Reasons to Review your Health Insurance Plan Every Year
Updated On Jul 30, 2021
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None of us can predict what will happen next in our lives as all of us live in a world of uncertainties and unpredictability. Despite the fact that you are taking great care of your health and body by following a strict diet and exercising daily, any unfortunate event can take place. And with the increase in the healthcare expenses, it is imperative to purchase a health insurance plan. Under a health plan, insured is covered financially against any kind of health related expenses and hospitalisation bills that can incur during any health emergency.
A health insurance plan needs to be renewed on an yearly basis in order to continue receiving the coverage and benefits. Thus, it is important to renew your health insurance plan on a yearly basis so that when any medical emergency knocks at your door, you don’t end up paying it from your own pocket.
Reasons to Review Your Health Insurance Plans
Given below are some of the major reasons as to why you should renew your health insurance plans yearly:
New FeaturesWith the digitization of the insurance industry and several insurance providers offering digital services has led to the introduction of various innovative insurance products. They provide improvised insurance plans having new benefits and extensive features every year. By regularly reviewing the plan, you would come to know regarding various new health insurance schemes with enhanced features.
Lifestyle ChangesAs we get old, we become more and more vulnerable to lifestyle diseases. With a sedentary lifestyle, food adulteration, lack of exercise, stressful work environment, and pollution, we are at a radar of attracting these diseases more and more towards us. The treatment cost associated with these lifestyle diseases are also on a higher end. Thus, it is only wise to review your health plan and customize it according to the ever-changing scenario.
Changes in Life PhasesA human life is subject to constant changes i.e. you switch jobs, get married, start a family, purchase a house,etc are some of the common events that usually happen in the lifetime of any individual. Thus, it is one of the important reasons to consider reviewing your health plans on a yearly basis. An example would help you in understanding better:
For instance, Let us suppose that when you purchased a health plan, you were not married, however during policy renewal you were married. This is one of the life changing events and now along with you, you also need to protect your spouse from any kind of financial troubles. Thus, it is important to review your health plan, so that your partner also receives health coverage.
No Claim BonusMost of the health insurance companies offer No Claim bonus to their policyholders. No claim bonus depends upon the claim free years and the percentage of discount offered can range accordingly. If you review your health plan on a yearly basis, then you wouldn’t miss out on NCB or receive less discount. In case, you do not receive the right NCB, then you may end up paying an additional premium amount.
After going through the afore-mentioned points, you must now agree on how significant it is to consider reviewing your health insurance plan at regular intervals. While, when you are already paying a hefty premium amount, then why not get your health plan upgraded to your contentment.
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.