Renewing Your Health Insurance: Check this out...

New year has started and while we are all busy setting resolutions (some of which might not last beyond January ), there’s one task we absolutely can’t afford to skip - our health insurance policy. If you already have it, then this post will help you to understand various aspects we should look at while renewing our policy and if we don’t have it then this should be the first thing in the new year that we must get it.

Why we should not miss the Renewal?

If you don’t renew on time, even the 15-30 day grace period won’t save the benefits once it lapses. Here’s what happens next:

  Continuity benefits lost

In some cases, the waiting period you’ve already completed for pre-existing conditions (like diabetes or hypertension) will reset, meaning you’ll have to wait again before their coverage starts.

  Premium goes up

New policies could be far more expensive, especially as you get older or got some disease lately.

  Policy can be denied

Some health issues might make it hard (or impossible) to get new coverage.

  And no help when you need it most

Without health insurance, a sudden medical emergency could leave you paying a huge bill out of pocket and wipe out your entire savings.

Here are few things which we should check before renewing our existing health insurance policy:

 

 Check the sum insured/Bonus

Medical costs are rising. So, to make sure you don’t face a shortfall during future emergencies, it will be wise to upgrade your sum insured during renewal. While taking a new policy keep the current as well as future medical costs for deciding the sum assured. You should also look at the No Claim Bonus/Bonus which gets accumulated as we continue with the policy.

 Don’t miss out on the rewards

There are certain benefits available, which gets lapsed if not used during the year, so before you renew, check for benefits you can claim right now, like:

 Free health check-ups: Many policies offer an free annual check-up. Make sure to avail of it before your renewal date.

 Fitness rewards: Some policies offer discounts or perks for completing step goals or wellness activities. Use these asap!

 Explore add-ons or riders

Add-ons like critical illness cover or accidental disability benefits can give you an extra layer of protection. Renewal time is perfect for checking whether these make sense for you.

  Review policy’s T&Cs

Policies evolve, and may not always be for the better. Insurers can update terms & conditions. So go through your policy document carefully. If something doesn’t fit right, explore portability options to switch to a better policy.

 Know your Portability Options

If you’re unhappy with your current insurer, renewal is your chance to switch. Use the renewal period to shop around, compare benefits, and port to a plan that suits you better. Just remember that we need to start the porting at least 45 days before your renewal date.

Yes, I understand that renewing your health insurance may not feel like the most exciting task on your new year to-do list, but as we know, it’s one heck of an important one.

And yes, you really don’t have to do this all alone.

Set aside a few minutes this weekend to talk to an expert advisor, who can really help you understand the nuances and give you peace of mind. :)