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How updated is your Medical Insurance?

How updated is your Medical Insurance?
March 12, 2021 camsrep

The general awareness of the importance of having health insurance has increased today, thanks to Covid. The pandemic does not spare anyone unless strong with immunity and the effect is worse for people who have other ailments. Corona or not, it is crucial to have proper health insurance in place to withstand the severe impact both financially and emotionally.

If you have already invested in good health insurance, you can pat yourself for having done a good job. However, with the rising medical costs and expensive treatments available, are you sure if your current medical coverage is adequate? Assuming your original sum insured has increased as you did not face any medical emergencies so far, are you covered enough to handle the setback a medical emergency can put you in?

As medical care is becoming less invasive, the cost of treatment has increased due to new technologies. Also, as you grow older enhancing the coverage is a great idea to protect your savings. There are many ways by which you can amplify your coverage amount without paying a higher premium amount. Here are a few options if your current coverage might not be sufficient enough to cover the rising medical costs.

The Alternatives

  1. Purchase a health insurance plan earlier in life. With age, there are higher chances of getting health complications like diabetes, blood pressure, etc. Therefore, it is advisable to buy health insurance early to prevent an increase in the premium amount.
  2. Besides individual insurance plans, purchase a family health insurance policy. A family floater is very useful as you pay only a single premium amount. If any family member needs to undergo an expensive treatment, that particular individual can enjoy all the benefits from the premium paid.
  3. If you are looking for additional benefits like overseas and maternity benefits it is advisable to increase the cover of an already existing policy. Increasing an existing cover means, you increase the sum insured of your insurance policy.
  4. Top-up plans are one of the best options to opt for if you are just looking for an additional sum insured. They have comparatively lower premiums and are the most cost-effective option. However, keep in mind that top-up plans cover you, only after the deductible has been crossed. For instance, if you have a base plan of 5 lakhs and you opt for a top-up plan with 5 lakhs as deductible and sum-insured of 15 lakhs, this plan will be available only when a single claim is more than 5 lakhs.
  5. The good news is that Tamilnadu government has increased the health insurance coverage for all government employees from 4 to 5 lakhs. The government increases Coverage for selective treatments from ₹7.5 lakhs to ₹10 lakhs. A special provision will be made for coverage of rare and exceptional circumstances with total benefit of 20 lakhs.

Once you secure and constantly update yourself with the right medical insurance, the next important step is to e-Insure it. It is a safe digital vault to secure your insurance policies digitally. By linking all your policies to your e-Insurance account, you can access them at your convenience.

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Creating an e-Insurance account takes just a few minutes but comes with life long benefits.

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