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Why should you Review your Health Insurance Policy Every Year

IndianMoney.com Research Team | Posted On Tuesday, January 01,2019, 03:59 PM

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Why should you Review your Health Insurance Policy Every Year

 

 

Health insurance is an agreement between the insurer and the policy holder, where the insurance company provides assured coverage to meet medical expenses in case the policy holder is diagnosed with illness/disease or meets with an accident which leads to hospitalization, within the term of the plan. The health insurance companies offer coverage for pre and post hospitalization, day care hospitalization charges and have tie-ups with leading hospitals to provide cashless treatment to the insured.

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SEE ALSO: Insurance Policies For Women

Why should you Review your Health Insurance Policy Every Year

Importance of health insurance policy:

Buying a health insurance policy is important for plenty of reasons. A health insurance offers cover against various ailments or diseases. It helps people stay prepped up for various health problems that might arise in life. Outlined below are some important points on health insurance policy:

  • It helps an individual stay confident and better prepared for the future.
  • Helps in bearing the cost of hospitalization.
  • The insured can opt for treatment at the best of hospitals, without a care on medical costs.
  • Can enjoy tax benefits

When should you review health cover?

  • If you are not satisfied with the customer care support of your current insurer, then you might want to review your health cover and change to a new insurer.
  • You can also opt to review health insurance policy, when income increases and you want to upgrade an existing policy. With a hike in your salary, you might want a greater sum assured and larger policy coverage.
  • You might want to re-evaluate the health insurance policy, when you are expecting a child and want to take care of all the pre-natal and post-natal expenses.
  • You can also opt to review your health insurance policy, once before retirement. You can change your existing policy to a senior citizen plan and stay insured for a lifetime to enjoy a stress free retirement.  

SEE ALSO: Tips To Port Health Insurance Plan

What do I lose when I don’t review it each year?

Mentioned below are a few important points on the losses that you might face if you don’t review your health insurance policy every year:

  • No claim bonus: In case you don’t review your policy once a year, you might not receive your NCB or get a lower percentage of NCB. The No Claim Bonus could be in the form of higher sum assured.
  • Coverage and premium: Reviewing your health insurance policy each year, helps you know the current inclusions/changes in the plan. In the past, the health insurance policies covered the cost of treatment that required hospitalization for 24 hours or more. But with cutting edge technology, some procedures are done in 4-5 hours that do not require hospitalization. Consequently insurance companies have included day care procedures under their coverage. You may loose out on these current modifications, if you don’t review your policy.
  • Pre-existing disease: there is a certain waiting period in your policy. The waiting period differs across insurers. Due to a competitive market, you might find that insurer offering lower waiting period than your current insurer. This is why you must review your policy each year, to avail maximum benefits at the same premium rate.

SEE ALSO: Can You Get A Health Insurance Plan For Cancer Patients?

Advantages of reviewing Health Insurance Policy each year:

There are a few advantages that you might end up getting by reviewing your health insurance policy each year. Reviewing your policy helps you make changes to an existing policy or add certain supplementary benefits.

  • The health insurance plans are continuously modified to attract new customers. You may not be able to track these new changes.
  • You can review your policy and add the additional/rider benefits with increase in your income. This will keep you insured from all health related risks.
  • Reviewing your policy will help you double-check if all requirements are covered. Take a look at the network hospitals in the cashless plan.
  • In case your medical status has changed in the previous year, you might want to review your policy. In case your health insurance doesn’t provide enough coverage for current medical needs, then you can either opt to change the policy or add a rider benefit.
  • Reviewing your policy also helps you understand market trends. You can modify your policy by paying less for a larger cover or pay the same for more cover.

SEE ALSO: Exclusions of Health Insurance Policy

Read IndianMoney Review before purchasing any health insurance policy:

IndianMoney.com reviews not only guide you on buying a good health insurance plan, but also point out the importance of having a health insurance policy. A health insurance policy not only saves your family from a financial debacle in times of a medical emergency, but also helps you avail cashless treatment at leading hospitals. It is important to do your research before finalizing a health insurance policy. Make sure you buy a policy that caters to needs. Make sure you choose a reputed insurer with high claim settlement ratio. Compare different policies online and get a quote. Make sure the monthly premium fits your budget. 

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