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Things To Consider While Buying A Second Health Insurance Plan


Sometimes, an existing health insurance plan might lack certain coverage benefits. Under such circumstances, you can port your policy to another insurer or purchase a second health insurance plan. However, before buying a second health insurance plan, you must perform a comparative analysis of the current market options and future requirements. Analyzing your earnings, lifestyle, and present illness is equally important before drawing a decision.

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6 things to consider before buying a second health insurance plan

Here are a few crucial things that you must follow before opting for a second health insurance policy:

1.    Policy coverage

Assessing the policy coverage is the first point to consider while purchasing an insurance plan. Before choosing health insurance plans, you must assess your health requirements. It is also crucial to address any critical health conditions and choose a plan accordingly. You need to determine how these medical issues will affect the new medical insurance plan as compared to the previous one.

For example, individuals planning for a baby in the coming 2-3 years might consider choosing a health plan with maternity cover.

2.    The sum insured

Given the rise in medical costs, you must choose a health insurance plan that comes with an increased sum insured amount. In this case, you should note that the insurer will take in requests based on the applicant’s medical conditions and claim history. Moreover, the premium for health insurance plans depends on the applicant’s age.

Thus, the more the age, the more premium amount one is liable to pay. One can use a health insurance premium calculator to calculate premiums of various insurance plans. This will also help individuals compare between different insurers and make an informed decision while purchasing a second health insurance policy.

3.    Claim settlement ratio

The claim settlement ratio indicates the insurer’s ability to handle claims. It is highly recommended that you as an insurance policy buyer check this aspect before purchasing a second health insurance plan. This will help you to determine whether the policy is an ideal choice or not. Having said that, a high claim settlement ratio ensures that this process is completed without any delays. Note that the claim settlement process should be hassle-free and transparent, and you must choose a policy provider accordingly.

4.    Cashless hospitalization

Another crucial thing that you need to consider before purchasing another health insurance policy is to check whether one’s preferred hospitals are a part of the insurer’s network hospitals list. You need to ensure that the insurance provider features tie-ups with such hospitals that are easily accessible. While receiving treatment from a network hospital, the insured does not need to worry about making any financial arrangements.

Instead, the hospital gets medical bills settled directly with the insurance company, relieving a policyholder from financial burdens.

5.    Lifetime renewal

If the existing insurance plan does not entail lifetime renewal, you must remember to look for this feature while purchasing your next insurance policy. The lifetime renewal feature ensures that a policy will serve the policyholder for a long time. This is highly crucial as it will save you from the hassles of buying another policy at old age.

6.    Top-up plan

Nowadays, several health insurance providers offer top-up or super top-up plans. You can choose such a plan over and above the current policy and increase the coverage benefits. Further, you can also save money by taking a top-up on an insurance plan. Such types of plans provide coverage beyond a predetermined threshold limit. Note that some insurers also offer critical illness add-ons as a part of top-up plans, which provides coverage against life-threatening critical health issues.

Considering the above-mentioned factors, you can consider purchasing your second health insurance policy from aggregators, which offers tailor-fit insurance plans promising wholesome financial security.

A great deal of research must go into choosing ideal second health insurance plans. Having adequate health coverage is crucial if you want to avail the best possible treatment in a hassle-free manner. Thus, consider the above-mentioned factors and analyze the offering of various insurance providers before coming to a conclusion.

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