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Should You Buy More Than One Medical Insurance Plans?

Medical Insurance Plans
Family Medical Insurance Plans (Representative Image)

Good health has become a priority today in everyone’s lives. Keeping this in mind, you might have already opted for medical insurance. But an extra layer of protection cannot harm as well. You might have thought that one health plan is not enough. With changing times and a growing family, you might want to have additional assistance.

However, if you are confused between upgrading your existing plan and opting for new medical insurance, then you should consider these pointers that help you in making the decision:

Sum Insured

The expense of medical treatment is increasing with time. It is ideal to opt for a new plan if you are anticipating changes in your medical requirements. Subsequently, you can increase the sum insured amount to meet your health concerns.

The premium of your medical insurance policy depends on your age. With growing age, you become vulnerable to health risks, and there is an increase in premium to cover you adequately. Like, if you have two family floater plans of Rs 4 lakh, then considering today’s medical costs, it might not be sufficient. It will help if you have two medical insurance plans, one with a cover of Rs 10 lakh and a critical illness cover of Rs 10-15 lakh.

Renewal for Lifetime

In case your current medical insurance policy comes with a cut-off age for renewal,then you can choose a plan with lifetime renewability. It is beneficial to opt for it early on. It will be challenging to purchase a new plan as health deteriorates with age.

Many insurance companies provide a grace period. During this time, you can easily renew your policy if you miss the due date.

Plan Coverage

It will be beneficial to assess your and your family’s health needs that might affect your medical insurance premium compared to the premium paid for the previous year. You should consider factors like the birth of a new baby, job changes, and others. If your current medical insurance plan has a co-payment clause, sub-limits, and room rent capping, then you can opt for a plan with different benefits. Make sure to choose a plan that comes with minimal limitations to let you enjoy maximum benefits.

A Happy Family (Representative Image, photo credits: Anna Tarazevich)

Like in the event where your family might grow in two years, you can opt for a medical insurance plan with maternity cover. It generally includes 2-3 years of the waiting period. Some insurers also provide the option of reducing the waiting period with an increase in the premium.

Switch Your Insurance Provider

In case you are facing a gap between what is assured and what is given, you can upgrade the plan and buy a medical insurance policy from another insurer. Before opting for a new one, you should look for a higher sum insured and additional benefits like critical illness cover.

Also Read: 5 Reasons Why Getting A Family Health Insurance Is Necessary

According to the Insurance Regulatory and Development Authority, the insured will not lose the current policy’s benefits while porting out. Otherwise, you can upgrade your medical insurance plan with your existing insuranceprovider.

Secure Yourself Adequately with a Medical Insurance Plan

After considering these factors, you can decide upon having more than one medical insurance plan. You can opt for reliable insurance providers like Tata AIG. Start by exploring their website and then reading each medical insurance plan in detail. Knowing the terms and conditions of all will help you decide which plan is best suited for you. You may choose from a family floater plan or an individual health plan. Their team of professionals will help you understand the buying process. Keep in mind that choosing a suitable medical insurance plan will be there for you as a friend in case you face any medical crisis.

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