Nifty Tricks to Extend Your Health Insurance Coverage

Most employers offer their employees with a health insurance policy that they can use in times of need. However, this type of health plan is a standard one and not customized as per the needs of each individual. People tend to make a common mistake of depending completely on the policy offered by the employer. In this case, you can go for an individual health insurance that suits your requirements.

Well, in reality many people skip the idea of buying a health insurance policy because of the high premiums to be paid. If you want to increase your coverage, first understand your requirements and what all is covered in your policy. You also get the option of several add-ons to choose from. These additional covers come with a price and hence you must be careful while selecting them. Don’t lose hope, it is still possible to enjoy a sufficient health cover with different types of health insurance plans available, that won’t put a hole in your pocket.


  • Floater Plans


A great way to receive coverage for your entire family under a single policy is by purchasing a family floater plan. The policy covers the entire family considering it as one unit. If any member of the family gets hospitalized and needs to make a claim, the cover will reduce by that much amount from the plan for the rest of the policy year. One benefit of purchasing a family floater policy is that it is cost effective. The reason being, this plan covers the entire family under the limit of one sum insured. If you’re already insured, cover your child and spouse in that same plan.

You also have floater plans that have restoration benefit. Under this, the original sum is restored by the insurer once it has exhausted. This means, even if you’ve consumed the total sum insured, your entire amount will be restored by the insurer. These policies prove to be economical.

Also, you must know that under a policy like this, the premium amount is determined considering the age of the oldest member. In this case, if your family has greater age gaps, you might benefit the most out of this plan. You also receive tax benefits under Section 80D of Income Tax Act if you for family floater plan.

  1. Top-Up and Super Top-Up Plans

You can get extra cover by opting for top up plans as well. This type of health plan not only increases the cover, but also keeps the costs in check. Under a top up health insurance plan you receive coverage for hospitalization once your base plan has exhausted. This allows you to use your base health insurance plan up to the sum insuredlimit after which any additional payment required is covered by a top-up plan. 

Coming to the super top-up plans; these are quite similar to the top-up plans, but allow you to make multiple claims post exhaustion of your base plan’s sum insured. Whereas, top-up plans allows only one claim. Again, if you buy super top-ups you will be saving tax, as per the Section 80D Income Tax Act.

You have various types of health insurance plans available out there. Therefore, don’t purchase without having complete knowledge about the policy. Lastly, compare the features, premium amount, etc. before finalizing any health plan.