Things To Consider While Buying a Second Health insurance Plan

Our healthcare sector is getting modernized with advanced equipment, which is giving rise to medical expenses in our country. Even if, you have bought health insurance, you still might have to change it or regularly update it as healthcare cost is growing steadily every day.

There are various reasons that your existing health plan may not be enough soon. Change is the part of life, changes like you might get a new job, there can be some changes in your health, the arrival of a new family member, and much more.

To cop up with these changes and to provide adequate health plan coverage to all the loved ones, you might need to buy a second health plan. However, before you do that there are certain things that you should consider:

Policy Coverage

One of the main reasons you buy another health insurance online is the policy coverage. Your existing plan might not be able to fulfill your and your family’s needs financially. So, when you plan to buy a new health plan, make sure you go through the policy terms, there limitations and exclusions, and much more. As you don’t want any hindrance during the hospitalization.

Top-up Plans

You can also opt for top-up plans to enhance your medical coverage. You can buy this plan on your existing health insurance policy and get the coverage beyond the sum insured limit of your existing health plan.

You can buy a top-up plan from your current policy provider or new insurer, depends on you. So, before you opt for a second health plan, get a top-up plan from a reputable insurer.

Critical Illness Riders

A critical illness rider is an add-on that you can avail of at your existing health plan. This add-on helps policyholders financially in case they are diagnosed with a critical illness that is mentioned in a policy term. In case of a diagnosis of critical illness, this add-on provides the lump sum amount to the policyholder for the treatment.

Critical illness can put a major strain on your pocket, however, if you opt for critical illness add-on, you can save yourself and your loved ones from the financial burden.

So, if you are planning to buy a new health plan just to get coverage for the critical illness, it is advisable to opt for this add-on instead. You will get coverage for critical illness at an affordable premium rate.

Look For Portability Feature

There is a feature called portability that allows you to change your insurer without losing the benefits you have accumulated over the policy tenure. If you are not satisfied with your current insurer, you can change your insurance company.

By doing this, you will get better insurance coverage without losing on the benefits, you have accumulated on your previous health plan. So, portability is an ideal option to enhance your coverage.

Lifelong Renewability

If your current plan only allows renewability of a policy to a certain age only, then you must buy health insurance that comes with a lifetime renewability feature. Having this feature in your health plan gives your long-term benefits.

Consider the above-mentioned things before you buy a second health plan.

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