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Why Should You Review Your Health Insurance Plan Every Year?

Published On Jan 22, 2022, Updated On Jan 23, 2022

We all live in a fast-paced world where human existence is unpredictable. A tragic occurrence can occur, resulting in a lengthy stay in the hospital. It may be difficult for everyone to pay escalating hospitalisation costs and health-care costs. A health insurance coverage for yourself and your family members is required to cover your medical bills.

A yearly contract between you and the insurance provider is known as health insurance. When a health insurance provider agrees to cover your hospitalisation expenditures up to the sum insured amount in exchange for premiums paid, this is referred to as a "sum insured agreement." To understand more about reviewing health insurance plans, read on.

Why Should You Review Your Health Insurance Plan Every Year?

Top Reasons To Review One’s Health Insurance Plans

Following are the top listed reasons to review one’s health insurance plans -

1. MEDICAL CONDITIONS - It's possible that you'll be perfectly OK at the time of your health insurance policy's issuance. However, typical health conditions such as blood pressure, diabetes, and others may occur over time as a result of a change in lifestyle. When assessing your health insurance coverage, it is critical to research and enlighten yourself on your medical issues.

2. LIFESTYLE CHANGES - The type of lifestyle you lead is one of the most important factors to consider while reviewing your health insurance coverage each year. Age, stress, job environment, eating habits, and other variables can all contribute to lifestyle changes. When people are subjected to such lifestyle changes, they are more likely to develop various health problems.

3. NEW PRODUCT FEATURES - In recent years, the insurance business has experienced tremendous expansion. People are beginning to understand the significance of having health insurance. Innovative insurance products have been launched by health insurance providers. In the insurance business, a lot of plans have been created that give broad features to cover the bulk of your healthcare bills. You may determine whether you need to update your current health insurance coverage to a new one by examining it once a year.

4. INCREASE IN COVERAGE - Given the rising cost of medical care, you may want to reconsider the quantity of coverage in your health insurance policy. You can expand your coverage by adding a critical illness rider or a top-up plan to your current policy, or by purchasing a separate health insurance policy.

5. NO CLAIM BONUS - The majority of health insurance firms offer policyholders a no-claim benefit. It is a bonus that is given after each year of no claims. Depending on the insurance carrier, the proportion of a 'No Claim Bonus' may differ. You will comprehend your coverage level and will not lose out on the bonus if you study your health insurance policy.

6. CHANGES IN PHASES OF LIFE - A person's life is always changing; for example, switching jobs, getting married, starting a family, buying a house, and so on are all frequent occurrences that occur during one's lifetime. As a result, it's one of the most compelling reasons to examine your health-care policies on a yearly basis. An example will assist you in better understanding:

Let's say you weren't married when you bought a health plan, but you were married when your insurance was up for renewal. This is a life-changing event, and you must now safeguard your spouse from any financial difficulties. As a result, it's critical to evaluate your health plan to ensure that your partner is covered as well.

7. PRE-EXISTING DISEASES (PED) - The PED may suffer as a result of a failure to examine health policy. Let's imagine you have a 2-year waiting time for an illness like cataracts. Policyholders can discover an insurance carrier that provides a substantially shorter waiting time for pre-existing conditions than their current insurer, and at a lower cost, by upgrading their coverage on an annual basis.

Endnotes

The ability to pay pre-and post-natal expenditures is a very useful and advantageous feature. Any health insurance plan that includes these is comprehensive and well worth the money.

Also Read: Importance of Getting Health Insurance That Covers Home Treatment

Benefits of Senior Citizens Red Carpet Policy offered by Star Health & Allied Insurance

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.

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