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One of the most common mistakes that people make when it comes to health insurance is depending on that one policy offered by the employer. It’s important to understand that medical costs are skyrocketing and porting from a corporate health plan to a personal cover is quite cumbersome. But with a higher cover, comes higher premiums and not everyone may be able to afford it. “The smart way to go about increasing your cover is by understanding your needs and what your policy covers. Avoid any add-ons that you may not need," said Amit Chhabra, head- health insurance, Policybazaar.com. So here are some ways by which you can boost your health cover without paying a bomb.
FLOATER PLANS
A family floater policy provides health insurance to the entire family unit in a single policy. In some cases, this policy can also include family members beyond the nuclear family of parents and young children, like grandparents. Such a policy comes with a list of benefits and exclusions, but considers the entire family as one unit. So if one member of the family makes a claim in a policy year, the cover reduces by that much on the entire unit or family for the remaining policy year. The biggest advantage of buying a floater policy is that is cost effective. The fact that such a policy covers the entire family under one sum insured limit is why it is cost effective. “If you already have a health insurance cover, then try covering your spouse and child in the same plan. A floater plan will be cheaper compared to buying individual policies," said Chhabra.
In such a policy, the premium is determined by the age of the oldest member, so if you are a young family with lesser age gaps, you’d benefit the most. Family floater plans are eligible for tax benefit under Section 80D of the Income Tax Act. Also, you can double the benefit if you pay for your parents’ policy as well.
TOP UP AND SUPER TOP UP PLANS
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