We have all learned the importance of health in recent years. People have begun to take insurance more seriously in the aftermath of the pandemic, and they now realize why it is critical to incorporate health insurance coverage in financial planning.
Health insurance offers people financial backup in times of unforeseen medical emergencies, owing to the steady rise in medical prices and the ever-increasing ailments.
Shreeraj Deshpande, COO of Future Generali India Insurance said that along with getting a health insurance policy, one must maintain renewing it accordingly.
Health coverage is typically issued for a year, and it is critical to guarantee that the policy is renewed annually. However, when it comes to renewing one’s health insurance coverage, one should not be hasty and should double-check several key details.
Here are some things to keep in mind while renewing a health policy:
Renew your policy on time: If the policyholder fails to renew the policy within the grace period provided by the insurer, the coverage lapses. In such circumstances, you must purchase new insurance and through the entire waiting period all over again. To avoid such scenarios, keep track of renewals at all times.
Increase in the sum insured: Most insurers will allow you to increase the sum insured when you renew your policy. Experts recommend evaluating one’s health and medical bills before enhancing their coverage by adding a super top-up to their base policy or raising the overall sum insured.
Always evaluate your needs as well as the risks involved: Age, gender, family history of sickness, work-life balance, and even location of residence all influence health risks and coverage needs. Deshpande said that It would be ideal if one studies the unique hazards and declares the information before making the appropriate decision.
He further added that any change in health condition must be reported to the insurer while raising the sum insured on renewal of the policy. This may seem like a tiny adjustment, but it can cause various hurdles while claiming it, especially when it is most needed.
Policy porting: If you are dissatisfied with your current insurer, you can change policy service providers without losing your policy continuance benefits. A month previous to the event, the person must notify the insurer.
However, keep in mind that a policy can only be ported between similar types of health insurance plans. While the waiting period and no-claim incentive will be carried over to the new policy as part of the porting process, other features and benefits will be determined by the new insurance plan and the new insurer, regardless of what the previous policy offered.