5 Things Keep In Mind While Renewing Health Insurance

Health insurance review is necessary before the end of the financial year, keep these 5 things in mind while renewing health insurance

Since the Corona epidemic, awareness among people about health insurance has increased a lot. The number of people taking health insurance has also increased significantly in the last two years. However, despite this awareness, most of the people do not review their needs before taking health insurance nor do they review their policy and requirements while renewing the policy after taking the insurance.

The health insurance needs of you and your family can change over time and you should keep on changing your policy accordingly. The financial year is about to end and this is the best time to review your health insurance policy thoroughly and make changes as needed.

1. Re-evaluate Sum Assured

According to a review by the NCAER-India International Center, inflation related to treatment and hospitalization expenses in India is increasing rapidly. Hence your health coverage and sum assured should also increase. If you had less coverage earlier, you can increase the coverage. At present, a health cover of Rs 10 to 15 lakh may be sufficient for a normal family. Choose your Sum Assured based on your family members and any existing ailments.

2. Report A Recent Illness

Often people, while renewing a health insurance policy, only mention the pre-declared diseases to save premium, do not give information about the new disease. Whereas according to the conditions of most insurance companies, it is also necessary to declare new diseases apart from old ones. Otherwise, there may be problem in claim settlement. Apart from this, there will be a fresh waiting period while porting the policy.

3. Increase Protection With Add On Cover

Always check add-ons when renewing coverage. This gives you additional benefits. You can add multiple riders like Critical Illness Cover, Ambulance Service, Hospital Cash Allowance, Maternity and Newborn Benefit for a little extra cost.

4. Add or Remove Members

While renewing health insurance, a new member of the family can be added or an old member can also be removed. If a new member has been added to your family, then add him to the policy, similarly if any family member is going out of scope, then inform him.

5. Don’t Ignore Renewal Reminders

45 days before the renewal date, a reminder is sent by the insurance company to the policyholders. It contains important information like policy details, insured amount, claims made so far, their types and no-claim bonus. It should be read carefully and in case of any disagreement the insurance company should be informed immediately.

THANK YOU.