5 min read
Updated on Sep 30, 2022
Have you ever considered reviewing reviewing health insurance plans ? If not, read on to know the reasons to review your medical health insurance plans every year.
A Health insurance plan allows all-inclusive monetary protection to the insured as well as the member of his/her family. This protection aids in times of health emergencies such as diseases, accidents, critical illnesses etc. However, to stay protected under a health medical insurance that allows best coverage, it is important to purchase an insurance product that fulfills all your requirements and keeps up with the changing health care needs.
To ensure that you have an effective health insurance coverage it is best to review the policy every year. Hence, reviewing your health insurance plans at the time of buying a policy and at the time of renewing it every year gives you the opportunity to customize your plan and make it appropriate to suit your particular requirements.
Now, you might ask why you need to review the portfolio or features of an insurance plan year after year. This is because your health and its requirements keep changing and along with the changing requirements of your health, the requirements of your insurance policy also keep changing. Hence, to stay abreast with your changing healthcare needs during different phases of your life, it is important to review the health insurance cover every year.
In this blog, we are giving you the key reasons why you must consider reviewing your health plan to make it effective as per your healthcare needs at the time of insurance policy renewal.
Innovative Insurance Features – With the digitization of everything including the insurance sector, there has been a constant change that we are experiencing in the insurance world. The new-age insurers are coming up with new contemporary policy features to make the plans more beneficial for the consumers. These digital insurance providers offer spontaneous health plans with distinctive features. Further, they come up with new and improved beneficial elements almost every year. So, if you review your health plan and buy online health insurance medical policy, you will stay updated with such new-age schemes and updated features of health plans offered by these insurers.
Competition on Premium and Coverage – The scenario in the post covid-19 world has seen an intense and fierce competition in the insurance industry, especially the health insurance sector. Due to this competition different insurers give different benefits to the policy seekers to attract them. Further, insurers also want to stay ahead of each other and so keep changing the benefits and features of their health policies. They also do their best in terms of best customer experience. Thus, they keep including new ailments, beneficial clauses etc. under health policies to suit the requirements of different people. For instance, unlike earlier insurers these days offer coverage against daycare procedures like varicose veins, cataract surgery etc.
Pre-existing Diseases – Not reviewing your health insurance plan on a regular basis might have an influence on the waiting period of your already existing illnesses. This is because your current health plan might have 3 or 4 year as the waiting period for pre-existing diseases. However, while reviewing and comparing your health insurance, you might find other plans from different insurers that allow you to avail coverage on your pre-existing diseases after 2 years. In that case, you could switch the plan to get better benefits as per the needs of your family to get a medical health insurance policy best in India.
Health Condition – There are many insurers who do not offer coverage on certain diseases, while the same diseases might be covered by other insurers. So, only when you review your insurance policy, you would come to know about the diseases which are not covered under your plan but are covered by other health insurance providers as add-on coverage. For instance, many insurers do not offer coverage against diabetes but some insurers protect the policyholders against the same illness by means of add-on cover. However, you would come to know of such coverage only when you do the best health insurance plan in India review at the time of renewal and buy the best plan that covers lifestyle related illnesses.
Read More: Buying a senior citizen health insurance policy? Look out for these points .
No-Claim-Bonus – NCB is the benefit awarded by insurers to the insured as per their claim-free insurance tenures. Policyholders can accumulate as much as 10 % to 100 % NCB by raising no claims during policy years. If you review your insurance policy year after year, you can stay abreast with the latest in NCB so that you do not miss out on the same. By accumulating NCB, you can reduce the premium rate of your policy.
Family Planning – Health coverage and their needs differ as per different phases in an individual’s life. So, when you are single, your requirement of health insurance would be different. Similarly, when you get married and plan to extend your family, you would require modifications in your medical policy. Thus, you might like to upgrade from an individual plan to a family floater policy to protect every member of your family under a policy umbrella.
Changes in Lifestyle – The sedentary way of life of people and the stress are making people fall in the trap of lifestyle related diseases. On top of that, bad eating habits, no physical activity, and growing age are other causes that put the health of people under high risk. Thus, it is better to review your health plan and modify it according to your needs.
It is always good to know about the offerings and limitations of your current health insurance plan. And an yearly review gives you the opportunity to tune it basis your evolving needs and the market offerings. Since you pay heavy premiums, it is better to upgrade the plan as per your requirement and avail the best buy health insurance plans.
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