Health insurance provides coverage for medical expenses to the policyholder. Depending on the plan chosen, the policyholder can get coverage for critical illness expenses, surgical expenses, hospital expenses etc. However, there are instances when the existing policy may not meet all kinds of family’s medical needs due to some limitations, exclusions or cappings. But buying a second policy may not be a pocket-friendly option for many.

For such customers, experts say, there are certain cost-effective options available in the market.

Here are some of those options one can consider before going for a second health insurance policy, according to Insurance Dekho—an online insurance marketplace:

Top-up plans

The top-up plans provide coverage beyond the sum insured in the insurer’s existing plan and enhances health insurance features and benefits. These can be bought on an existing plan or as a basic policy. One can opt for such plans either from the current insurer or from any other insurer and can enhance savings.

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Critical illness riders

These can also be considered as an add-on feature. Riders enables policyholders to avail a lump sum (sum assured) amount in case they are diagnosed with critical illnesses mentioned in the policy wording. Thus, it can protect the policyholder and their family from any financial crunch that may arise due to some unforeseen critical illnesses.

The best thing is that a critical illness rider is available at a lower premium rate than the premium paid for second health insurance. One can buy it to complement the existing health insurance.

Portability feature

The portability feature is also an option to change health insurance policy from one insurance company to another without losing benefits the insurer has accumulated.

If planning on buying a second health insurance policy just because the services are unsatisfactory, it is advisable to change the insurer. This way one will not lose the benefits of the existing policy.

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While availing the portability option, one should opt for a higher sum insured (higher than the sum insured of the current insurer) with extra offerings and benefits such as critical illness cover.

Meanwhile, customers who have enough liquidity may consider buying a new policy according to the updated medical requirements.  However, they should properly access the age and family members to be covered, number of family members to be covered under the plan, current income, entire family members’ medical record and coverage available under the current policy.

They should ensure that the second policy acquires no sub-limits, co-payment clauses, or any other hidden limitations or exclusions. This will help avert any type of hurdle during hospitalization, according to InsuranceDekho.

In case, they have policies with the renewability option up to a certain age only, they must opt for a new plan with lifetime renewability feature. This is beneficial because once policyholders reach the age beyond which they can’t renew the policy, a plan with the lifetime renewability will allow them to renew the policy lifetime i.e. without any age restriction.

Disclaimer: CNBCTV18.com advises users to check with certified experts before taking any investment decisions.