Stuck with a Bad Health Insurance Plan? Know How to Deal with It!

Health insurance is considered to be a boon. After all, it keeps one away from the stress and distress that comes with dealing with medical emergency situations.

A major help in trying times, health insurance benefits an individual in not just one, but many ways. Right from ensuring financial security to offering tax benefits, health insurance plans help an individual in numerous ways.

All in all, it can be said that health insurance plans are the ultimate savior one can depend on when encountering an emergency medical situation.

But, what if the health insurance plan you chose turned out to be a major inconvenience? What if the ray of hope ended up being a massive disappointment?

In case, the health insurance plan you once opted for has failed to fulfill your medical and financial needs, first and foremost, know that you are not the only one with this issue. There are unnumbered people who don’t feel satisfied with their health insurance plan in the later run. In addition to the same, take into account that the best way to deal with bad health insurance plans is either by making desired changes and/or adjustments in the health insurance policy or changing the insurer.

Are you feeling confused about the best step to take? Here’s a list of options you can opt for to make the most of your health insurance plan.

• Enhancing the Sum Assured

Increasing the sum assured is one of the common solutions that people go for. In case, you have been feeling dissatisfied with your current health insurance plan and benefits that it has to offer, go ahead with enhancing the sum assured of your policy at the time of renewal by paying an additional premium to maximise your benefits.

• Top-Up Plans

Do you feel the assured sum of your current health insurance policy is insufficient? Opt for a top-up or a super top-up on your existing policy. A top-up plan is a regular health insurance plan that provides coverage for hospitalisation costs, but only after a certain limit, referred to as deductible, is crossed. Those new to the concept of deductible, learn that it is the portion of the claim amount that isn’t covered by the insurance company. In fact, it is paid by the policyholder before the benefits of the top-up policy can be enjoyed. Also, take into account that the ‘deductible’ feature of top-up plans make it pocket-friendly as it minimises the liability of the insurance company. That said, if you want to enhance your health insurance cover, take a base policy and top-up over and above it.

As far as super top-up plan is considered, know that they are similar to top-up plans, except for the fact that they cover the total of all hospitalisation bills above the threshold limit. Having said that, in case, there are chances of getting hospitalised more than once a year from chronic diseases, it would be best for you to opt for super top-up plan.

• Portability

Those unhappy with their current health insurers can look forward to changing their health insurance provider. By switching to a different health insurer and opting for a different plan, they can end being disappointed.

If you too are planning to change your health insurer, know that it would be best to communicate your decision to the current health insurance company, minimum 45 days prior renewal date of your existing policy. Also, this time, choose a health insurance plan that promises a higher sum, is completely transparent, and has better benefits and no loopholes.

Want to know what’s best about health insurance portability? The waiting period for the pre-existing medical conditions can be carried forward from the old insurer to the new one, based on whether or not you take a break during the policy renewal.

• Purchase of a New Policy

There are times when one feels dissatisfied with their current policy, even if they have renewed it or brought about major changes. If that happens, it is best to opt for a new policy rather than introducing new changes every now and then to meet the desired requirements. So, if your current health insurance policy isn’t meeting your needs of on-time and proper financial support, apart from being convenient, go for a new policy altogether without giving it a second thought.

Having said that, the next time you buy health insurance in India, make it a point to plan the purchase carefully, only after considering your precise requirements in the first place.

For more tips, read along.

Tips for the Ideal Purchase of Health Insurance

• ​Perform a comparison of features and prices before making a purchase
• Go for a family floater policy, if you have a family so that you can get a better coverage for each member, without paying a significant amount
• Compare policy terms and read the documents very carefully
• Find the empanelled hospitals and have an understanding of their specialisation so that when in a specific need, you can go to the specific hospital rather than wasting your time in researching
• Make sure you fill all the correct details in the proposal form
• ​That’s not all! The next time you or anyone you know thinks of investing in health insurance, keep in mind or introduce them to a few elements to avoid going in to make the most ideal health insurance purchase

The list of drawbacks you need to be aware of comprises:

• Inadequate cover
• A plan that doesn’t cover pre-existing medical conditions
• Unreasonably lengthy waiting period
• Stringent limits on hospital room expenses, surgery expenses, and others
• Hospitalisation cover with expense coverage for only a limited number of days
• Hassle-free claim settlement

​To conclude, now that you know how to reap the most benefits out of bad health insurance plans by transforming them as per your insurance and budget requirements, don’t waste any more time.

Opt for one of the best solutions that suits your needs the most. In case, you go ahead with buying a new health insurance policy, make sure you read all the policy documents carefully and keep all the tips in mind to end up with the perfect policy. 

Also Read

How Family Floater Health Insurance Plans Can Deliver More for Less?

Insure Your Loved Ones with the Best Family Floater Plans in India