SIX THINGS TO KEEP IN MIND WHEN RENEWING YOUR HEALTH INSURANCE POLICY
A health insurance policy protects you and your family against unforeseen health care expenses. You can either make a cashless claim or avail reimbursement facility. Other medical expenses that you can claim include day-care procedure, hospitalization, surgeries, medicine costs, pre and post-hospitalization costs, etc.
So, here are six things to keep in mind while renewing your health policy: Review your requirements You should carefully evaluate the medical coverage of you and your family. If required, enhance your health coverage to beat the inflation and rising healthcare costs. It's necessary to assess your future medical check-up requirements, and accordingly renew your health insurance policy.
Renew well ahead of time It's important you renew your health insurance policy well before the expiry date. Because, if you fail to renew your policy; you would end up paying from your wallet and it might seriously derail your finances. It takes complete care of your medical expenses and hospitalization costs.
See if you need Add-ons Add-ons aim to provide extended coverage on a specific disease or medical treatment. For instance, if you're planning for a child, a basic health insurance plan won't cover the maternity costs. Purchase an add-on like maternity benefit to cover the upfront costs.
Opt for Long-Term Health insurance When you opt for long-term health insurance, you and your family stay protected for 2-3 consecutive years. You don't have to worry about renewing your policy every year. Also, long-term health insurance policies come at a low-cost insurance premium compared to the one-year policy.
Check for any changes in your policy It's possible that during the preceding year, the insurance policy's terms and conditions, clauses might change. So, the insurer can imply these changes at the time of policy renewal. So, once you get a notification for policy renewal in your inbox, check every term and condition, hidden clauses, tiny sentences being imprinted and then carefully renew your policy.
Port your health insurance policy At times you're unhappy with your existing insurance policy and wonder if you could switch your insurer? Yes! With insurance portability, you can switch insurer and buy a new health insurance plan. As per IRDAI 2011 guidelines, if you're not happy with your current insurer in terms of benefits & features, claim settlement, insurance premium, lack of quality services, etc.
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