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Things to Consider Before Renewing Health Insurance
Last year, Ramesh Nagar, a 42-year-old software designer from Ambala, rushed to the hospital when his father had a cardiac arrest. Thankfully, the treatment went well and Ramesh’s father recovered quite soon. But soon after, Ramesh realised that the hospital bill wasn’t fully covered by their health insurance. It was the first time Ramesh was making a claim, and he was under the impression that every medical expense would be covered under their health insurance; however, when they realised that their health plan had certain exclusions and room rent limits, it was too late for them.
Ramesh's story is not a rare one. In fact, many families in India realise the gaps in their health plans and their needs only during emergencies. The mistake? Not paying enough attention to update coverage needs and policy terms during your health insurance renewal.
Giving health insurance renewal its due importance is quite significant. It is your chance to stop, review, and realign your policy with your current financial and health needs. Continue reading to learn more about what to consider during your health insurance renewal.
Top 7 Things to Reconsider Before Your Health Insurance Renewal
Here are some health insurance renewal tips to help you avoid common mistakes.
Is the Coverage Enough?
Buying health insurance for the first time can be a bit overwhelming. It is natural to get confused about what you want. Do you want to save on premiums, what should be an adequate sum insured, and much more? However, health insurance renewal is the right time to assess your choices. Consider checking if your current cover is adequate and aligned as per your current needs.
Did you know?
Health inflation is rising by 12-14% each year, making reassessment of your policies white important.
Are There New Inclusions, Exclusions?
It is common for insurers to upgrade their policies, terms, and conditions. For instance, adding new treatments, updates, etc. Therefore, before you simply proceed with insurance renewal, consider checking the fine print of the policy.
What to do?
Checking an updated brochure can help. You can also consult your insurer if any new suitable benefits can be added to your plan.
Where are the Network Hospitals?
Carefully review the network of hospitals and cashless facilities. This is quite important as it comes in handy during health emergencies, where you do not have to stress. Instead, your insurer directly settles it with the hospital. Consider checking if there has been any update in the list. Is your preferred hospital still in network?
What to do?
Cross-check if nearby and trusted hospitals are in the list. You may also look for 24*7 customer support for quick help.
No-claim Bonus Benefits
Your no-claim bonus benefits are earned with each claim-free year. It also makes you eligible for a cumulative bonus during the renewal. However, the terms of benefits differ from one insurer to another.
What to do?
Consider checking if no-claim benefits are reflected in your policy and checking for its detailed structure.
Change in Family Details
For individuals covered under family floater plans, check if you need to update family details. There might be a need to add or remove members because of marriage, ageing parents, or demanding updates in your existing policy.
What to do?
Reassess the sum insured if it's adequate as per the members being covered. Consider adding dependents promptly.
Associated Advantages
Typically, health insurance plans are designed with several features and attractive add-ons, like critical illness cover, room rent waiver, etc. Now, during your health insurance renewal, consider checking if these add-ons still make sense to you; for instance, you might drop some while adding what has become more important for you.
Pro Tip:
Adding a critical illness rider can be a smart choice for individuals in their 40s. Alternatively, maternity add-ons can be removed if you think your family is complete now
Do Not Miss the Policy Restrictions
Carefully look into what is included in your health plan and what is not. Check if there are any caps on some benefits. For example, the room rent limit. You may also check diseases and treatments.
What to do?
Avoid policies with hard caps, such as room rent ceilings. This could make you incur significant hospital expenses out of your pocket. You could choose appropriate riders at the time of policy renewal, for example, room rent exemption, critical illness benefit, etc.
Young and healthy? Find out which of these plans rewards you with lower premiums. Click here to check now!
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 21 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Over to You
Health emergencies don’t come with a calendar invite. Whether you're planning for your own future or looking out for your parents, choosing the right health insurance plan can make all the difference. That’s where a deeper look at the fine print helps. When you compare Star Health’s Red Carpet Plan vs Care Health Enhance Plan, what you’re really doing is choosing the kind of financial backup you want in your corner.
The Star Health Red Carpet Plan is made with senior citizens in mind. With benefits like annual preventive check-ups, it helps you or your ageing parents get covered without the usual hassles. On the other hand, the Care Health Enhance Plan acts as a top-up cover, ideal if you already have a base health policy and want to increase your shield without increasing your premium by too much.
While health insurance takes care of medical needs, don’t forget to plan for life’s bigger what-ifs. A term Insurance policy, especially a 1 crore term insurance plan, can be the long-term security net your family needs. Health and life coverage go hand in hand. And when chosen right, they help you face the future with confidence, not chaos.
Speak to an Advisor The Star Health Red Carpet Plan is made with senior citizens in mind. With benefits like annual preventive check-ups, it helps you or your ageing parents get covered without the usual hassles. On the other hand, the Care Health Enhance Plan acts as a top-up cover, ideal if you already have a base health policy and want to increase your shield without increasing your premium by too much.
While health insurance takes care of medical needs, don’t forget to plan for life’s bigger what-ifs. A term Insurance policy, especially a 1 crore term insurance plan, can be the long-term security net your family needs. Health and life coverage go hand in hand. And when chosen right, they help you face the future with confidence, not chaos.
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Jan 08, 2025
Health Insurance
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If you are in your 30s, 40s, or even 50s and you are wondering, you are too late to buy health insurance, then the short answer is a resounding no. It's never too late. However, it is important to understand that your timing does end up affecting your cost and coverage.
The main purpose of a good health insurance policy is to protect you from unexpected medical expenses. However, it is important to understand that not everything is covered under even the best health insurance policies.
Accidents can happen at any time, and in such cases, we always turn to hospitals for help. However, hospitals can turn out to be quite expensive when it comes to taking care of trauma from accidents. Even if you do have health insurance in place, you may still face surprising costs.
In regular conversations, mediclaim and health insurance are two popular terms, often used interchangeably. Although both policies cover medical expenses, they serve different purposes. While a mediclaim is typically limited to the hospitalisation expenses, a health insurance policy is a plan with broader coverage.
Last year, Ramesh Nagar, a 42-year-old software designer from Ambala, rushed to the hospital when his father had a cardiac arrest. Thankfully, the treatment went well and Ramesh’s father recovered quite soon. But soon after, Ramesh realised that the hospital bill wasn’t fully covered by their health insurance. It was the first time Ramesh was making a claim, and he was under the impression that every medical expense would be covered under their health insurance; however, when they realised that their health plan had certain exclusions and room rent limits, it was too late for them.
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