Five things to evaluate while renewing your health insurance policy

These days, people are more susceptible to various diseases due to their sedentary lifestyle and unhealthy food habits. Even the young generation is suffering from menacing diseases like cardiovascular problems, diabetes, heart attack, cancer, and so on. Here comes a health insurance policy which will not only safeguard you from an array of diseases but also takes care of your finances under any healthcare emergencies.

But, purchasing a health insurance policy won’t be sufficient for you until you renew it on time. To enjoy the benefits of the policy, your policy should be active. If there is any change in your health condition, you should inform your insurer about the same before renewing the policy. Based on your present health scenario, the insurer might change the premium amount at the time of policy renewal.

Before your renewal date, an insurance company sends a reminder to you. But, the ultimate decision should be taken by the policyholder whether he/she wants to renew the policy to minimize their financial losses in case of an untoward event. The company also declines to insure you if it is not satisfied with your information. Under such conditions, you, as a policyholder have every right to ask for an explanation regarding this declination.

So, always renew your health insurance on time to enjoy the uninterrupted facilities of your health insurance policy. Here are 5 things that you must ponder while renewing your health policy.

Increase the sum insured amount

A health insurance renewal is the best way to review your insurance coverage. As a policyholder, you should prefer health insurance renewal like an annual health check-up. Every year, a policyholder should review his/her health insurance to evaluate the coverage, benefits, features, etc. that their present plans are offering before renewing the same. Sometimes, your current health plan may not be sufficient to cover all your healthcare requirements. Or it may not be in line with the rising cost of healthcare inflation. If required, talk to your advisor and upgrade the sum insured amount. Else in case of emergency hospitalization, you may need to spend from your pocket. An increased sum insured amount will give you adequate health insurance coverage for unforeseen circumstances.

Choose riders cautiously

At the time of health insurance renewal, take a close look at the riders and find out whether they are meeting your present and future needs. If you are not satisfied with them, look for different riders/add-ons during the time of renewing your policy.

Many Indian health insurance companies have launched an add-on that offers coverage for non-medical expenses in the plan. Some plans also offer the waiver of the room rent limit to their customers. Always check for new riders that your plan is offering and if required, take the suggestion from your financial advisor on whether you should purchase any new rider or not.

You can purchase only those riders that are included with your plan. If you want any additional rider to address a specific issue and the rider is not available with your present policy, then you can switch to a different policy that comes up with this benefit.

Thoroughly look for changes in policy terms

According to the guidelines of the Insurance Regulatory and Development Authority of India (IRDA), an insurance provider can alter its terms and conditions after taking approval from the IRDA. Every insurance company should inform the policyholders at least 90 days before the renewal regarding any changes. So, before renewing your policy, check for any changes in the terms and conditions. If you are not satisfied with the revised terms and conditions of your insurer, you may port your policy.

Port your policy

If you are not pleased with the services and the coverage benefits of your insurer, you can port your policy at the time of renewal. You just need to transfer your existing policy to a different insurance provider of your choice without compromising the benefits which you have accumulated over the years. But you can choose portability only at the time of renewal. For this, you need to inform your present insurance company at least 45 days before the renewal date of your policy.

Addition or deletion of members

During the time of renewal, you are free to add or delete a family member under your health insurance policy. If you got married recently or had a child, then you may add them under the same health plan at the time of renewal. Similarly, if any of your members have passed away, you may erase his/her name from the policy while planning to renew it.

Evaluate these 5 things at the time of health insurance renewal if you don’t want to lose your hard-earned money and peace during the time of hospitalization. Appraise meticulously at the time of policy renewal so that you can get the maximum benefits from your health insurance. PayBima is a highly applauded online platform where you will get lucrative health insurance plans from various companies. You can purchase, compare, and renew the best health insurance plans according to your requirements from this portal.