How to Maximise your Family’s Health Insurance Benefits

The current healthcare scenario is such that the expenses of medical facilities are skyrocketing while the number of ailments is increasing. As a result, you must obtain comprehensive health insurance plans for family to safeguard their health. But, you may discover that the coverage provided by your health plan is insufficient to cover all areas of healthcare that you are considering. In this instance, you may want to consider expanding your plan’s coverage. Yet, does your healthcare insurance enable you to maximise your coverage? And how to get more out of health care coverage. Read on to know more!

How to Maximise the Benefits of Health Insurance Plans for Family?

Healthcare insurance is an essential aspect of financial planning, particularly in India, where the cost of healthcare can be quite high. The best medical policy for family ensures that your family is protected from unexpected medical expenses, which can cause financial distress. However, simply purchasing healthcare insurance is not enough. You need to know how to maximise your family’s healthcare insurance benefits. The same is discussed below:

Understand your Policy

The first step to maximising your health insurance policy benefits is to understand your policy. Read the policy document carefully and understand the terms and conditions, coverage, exclusions, deductibles, co-payments, and other details. Knowing what is covered and what is not covered under your policy will help you avoid any surprises at the time of claim settlement.

Choose the Right Plan

Choosing the right health insurance plans for family is crucial. Consider your family’s medical history, current health condition, and future healthcare needs while selecting a plan. Look for a plan that covers a wide range of medical expenses, including hospitalisation, pre and post-hospitalisation expenses, daycare procedures, and critical illness coverage.

Avail Cashless Facility

The best cashless mediclaim policy for family in India offer cashless facilities where you can avail of medical treatment without paying cash upfront. It is a convenient way of getting treatment without worrying about the costs. Check with your insurer about the list of network hospitals where you can avail of the cashless facility.

Don’t Delay Claims

Many people delay claims, assuming that they can save on premiums. However, delaying claims can result in a reduction in the amount payable by the insurer. It is advisable to file your claims as soon as possible to avoid any complications or reductions in the amount payable.

Keep All Documents Ready

To make the claims process smoother, keep all the necessary documents ready, such as doctor’s prescriptions, bills, discharge summaries, and other relevant documents. It is essential to maintain a proper record of all medical expenses to ensure that you do not miss out on any reimbursements.

Know the Claim Settlement Process

Understanding the claim settlement process is crucial. Know the procedure for filing claims, the time taken for claim settlement, and the documents required for the same. Knowing the claim settlement process will help you avoid any delays in claim settlement.

Renew Your Policy on Time

Renewing your policy on time is crucial. Most health policies come with a grace period of 30 days after the due date. If you fail to renew your policy within the grace period, you may lose the benefits of the policy. It is advisable to renew your policy on time to ensure that you and your family are always covered.

Take Advantage of Tax Benefits

Under Section 80D of the Income Tax Act, you can claim tax benefits on the premium paid for medical insurance. Tax benefits are available for individuals as well as senior citizens. Make sure to take advantage of these tax benefits while filing your income tax returns.

Stay Healthy

Staying healthy and adopting a healthy lifestyle is the best way to reduce healthcare expenses. Encourage your family to eat healthy, exercise regularly, and get regular health check-ups to avoid any medical emergencies.

Seek Expert Advice

If you are unsure about anything related to your health policy, seek expert advice. Talk to your insurance agent, financial advisor, or healthcare provider for guidance on how to maximise your medical insurance benefits.

Even if you currently have health insurance plans for family, you may feel that it does not cover all probable medical emergencies. Hence, if you want to increase your medical insurance coverage to acquire additional protection against unforeseen medical situations, you may use these strategies to do so without having to pay a larger price. In case you have any concerns, contact Niva Bupa today. 

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