6 Reasons You Should Review Your Health Insurance Plan Annually
A health insurance policy provides you with financial assistance at the time of a medical emergency. Health risks and uncertainties are part of life. Hence, it is important you opt for a health insurance plan that caters to your changing health insurance requirements/needs. Since health insurance is a yearly renewable contract, it is significant you review your health insurance plan to ensure you don’t end up paying for the medical expenses from your pocket.
Here are six reasons you should review your health insurance plan annually
Lifestyle changes:One of the few important reasons to review your health insurance plan is due to the kind of lifestyle you tend to live. Factors such as your age, travelling, stress levels, work environment, diet, eating habits, etc. have increased, thereby making you more prone to a wide range of health disorders. With the healthcare increase health care costs and instances of diseases, it is imperative you insure yourself with a health policy that suits your changing lifestyle.
New products and features:Insurance market in India is huge and every other month or year, new health products are introduced in the market. Some insurance companies also revise their existing health products to offer added protection to the customers. Hence, researching a bit on the new products and features would just help you get your hands on the health insurance plan that best suits your medical requirements.
Rising medical costs:Lately, medical costs in India have witnessed a dramatic rise. In case of a medical emergency, consumers end up spending a huge chunk of money from their own pocket to fade off the hefty medical bills. So if you don’t have enough health coverage, then the cost-heavy hospital bills would disrupt your financial plans in a big way. It is never wise enough to depend on your savings to tackle health emergencies. And for this, reviewing your health plan is a good idea to ensure your health coverage is not affected due to the rising medical costs.
Different phases of life:Major events such as your marriage, birth of your child, change of job are one of the primary reasons as to why you should review your health insurance plan. For example, if at the time of your policy purchase, you had only covered your wife, but at the time of renewal, you also have a child. With such life-changing events, your responsibilities increase and therefore, you need to review your health insurance coverage to ensure loved ones too are included to receive coverage.
Competitive pricing:With a large number of companies entering the health insurance industry, insurance companies are now offering health insurance plans at an attractive pricing. Due to the competitive market, insurers are now offering coverage for a number of diseases that were earlier not provided coverage for. For example, earlier health insurers did not provide coverage for infertility, maternity and mental health, but now insurance companies are offering coverage for the same after a pre-defined waiting period.
You lose out on the no claim bonus:Insurance companies offer you an additional bonus of up to 50% on policy renewal in the form of NCB. By not reviewing your policy, you are likely to lose out on the no claim bonus.
Reviewing your health insurance plan not only offers you broader coverage but also helps you save on premium and overcome the effect of inflation and rising healthcare costs. Renewal of health insurance policy is crucial to ensure you stay covered at all times. But reviewing the policy is also of prime importance as it gives you an idea of the amount of protection you require to rise against untimely medical contingencies.
Disclaimer: The above information is for illustrative purpose only.For more details, please refer to policy wordings and prospectus before concluding the sales.