Reasons to Review Your Medical Insurance Plan Every Year
Updated On May 13, 2021
Table of Contents
A health insurance plan is an annual arrangement that must be renewed in order to continue receiving benefits. It's important to check your insurance plan at least once a year to avoid having to pay medical expenses out of pocket.
Reasons to Review Your Medical Insurance Plan Every Year
The following are some of the reasons why you must renew your health plan every year:
-
New Products And Features
Every day, the Indian insurance industry expands. People are becoming more aware of the importance of having an insurance policy. As the market for insurance policies grows, the insurer is introducing different types of products and new features to attract new customers. As a result, it's a good idea to revisit your policies once a year so you can test new products and decide whether they're a good fit for your medical needs.
-
Lifestyle Changes
Our way of life has become increasingly reliant on technology. Traveling, work environments, stress levels, and poor eating habits are only a few examples of items that change on a regular basis. We also become more susceptible to diseases as a result of these lifestyle changes. This is why you should revisit your strategy once a year to ensure that you are getting the right plan for your changing lifestyle.
-
Rise in Cost of Healthcare
In the last few years, India's healthcare system has vastly improved. It's all due to technologically sophisticated computers that can detect the disease early on. However, as a result of this progress, healthcare costs have skyrocketed. Treatment for a non-chronic illness can eat into your hard-earned savings. You don't want to have to pay those hefty medical bills out of your own pocket, which would throw your finances off. As a result, you should check your plan at least once a year to see if your insurance benefits can keep up with rising medical costs.
-
Pre-existing Diseases (PED)
Failure to review health policy can have a negative effect on the PED. For example, let's say a 2-year waiting period applies to a disease like cataract. By updating the coverage on a yearly basis, policyholders can learn about an insurance provider that offers a much shorter waiting period for pre-existing conditions than their current insurer, and at a lower premium.
-
Premiums And Coverage
In the health insurance market, there is a lot of competition. Insurance firms prefer to update service benefits for more illnesses and conditions as a result of the fierce rivalry. Cataracts, for example, were formerly uninsurable, but they are now protected as part of daycare treatment.
In a word, renewing your health insurance policy is a crucial process that necessitates your attention. As a whole, consider revising your plan in light of your current healthcare needs. Select the most suitable options available, compare plans, and, if possible, switch from your current insurance policy and provider. In the case of a medical emergency, having more comprehensive health benefits covers you financially. Make sure you have the best for your peace of mind.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
