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 posthospitalization costs, etc. There are add-ons as well, which make your policy more secure and complete as per your medical requirements. However, it's valid for one year, and you will have to renew your policy annually to continue getting the coverage benefits. While renewing your policy, you can increase your protection cover; pick add-ons of your choice to make your health policy more comprehensive.
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. Just in case you forget to renew your policy by the due date, a grace period of 10-15 days is given by the insurer to
pay the premium. Experts’ advice, to enjoy continued benefits and uninterrupted cover, renew your policy at least 10-15 days prior to the expiry date. 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. Add-ons are additional benefits that you can buy upon your base health plan. Few add-ons that will give a comprehensive cover include Critical Illness, Personal Accident cover, Hospital cash, Super Top Up, etc.
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. Health insurers will offer some discounts on NCB, Add-Ons, and other features of your long-term health insurance policy as well. 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. you can port your policy. What’s more? You can transfer your accrued benefits, waiting periods and bonus from your existing provider as well. Isn’t it an icing on the cake? So, if you're keen on porting, talk to your existing insurer 45 days ahead of the policy expiry date. Hope these six tips will help you stay vigilant while renewing your health insurance policy.
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