When to Buy Second Health Insurance?

HEALTH INSURANCE



Considering the steady rise in healthcare costs, it becomes necessary to regularly reassess one’s insurance needs as well. Your existing health cover may become inadequate in the near future and this can happen due to various reasons. Having more than one health insurance policy is a good idea. 

Let us know the story of Neha. 

Neha is a working professional in Delhi. She had opted for an individual health cover a year ago. Three months later her parents decided to shift to Delhi to live with their daughter. Her father had recently taken retirement. That is when Neha realised that her parents would need a senior citizen health insurance plan which will give them protection in their old age. 

Neha made a good assessment of her requirements and took the right decision.  

If you are wondering how to go about choosing your second health insurance, here’s a guide: 

Evaluate your requirements

Healthcare requirements vary from individual to individual. Thus, there are a whole range of health plans available with benefits and coverage that suit specific needs of a family or an individual. 

For instance, dealing with an illness like cancer may require an insurance cover with higher coverage as treatment is expensive. So, in such cases, a cancer mediclaim is the best solution.

Hence you must understand the various factors that go into selection of a second health policy. 

Present Health Needs

Healthcare requirements change as a person ages. In case you are suffering from or have recently been diagnosed with a medical condition such as diabetes and hypertension, you must consider going for a customised health insurance policy. This way you will be protected with a coverage amount that matches your treatment expenses. 

Not just yours, the health needs of your family members should also be kept in mind. Like Neha, you too can go for a senior citizen health cover for your elderly parents. 

Your Family Members

If the size of your family grows, you can consider upgrading your health cover with a higher sum insured. It is advisable to move from individual cover to a family health insurance if you planning to get married. Family health policies give you the option to add new family members in the policy including dependant parents. 

Furthermore, as a policyholder you are eligible to port your policy at the time of renewal and get members of your extended family also covered. 

Porting Your Policy

Portability is an advantage that policyholders have. You can switch from your existing insurer to another when renewing your policy. Also, you can change from your individual policy to a family floater plan. You do not need to worry about losing benefits like ‘waiting period for pre-existing diseases’ and no claim bonus. 

A new health policy may be required if your existing insurer increases the premium cost or you are unable to locate a network hospital in your city. 

Lifelong Renewability

Having an insurance cover with lifelong renewability has its own advantages. In case your health cover does not have this feature, opting for the best health insurance with a lifelong renewability feature is a good move. This way you can rest assured of getting continued coverage through timely renewal.

Expensive Healthcare Costs

Healthcare costs are costly especially in private hospitals. So, if you feel your existing health cover may not be enough to meet those costs, it is better to go for an upgrade. Super-top plans aptly fulfil this need.  

Buying a super-top plan is much affordable than going for another regular health insurance plan. Such plans offer coverage for the cumulative hospitalisation expenses in a policy year unlike top-up plans that consider only a single claim. Moreover, they are available as individual covers as well as family floater policies. 

To Summarise

Choosing a new health policy should be a priority if you consider the above-mentioned factors. Whether it is an increased coverage or buying a cover for a specified medical condition, a new health cover will bring with it a host of benefits that will give you the financial cushion when you really need the most.  

Secure your family by opting for ‘Care’ by Care Health Insurance (Formerly Religare Health Insurance). The insurer offers health plans with wide-ranging benefits to meet different medical needs.