How to Increase Your Sum Insured in Health Insurance: Tips and Strategies
Medical expenses have been rising at a pace that outpaces most of our growth expectations. This has made healthcare a significant financial burden, especially for hospital expenses. Therefore, having the right health insurance policy is more critical than ever. Whether you're a first-time buyer or someone renewing their policy, here’s how to increase the sum insured on your health insurance coverage.
Understanding the Importance of Sum Insured in Health Insurance
The sum insured is the maximum amount your health insurance policy will pay out in case of a claim. It’s crucial to ensure that this amount is sufficient to cover your medical expenses, especially as healthcare costs continue to climb. Here are some ways you can increase the sum insured on your existing policy.
Utilizing Your Health Insurance Renewal
Renewing your health insurance policy is more than just paying the premiums. It's an opportunity to modify and improve your coverage. Here's what you can do to increase your sum insured:
Select a Higher Sum Insured Amount
The first step is to select a higher sum insured amount through your health insurance renewal app. This means that the insurance provider will pay out a higher amount for any medical treatment you receive. By doing this, you ensure that you have adequate coverage when medical expenses are unexpectedly high.
Add-ons for Enhanced Coverage
Apart from increasing your sum insured, you can also look for add-ons to your policy. These additional benefits can significantly increase your overall coverage, giving you peace of mind during times of illness or hospitalization. Some common add-ons include critical illness cover, hospital cash-back, and pre-hospitalization and post-hospitalization benefits.
Buying a Top-Up Plan
A top-up plan is a convenient way to boost your existing health insurance coverage. Think of it as an additional layer of protection that kicks in when your current coverage limits are reached. If your hospital bills surpass the coverage limit under your existing policy, the top-up plan will provide additional funds to cover the shortfall.
Renewal Timing
When it's time to renew your policy, insurance providers often offer the option to increase your sum insured. Take this opportunity to evaluate if you need more coverage and adjust accordingly. This can help you avoid the waiting period associated with switching to a new policy and ensure continuous coverage.
Choosing Between Top-Up and Super Top-Up Plans
A super top-up plan offers even more comprehensive coverage. It becomes active only when your hospital expenses exceed your existing policy's coverage, providing additional protection for pre-hospitalization, post-hospitalization expenses, and even pre-existing conditions and childcare treatments. This strategic coverage helps you manage the financial impact of unexpected medical emergencies more effectively.
Consider Purchasing an All-Inclusive Family Health Policy
Another option is to buy an all-inclusive family health policy. This type of policy covers a wide range of medical needs and offers greater protection. When deciding on a family policy, the coverage is usually determined by the eldest member of the family. For younger families, this can be a more cost-effective and flexible solution.
Convenience and Efficiency with Royal Sundaram
Royal Sundaram has made health insurance simpler by offering an easy online process. You can buy or renew your insurance policy instantly without any paperwork. Simply log on to the Royal Sundaram website and follow the 3 easy steps: Click, Tick, Done!
Make sure to review your needs and adjust your health insurance coverage accordingly. The investment in a robust health insurance plan is a wise one, especially during these times when medical expenses are increasing at an alarming rate.