Life is full of uncertainties, and no one can predict the future. And with rising inflation in medical treatment costs, health insurance becomes a necessary part of one's life. A health insurance plan is an annual contract between the insurance company and the policyholder. It would help if you renewed your health plan yearly to continue receiving benefits. Moreover, reviewing your health plan every year is essential, as it ensures you choose the best health insurance for you and your family.
As we know, everything changes over time, and so do your healthcare needs. These changes should cause you to keep updating your health insurance. You need to check your health insurance plan every year as it ensures that you do not miss out on any features or updates that may be beneficial for you.
Reasons to Review Health Insurance Plan Periodically
Below mentioned are some of the reasons to review your health insurance plan every year:
- New Products & Features
The insurance market in India is growing every day, and more and more people are recognizing the value of having insurance. With the expansion of the insurance market, health insurance companies are launching new features and products to attract more consumers. It's a good idea to review your health policies once a year to test new products and check if they fit your medical demands.
- Lifestyle Changes
Technology has become an integral part of our way of life. Some examples of things that change frequently are travel, job environment, stress levels, and bad eating habits. These lifestyle changes also increase our susceptibility to diseases. That's why reviewing your plan once a year is essential to ensure it still fits your evolving lifestyle.
- Healthcare Inflation
India's healthcare system has improved significantly during the last few years. All this is due to highly developed tools which can detect diseases early. However, this technological advancement has skyrocketed the cost of healthcare treatment. Your hard-earned money can be wiped out by the cost of treatment for a non-chronic disease. You will have to be in financial trouble to pay those hefty medical bills out of your pocket. As a result, you should review your plan at least once a year to determine whether your insurance benefits are sufficient to cover rising medical expenses.
- Pre-existing Disease
It is essential to review your health plan every year to check for upgrades in the pre-existing disease clause. Let us take the case of a disease like a cataract, with a waiting period of 2 years. Policyholders can find a health insurance company that offers significantly shorter waiting times for pre-existing diseases than their current health insurer at a lower premium.
- Premium amount & Coverage Benefits
The market for health insurance is very competitive. Due to intense competition, health insurance companies prefer to update coverage benefits for more diseases and conditions. For example, cataracts previously could not be insured but are now covered as part of daycare treatment.
Tip To Choose Best Health Insurance Plan
Below mentioned are the tips for choosing the best health insurance plans:
- Select the sum insured amount as per your need
- Choose a family floater plan to add your family members
- Compare different health plans
- Select the appropriate add-on riders
- Choose a health plan with the lifetime-renewability benefit
- Check the list of network hospitals offered by the health insurer
- Keep the premium amount affordable
In a nutshell, you should review your health insurance policy from time to time. Consider modifying your health plan in light of your current healthcare needs. Choose the best health plan available, compare different plans, and, if possible, make changes to your existing insurance policy and provider. Choose a health plan that offers comprehensive health benefits and financial protection in a medical emergency.