Key things to keep in mind during Health Insurance Renewal
A health insurance policy for an individual offers the insured person coverage for any medical expenses he incurs during the policy tenure. The costs covered can be the hospitalization costs, pre- and post-hospitalization expenses, compensation for the loss of income during hospitalisation, ambulance charges and more. Along with these, there are additional riders too, which can be added to the existing insurance plan to make it more comprehensive.
Health Insurance Renewal
As the name suggests, health insurance protects you in case any mishap happens, and like every other kind of insurance, the policy needs to be renewed every year for continuous protection of your health. There are various sites selling insurance policies which can be used to renew your insurance policy as well. Also, nowadays there are various websites available where one can compare various policies and choose the best one for themselves.
Things You Should Remember While Renewing Health Insurance
Renewing health insurance is not difficult. However, there are some things that you need to look out when you compare health insurance plans for your family online before renewal.
Reviewing the Renewal Terms
Insurance companies are required to send the insured person a notice, 45 days prior to the expiration of his policy. This notice contains all the important information about your insurance, such as the number of claims made, bonuses, insured sum, etc. The policyholders must be careful and thorough while going through all the terms, and report any form of mistakes to the insurance companies.
Looking for Other Options
Nowhere is it written that a person needs to stick with the same company’s policy. There is an option for the policyholders to shift their insurance policy to another company if they are not happy with their current insurer. So, keep your options open and choose another insurance policy if you feel it provides more benefits or it fits your needs better, as there are many insurance companies giving out various no-claim bonuses and other perks along with health insurance coverage.
Evaluate Your Insurance Needs
With the ever-increasing costs in today’s time, it is important that you evaluate your insurance needs for your present as well as your future. Based on your requirements, choose a higher sum insured than the present, or maybe add the various riders offered by the insurance companies to keep yourself insured fully.
Tips for Renewing Your Health Insurance Policy
Health insurance policy is much like other policies. You have to keep renewing your policy in order to be continuously insured. These are some important tips to keep in mind for renewing your health insurance policy
Tax Exemption under section 80D
Mediclaim insurance is a type of health insurance that provides you tax exemption in accordance with the tax laws of India. You can enjoy tax benefits and exemptions on various riders.
Assess Insurance Policy Requirements
It is important for a policyholder to assess his insurance needs for the present and the future. If he is planning on extending his family or to get married, the person can opt for a maternity plan to ensure the safety of his family, or change his insurer to suit his future needs at the time of renewal.
Read Policy Document Carefully
It is very important for a person to read the policy document before renewing his policy, as companies are always adding new clauses which may affect your policy.
In conclusion, these are the things to be kept in mind while renewing your health insurance.