We put a lot of effort into research when buying insurance products. The same approach is undertaken when purchasing health insurance. A health plan is an insurance policy that protects you and your loved ones against unforeseen medical contingencies. It acts as financial support when seeking healthcare facilities in India.
However, to benefit the most from your health insurance plan, you need to find a policy that fulfils your rising medical needs. To find an ideal health plan, you need to review your policy. Reviewing health insurance allows you to get your hand on a tailor-made product. Moreover, it helps you understand your changing needs over time and make necessary adjustments to your insurance portfolio.
Below we have enlisted a few benefits of reviewing health insurance once every year. Here, take a look!
- No Claim Bonus
You may not claim on your health insurance plan right after purchasing the policy. So, there are good chances that you will have a claim-free year. Insurers in India reward the policyholders with a No Claim Bonus (NCB) for every claim-free year.
The NCB benefit ranges between 20 percent to 50 percent and can be used to avail discounts on health insurance premiums at the time of renewal/reviewing. So, if you skip reviewing your policy, you are bound to miss out on the NCB benefit and have to pay higher premiums the next time.
- Pre-Existing Diseases Cover
Most health insurance plans have a waiting period after which they start covering certain health conditions. If you do not review your policy every year, the policy may lapse.
If the health insurance lapses, you have to buy a new policy and restart the waiting period. Moreover, you may realize that your existing plan offered a minimum waiting period on pre-existing diseases compared to your new one.
- Lifestyle Changes Cover
It is vital to lead a healthy life to enjoy a peaceful future. However, your health condition can get affected by various factors such as age, work, lack of physical activity, stress, diet, lifestyle habits, etc.
It is also necessary to note that healthcare expenses are affected by your lifestyle changes. Since you can suffer from severe health conditions as you grow older, it is wise to review your health insurance plan accordingly and get additional coverage for the same.
- Coverage and Premium
Since multiple insurers are offering several health insurance plans, the competition in the market is intense. In fact, to keep up and dominate the market, insurers revise their features and benefits every year.
So, when you review your health insurance plan, you can conduct market research to see what new facilities your insurer is offering.
Based on your necessity and affordability, you can then get the same coverage on your health insurance plan. You can use the health insurance calculator to determine your premium amount (even at the time of reviewing) based on your coverage and add-on benefits.
Based on the above pointers, it is evident that you should review your health insurance plan at least once every year. Skipping the same might lead you to lose on the rewards and benefits and cost you more in the long run.