Are you just getting started with your career or considering making a career switch? If you answered yes to either of these questions, you may be earning a limited salary. Despite this, you can adjust your monthly budget to accommodate the premiums for a medical insurance policy and maximise your health insurance benefits. Let's find out how.
Health insurance is a type of insurance policy that covers various medical expenses like the costs of specific healthcare treatments, general hospitalization, doctor’s consultation fees, certain surgeries and other medical procedures. In case you or anybody else covered by your health insurance policy requires medical treatment for an illness, you can raise a claim against the policy with your insurer to cover the costs incurred.
If the policy covers the costs for which you have raised a claim, your insurance provider will settle the claim in one of two ways:
Now, let's look at what the benefits of health insurance are. They can typically include the following:
With a well-planned budget and some useful strategies, you can purchase a medical insurance plan and maximise your health insurance benefits. Here’s how:
Many salaried people in the country may not be aware of what the restoration benefit is in health insurance. If your insurance plan has this feature, it means that the sum insured under your policy will be restored to its maximum limit immediately after a portion of it is utilized for a claim.
For example, say your health insurance plan offers a sum insured of Rs. 3 lakhs, and you raise a claim against the plan for Rs. 2 lakhs. After a few months, you find that you require heart surgery, which costs you Rs. 3 lakhs. You can again raise a claim for the entire amount as it would have been restored to the original sum insured of Rs. 3 lakhs.
Network hospitals are medical institutions that have collaborated with your insurance provider to offer various benefits to policyholders. These benefits include:
With these added advantages, you can further reduce the amount you spend on medical care. This allows you to maximise your health insurance benefits even on a limited salary.
Preventive care coverage is one of the most overlooked benefits of health insurance benefits in India. However, most health insurance policies cover the costs of preventive care like diagnostics, master checkups, scans and more. You can take advantage of these benefits to detect potential health problems early, so they are easier and less expensive to treat.
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There are many health insurance benefits you can get with a top-up plan, such as enhanced medical insurance coverage and adequate protection from medical inflation.
Yes, some health insurance policies allow you to reduce the sum assured if your financial requirements have changed.
Yes, some health insurance plans give you the option to increase your health insurance coverage if your financial requirements increase over time.
The minimum salary required to enjoy the benefits of a mediclaim insurance policy may vary from one employer to another.
Yes, some health insurance policies in India allow policyholders to upgrade their medical insurance coverage as needed.
