In a country where healthcare costs are rising steadily, investing in the right health insurance policy is no longer optional—it’s essential. Medical emergencies can strike at any time, and without adequate insurance coverage, they can create a significant financial burden. With numerous health insurance in India options available, it’s important to understand the key benefits and reasons for selecting one or more health insurance plans.
1. Comprehensive Coverage
One of the most important reasons to consider multiple health insurance policies is the ability to expand coverage. No single policy can cover every health eventuality or the variety of treatments you may need. By opting for more than one policy, you can ensure that your health insurance needs are covered comprehensively, with one policy handling routine check-ups and hospitalisations while another may focus on specific treatments or critical illnesses.
2. Access to Better Medical Facilities
With multiple health insurance plans, you can ensure you receive access to the country’s best medical care and hospitals. Premium healthcare facilities often come with high costs, and a single policy might not cover all the required expenses. Having additional policies ensures you’re not left with out-of-pocket expenses for advanced medical treatments.
3. Customised Health Insurance Planning
Every family member has unique medical needs. Children, adults, and senior citizens each require different types of coverage, and one-size-fits-all health insurance doesn’t work for everyone. By investing in multiple policies, you can customise your health insurance planning to ensure that everyone in the family gets the right level of care for their specific needs with your family health insurance plan.
4. Higher Sum Insured for Critical Illnesses
Critical illnesses like cancer, heart disease, and kidney failure can result in enormous medical bills that exceed the limits of a standard health insurance policy. Having more than one policy ensures a higher cumulative sum insured, providing you the financial security needed to manage prolonged treatments and hospitalisations without having to worry about exceeding your coverage limits.
5. Top-Up and Super Top-Up Plans
Top-up and super top-up plans are cost-effective ways to enhance your coverage without purchasing entirely new health insurance policies. These plans kick in when your base policy’s coverage is exhausted, which can be particularly helpful in cases of high-cost medical procedures. By adding a top-up or super top-up plan to your health insurance mix, you can boost your coverage without paying exorbitant premiums.
6. Tax Benefits Under Section 80D
One of the major advantages of health insurance in India is the tax benefits it offers under Section 80D of the Income Tax Act. Policyholders can claim deductions for premiums paid for their health insurance, up to ₹25,000 for themselves and their dependents. If you’re covering your parents who are senior citizens, the deduction limit increases to ₹50,000. Investing in multiple policies allows you to maximise these tax benefits while ensuring extensive coverage for your entire family.
7. Protection Against Medical Inflation
Medical inflation in India is on the rise, with the costs of treatments, consultations, medications, and surgeries increasing year by year. By holding multiple health insurance policies, you can protect yourself against this inflation. Different policies often come with varying renewal benefits, meaning that you can offset increasing healthcare costs by combining coverage options to maintain your financial security.
8. Avoid Exhausting Coverage in a Single Year
A single health insurance policy may not provide sufficient coverage if you have multiple medical incidents in a single year. You could exhaust your coverage with one hospitalisation or surgery, leaving you vulnerable for the rest of the year. By having more than one policy, you can ensure that your coverage remains intact, even if one of your policies is fully utilised due to a medical emergency.
9. Specialised Policies for Specific Needs
Some health insurance policies cater to specific health needs, such as maternity benefits, dental care, or mental health treatments. A standard health plan might not include these services. If you have unique healthcare requirements, such as fertility treatments or chronic disease management, having multiple policies ensures you are covered in every scenario.
10. Financial Peace of Mind
Investing in multiple health insurance policies gives you financial peace of mind. Healthcare can be expensive, especially when faced with unexpected medical emergencies or long-term illnesses. Knowing that you have adequate insurance coverage across different plans means that you and your loved ones are protected financially, allowing you to focus on recovery rather than worrying about medical bills.
Conclusion
As healthcare costs rise, having one health insurance policy may not be enough to cover all your medical expenses. Opting for multiple health insurance policies protects you from various health risks, allows you to customise your coverage, and offers greater financial security.Leading health insurers, such as Niva Bupa, provide comprehensive health insurance plans that cater to a wide range of needs, ensuring you’re well-covered, no matter what life throws your way. By choosing a reliable insurer with flexible plans, you can enjoy peace of mind knowing that your health and finances are in good hands.