How to maximise your health insurance benefits

With hospital treatment becoming increasingly expensive due to medical inflation, having a health policy is essential to protect you and your family's financial well-being. Health insurance benefits include financial protection against unexpected medical expenses. It ensures you have access to quality treatment when needed. 

Health insurance benefits are an essential aspect of any insurance policy. They cover medical expenses and protect individuals and families from unexpected healthcare costs. However, to make the most of these benefits, knowing how to maximise them is essential.

How to maximise your health insurance benefits
 

1. Understand your policy
 

Before making any claims or seeking medical treatment, it is crucial to understand your health insurance policy. Familiarise yourself with the benefits, terms and conditions, coverage limits, and exclusions. Knowing the details of your policy can help you make informed decisions about your healthcare expenses.

2. Choose the right policy
 

Choose a health plan top-up that aligns with your healthcare needs and budget. Consider factors such as coverage amount, deductibles, co-payments, and premiums. Feel free to compare health insurance benefits from different insurance companies to find the one that offers the best value for your money.

3. Rely on preventive care services
 

Many health insurance plans offer preventive services such as annual health check-ups, vaccinations, and wellness programs. Use these services to maintain good health and prevent the onset of illnesses. Preventive care services can also help detect health problems early, making them easier to treat and less expensive to manage.

4. Track your medical expenses
 

Record your medical expenses, including bills, receipts, and reports. It will help you track your healthcare costs and ensure you stay within your coverage limit. It can also help you claim reimbursement if your insurance policy does not offer cashless hospitalisation.

5. Use network providers
 

Most health plan top-up facilities have a network of healthcare providers, such as hospitals, clinics, and doctors. Using network providers can save money as they offer cashless hospitalisation and have pre-negotiated rates with the insurance company. Be sure to check with your insurance provider for a list of network providers.

6. Opt for cashless hospitalisation
 

If your health insurance plan offers cashless hospitalisation, use it. It allows you to avail of treatment without paying cash upfront. The insurance company settles the hospital bill directly with the healthcare provider. However, this facility is only available at network hospitals.

7. Renew your policy on time
 

Remember to renew your insurance policy on time. On-time renewals ensure you enjoy uninterrupted health insurance benefits and coverage. Letting your policy lapse can result in a significant loss of both.

Conclusion
 

Health insurance benefits are crucial to protecting your health and finances. Maximising these benefits requires you to use them effectively. Instead of considering health insurance as an avoidable or unnecessary cost, consider investing in a plan that provides the necessary coverage. 

IDFC FIRST Bank offers insurance products such as Group Safe Guard – Hospicash, including accidental hospitalisation, daily cash benefits, and ICU cash benefits for financial protection against medical expenses. This can be a cost-efficient option to cover all your medical needs.

Health insurance benefits ensure that you and your family receive the best possible healthcare while safeguarding your financial well-being!

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.