5 Things to keep in mind While Renewing Your Health Insurance Policy
5 Things to keep in mind While Renewing Your Health Insurance Policy 27th April 2021
Health insurance policies provide financial coverage for most of the medical expenses that an insurance holder generates while the policy is in effect. One should always invest in health insurance to get subsidized medical care in times of need or health emergencies.
What to Expect From This Article
Everything you need to know about health insurance in India and policy renewal. Nowadays, renewal happens online. You can now buy a new policy and renew it through the company website. You can also use the internet to get price quotes from different companies and compare which policy offers the maximum value for money. You can compare the features, the sum assured and a host of other benefits provided to choose the policy that fits your criteria and budget the best.
Most health-related expenses are unexpected, and therefore, it is crucial to have a financial cover during such adverse time. A health insurance policy is supposed to be renewed periodically for it to be functional. The renewal period is mostly a year.
Characteristics of a Good Health Insurance Policy
Adequate health insurance ideally covers all possible medical expenses. Health insurance comes in various versions. Depending upon what kind of policy you have, you can avail different types of medical costs ranging from surgeries to post-hospitalization care.
Interestingly, some companies also allow policyholders to add other options to customize the policy and make it even better suited to their needs.
Things to keep in mind while renewing your policy
Health insurance in India has an annual renewal period. Following are the five most important things to keep in mind while periodically renewing your health insurance policy:
1. Re-examining the health insurance requirements
2. Scrutinizing for any changes in the health insurance policy and its terms and conditions
3. Changing the insurance provider (if required) under the portability clause
4. Mentioning any new illnesses or allergies
5. Checking to see if a top-up plan is required
Let us now look at these requirements in detail:
- Re-examining the health insurance requirements
While renewing your health insurance policy, you must review the requirements to see if anything has changed. You should repeat the reviewing process for yourself and your family and make sure to stay on top of everything. This is necessary in the case of expanding families (childbirth) or the addition of a disease. This process also becomes necessary when you are changing jobs since a change in jobs entails a change in health insurance coverage.
- Scrutinizing for any changes in the health insurance policy and its terms and conditions:
Many changes could come about in the company policy and standard terms and conditions within a year. The policyholders are usually made aware of these changes through notices. It is necessary, therefore, to read all the notices before policy renewal.
- Changing the insurance provider (if required) under the portability clause:
If you feel dissatisfied with your current policy providers, you could always change your service provider under the Insurance Regulator and Development Authority (IRDA) provisions. This clause ensures a seamless shift to another insurance provider should you require it.
It is a useful clause since the process of changing occurs without losing any benefits. However, it is important to keep in mind that this change can only occur during the period of renewal. Further, it requires a 45-day notice to be reviewed by your existing insurance provider, to effectively make the changes.
- Mentioning any new illnesses or allergies:
Make sure you disclose all illness-related details at the time of renewal, to get appropriate medical claims.
- Checking to see if a top-up plan is required:
This move takes into account future health-based needs.
While your health insurance policy has you covered over medical expenses, don’t forget to keep up with an active lifestyle. Remember, your insurance policy is just a tool to cover your costs in a critical situation but preventing such situation itself depends completely on how much you care about your health.