Health insurance

4 Things to Check Before Taking a Second Health Insurance Plan


Not happy with your current health insurance plan?

Looking to buy a second one that will cover your parents?

You can do that. But before you do, make it a point to analyze your financial situation and your coverage requirements.

Your earnings, your lifestyle, the number of members in your family, your existing coverage, your current illnesses – everything matters when it comes to choosing a second health insurance plan.

You can check out various health insurance policies by contacting providers through health insurance leads.

If you are worried about managing multiple health insurance policies, it is not that tough. In fact, if you purchase the best one, you can opt for some of the best treatments in the best of the hospitals, without paying anything from your pocket.

A few benefits of taking a second health insurance plan might include cashless hospitalization, ambulance charges, and room rent expenses. However, these are not the only things you need to look at while buying such a plan. There are a few more things you will have to consider and these include:

Sum Assured

With health care costs increase over time, this is the first thing you need to look for while buying a second health insurance plan. You can increase this based on your health concerns

Your medical condition and your claim history are things your provider would consider when calculating the premium that you will have to pay towards your health insurance plan. The older you are, the higher the premium that you will have to pay. Nevertheless, the higher the premium you pay, the greater will be your sum assured.  Make sure you also look for critical illness cover.

Policy coverage

Your health needs are what you need to focus on while checking out the policy coverage of your second health insurance plan. For instance, if you are planning for a baby in the next one or two years, you might want to look for a plan that comes with maternity cover. There is usually a waiting period of about 2 to 3 years. However, you can reduce this waiting period if you are ready to pay a higher premium.

You may want to look at a few other things such as room rent capping, co-payment clause, and sub-limits. Select one that gives you maximum benefits with minimum limitations.

Look for Top-up Plans

If you already have a health insurance plan, you might want to look at a few top-up plans that will increase your insurance benefits. You can check out a few options available with your current insurance provider. Or you can even choose a new provider. Apart from giving you better coverage, a top-up plan will help you save a lot of money.

Lifetime Renewability

Always go for a plan that offers lifetime renewability. This way you don’t have to worry even if your health starts deteriorating as you grow older.

A second health insurance plan makes better sense if your existing plan is not providing you enough coverage. But make sure you do your homework and go through all the terms before making your decision.

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