Cardiac health insurance as a category has seen a lot of interest amongst the customers in the last few years. The reason for the same is twofold. First, the rising incidence of cardiac arrests and other cardiac complications not only in the population in general, but even among young age groups like people in their thirties and forties who were considered too young for cardiac issues. Second is the rising cost of treatment, particularly those of cardiac related problems. Cardiac health insurance offers a way out for the customers to increase their coverage and protect themselves and their families from the devastating expenses. To maximize your cover under cardiac care insurance policy you first need to understand the full spectrum of financial risk that you are exposed to, how to minimize the risk and how to maximize your insurance coverage with a cost effective cardiac health insurance cover.

When thinking of impact of costs of treatment of cardiac ailments, most people tend to think of the hospital expenses. And given the huge bills of treatment, this is a natural thought process. Hence, a good health insurance plan to take care of hospital bills is an absolute must. In this context you should also explore if you will be better served by having a dedicated cardiac health insurance policy. However, there are other costs that are equally big or perhaps bigger in the long run which need your attention.

Once a person has a cardiac episode, the full costs should of the treatment is not only cost of immediate hospitalization but cost of medicine and ongoing treatment needed by cardiac patients. And this is a cost which has to be incurred every month for a long time and in some cases for the rest of their life. And this is vital to ensure that a second cardiac episode does not occur. Secondly, a cardiac episode disrupts a person’s earning potential, at least for some time. This includes not only the time spent in hospital and recuperation but also the less intensive nature of work that they might have to do given the status of their health.

To cover for the above long-term treatment expenses as well the financial disruption, a critical illness cardiac insurance is very helpful. These plans differ from normal health insurance policy in that their payout is not dependent or related to the expense of hospital treatment. These are fixed benefits plan that pay a lump sum amount, as per the sum assured of the policy, in event of the cardiac episode.

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While taking an adequate amount of insurance to cover all the types of financial risks is a good idea, there are ways in which you can avail cardiac health insurance in a way that is not only more cost effective but also is good for your long-term health. The five steps for the same are as follows:

• Going for copay and deductibles: One of the big struggles in deciding best health insurance plan for cardiac patients is how to match the desired sum assured of cardiac health insurance plan with cost effectiveness. The best way to do is to have deductibles and co-pays in your plan. While that does mean that you have to pay for part of the treatment, it also ensures that you get you a much bigger sum assured for lower premium and cover yourself against catastrophic health expense.

• Buy a critical illness policy or a rider: The money that you save via co-pay deductibles you can buy a separate critical illness policy or a rider focused on cardiac health insurance which can help you cover the earnings disruption as well as other long-term treatment costs.

• Intelligent use of taxation: Under section 80D, tax benefits are available for health insurance premiums, including focused cardiac health insurance, up to 25,000 for self and family and up to 50,000 for premiums paid for parents. You can split the premiums of various policies in the family to make sure that maximum tax advantage can be utilised.

• Use wellness benefits offered by your insurer: Most health insurers are offering up to 70% off on premiums if the customers are willing to show proof of an active lifestyle. All that it requires is to download their app. This is one of the surest ways to bring down the premium costs. The best cardiac health insurance is the one that won’t get used. It is much better not to fall ill than to utilize the claim amount.

• Regular checkups and preventive medications: Curing a problem in its early stages is far cheaper and less painful. This holds true in life, but more so when it comes to our health. Regular checkups and preventive medication go a long way in ensuring that you remain healthy and can continue with your daily life.

Maximising your insurance benefits is an exercise in recognizing the full extents risks that you face, balancing the need for maximum insurance with your own capacity to pay as well as taking steps to reduce the costs by availing whatever opportunity that your insurer gives you. It is an exercise in not only self-preservation, but a means to live a healthy and happy life. Hopefully, we have been able to give you some pointers on that.