Top 5 ways to fully utilize your Health Insurance Plan

So you are smart and savvy and have realized the importance of taking adequate insurance cover. You have compared health insurance policies, pored over all the details, and signed on the dotted line. Good.

But do you find yourself unable to take full advantage of your health insurance policies? You fall sick, go to the hospital, pay a hefty fee, buy a bunch of antibiotics, and by the time you are better, you've spent a tidy sum, even as your insurance policy sits pretty in the drawer. Why? Because you could not utilize it properly.

So, how can you fully utilize your health insurance plan? Here are five important tips that will help you extract the maximum benefit from your policy:

1. Familiarize yourself with your entitlements

The first and foremost thing you need to do is to go through the fine print at the time of buying the policy. You need to know what you are entitled to. Get a thorough understanding of the conditions you are covered for. Read the "Terms and Conditions" properly, and if you are confused, or do not understand any clause, do not be afraid to ask your agent to explain things more comprehensively.

2. Keep a list of empanelled hospitals handy

Does this sound familiar – one minute you are fine, and the next a shooting pain radiates through your left arm, you are sweating, and gasping for breath. Considerably flustered, your spouse packs you in the car and rushes you to the nearest hospital. In the middle of the crisis, you start thinking hard about which hospitals your insurance company has listed. But your mind is blank, and the most important thing to do at that moment is to get you to a hospital – any hospital – as soon as possible. Much later, you realize that your insurance company does not have a tie-up with that particular hospital. So much for your health insurance policies! You pay your premium regularly, and yet have to pay the hefty hospital bill.

To avoid this kind of a scenario, make sure that you keep a list of empanelled hospitals handy, and you know how to reach those hospitals while you are still well. Take a little trouble during your wellness; you will reap rich dividends in your sickness.

3. Avail of your free medical check-ups

Most health insurance policies entitle policyholders to a free health check-up once every four claim-free years. However, very few people avail of this facility because they do not know about it. Most insurance agents neglect to inform their clients about this provision. Even if people know about this benefit, they are not sure how to take advantage of it. Others fear that their premium will go up, should the test result throw up some bad news.

However, these fears are unfounded. You will not be charged a higher premium at the time of renewal if your test result shows a condition you did not have at the time of buying the policy. The other good news is that some insurance companies offer this facility every year, even if you have filed a claim. So, go ahead and avail of your free medical check-up.

4. Take additional cover

It is always advisable to buy anextra cover, which is over and above your existing regular health insurance. Once you cover your base with a regularpolicy, but still want a larger cover, it is cheaper to buy a top-up plan, than to increase the size of your existing policy. Do not hesitate to have more than one policy. A top-up plan will enable you to save your regular policy for general claims, while it takes care of that one-time high hospital bill.

5. Never miss paying your premium

This might sound absurd, but many people actually forget to pay their premium in time; some forget about it altogether, especially if they go through some busy period, or have gone abroad for a while, or are facing some personal crisis.

However, to fully utilize your health insurance plan, it is crucial to pay your premium in time throughout the life of the policy. If your existing policy lapses because you did not pay your premium, you will have to pay a higher premium for a new policy. You will also forego other benefits, such as free check-up, which you are entitled to every four claim-free years.

In the end, you have to be vigilant about your health insurance. Following these simple tips can make your health insurance work better for you.