Well, a family health insurance policy is a necessity nowadays. many families buy insurance to relieve themselves from the financial burden when the need arises. it means that at the time of any sudden happening the is like hope. well, all know that we should buy a health insurance policy but how to utilize it properly is not known by all. so this article will help you to know some certain points which will help you a lot.
The best utilization of health insurance policy
- Don’t delay in buying health insurance
well, we should indeed take health insurance as soon as possible. it gives you an advantage that you can have the best policy. you have time to research and compare all the health insurance plans and you can choose wisely. another advantage is that as the age increases there are more chances that insurer may not accept your application. and sudden happenings are not under our control.
- Knowledge of insurance to all members
yes, all the members of your family should know all the insurances you have taken. not only the name of insurance but all the details about it. it is important at the time of emergency, they will suffer the most. there may be a delay in the claim and they have to pay huge bills. so it is advisable to give all the information about the insurances to them.
- Individual health insurance or Family Floater
If you are planning to buy health insurance in the 20s and 30s, then you should be buying a family floater plan.it covers all your family members in one insurance scheme. It is beneficial as you are young and health expenses are not higher than in older age. it is cheaper than the individual plan. but yes if you are including your parents, then it is beneficial to have separate individual health plans for them. You can also have individual plans for the differently-abled people.
- Remember renewal date and Arrange Sufficient Fund
Many insurance companies give a reminder to pay the premium of health insurance to its customers. But they are not bound to do so.so you should remember or use a reminder for the dates. Also, arrange sufficient funds for the premium as the amount can be more dependent on which type of health insurance you have taken.it is your duty to timely pay the sufficient amount
- Tax benefit
Yes, the amount you have paid towards your premium indeed comes under section 80D of the income tax act. it means that it is exempted up to a certain amount. So it gives you additional benefits
- Information to the insurer about changes in health history
It is the duty of the person to give all details about changes in health to the insurer.it is important also because when we need a claim, our application can be rejected or complications may arise. it will lead to bear all expenses on your own.
- Increase sum assured
To cope up with the inflation rates, you will need sufficient sum assured.it is also important that you should evaluate your insurance policy from time to time and at the time of renewal every time. It is the best time to do so as health insurance is renewable every year according to IRDA. I will help you to have a sufficient amount when you need the most.
So here are some best tips for the utilization of health insurance. By taking care of it you can enjoy all the benefits without any worry.
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