for a long time. Therefore, when it truly matters, you will get adequate coverage with lower premiums.
- Use Add-ons
Medical insurance plans are highly customisable. Top insurers in the country let you use add-ons to your plan, which provide additional coverage. For example, you can get loss of income cover for approximately ₹1,440 for a ₹10 lakh cover.
These add-ons help you be prepared for anything that your base plan doesn’t cover. In fact, many insurers also let you add international cover so that you get continuous support outside India as well.
- Claim Tax Benefits
One of the most lucrative benefits of buying health insurance is the tax benefits it offers. You can get up to ₹25,000 in tax benefits for the premiums you pay towards your health insurance. Moreover, if you are a senior citizen, the limit goes up to ₹50,000.
So, you get two incredible benefits with one payment that is, extensive coverage for your family and parents, and tax deductions up to a pre-defined limit.
- Utilise Network Hospitals
Buying medical insurance is not only about getting extensive coverage; it also means that you will get quality medical care. That is why utilising network hospitals is a great way to maximise your benefits.
Moreover, when you choose a network hospital, you are eligible for cashless treatment, further reducing your out-of-pocket expenses. That way, you can focus on recovery rather than stressing about money.
- Lead a Healthy Life
Lastly, leading a healthy lifestyle is what makes health insurance worth it. Leading a proper lifestyle means insurance companies view you as low risk, which in turn results in lower premiums.
Moreover, top health insurers in India offer wellness discounts for maintaining a healthy lifestyle. For example, many insurers offer a discount if you complete 10,000 steps a day!
Types of Health Insurance Plans in India
Now that you know the ways to maximise your health insurance plans, let’s dive into the types of health insurance policies available in India:
- Individual Health Insurance Policy
As the name suggests, an individual health insurance policy covers one person. That means it will cover your hospitalisation expenses and other bills. These are highly customisable, and you can retain complete control over your plan.
- Family Health Insurance Policies
Family health insurance plans cover your whole family under one plan. It reduces the need to purchase individual policies for every member. Many insurers allow you to add your parents and in-laws to the plan as well.
- Senior Citizen Medical Insurance Policy
It is a special category of health insurance designed for senior citizens (people aged 60 or older). These plans cover major illnesses and planned hospitalisations to meet their medical needs. However, they are often more expensive.
- Critical Illness Health Insurance Plan
It is a type of fixed-benefit health insurance that pays a fixed amount when the insured is diagnosed with a critical illness. For example, if Mr Khan is diagnosed with cancer and he has a critical illness health insurance, he will receive a lump sum amount for his treatment.
- Maternity Medical Insurance Policy
Lastly, maternity health insurance helps pregnant women and their families cover the costs of their baby’s delivery. This is available as a top-up or separate health insurance policy. They are specially designed to cover prenatal and post-natal expenses during pregnancy.
Final Thoughts
Medical insurance plans are truly one of the smartest ways to secure your future. By investing small amounts every month, you get a wide coverage. Not only that, you also receive exciting benefits and discounts which help you maintain your health and seek support when necessary.
