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Ref. No. KLI/22-23/E-BB/492
A health insurance plan provides financial security against medical emergencies that may occur at any time. Here are the most crucial reasons that you need to know.
A health insurance policy is a powerful tool that provides financial security against medical emergencies that may occur at any time. But, it is vital to assess your specific healthcare needs to purchase the right type of policy and get the maximum benefit from it. And the best way to do so is to keep reviewing your health insurance policy every year.
As you grow, both professionally and personally, your health requirements also evolve at different junctures of your life. Therefore, it is vital to make suitable changes to your health insurance to make the most of it.
Let us look at a few crucial reasons why you must review your health insurance policy every year.
Scope of coverage
As healthcare in India evolves, insurance companies also make changes to their health insurance plan and add coverage for more diseases and treatments. If you’ve bought a health insurance plan with a set of illnesses covered, make sure you review your plan every year so that you can understand what other treatments have been added and ask for modifications to your plan accordingly.
Latest Policy Features
Technology is advancing at a breakneck pace, and even products like health insurance are benefiting from the digitisation of the world. Your existing policy may become outdated if you don’t review it regularly. You’ll come to know all about your policy’s latest features and benefits only if you review it during renewal.
Insurers usually set a waiting period of six months to three years for certain pre-existing diseases. If you keep reviewing your policy, you may find that other insurance products are available with lesser waiting time, and you can switch accordingly. The same can be true if other insurance products are offering similar benefits at a much lower premium.
Changes in Lifestyle
Possibly the most important reason to keep reviewing your health plan is your changing lifestyle. As one grows older, professional stress, lack of exercise and other factors can take a toll on your health and wellbeing and put you at a higher risk for lifestyle diseases like diabetes and high blood pressure. So, you must review your policy regularly and modify it to include illnesses that are more common as one grows older.
When you’re single, you may have bought an individual policy covering medical expenses only for you. However, when you start a family and have children, you also must consider the well-being of your spouse and children. Thus, it becomes necessary to upgrade your health plan to include your family.
Like all plans for the future, health insurance plans also must be closely scrutinised every year. No aspect of your life remains the same as time passes. And hence it is imperative to review your health insurance plan and make changes to it so that it is more suitable to your changing healthcare needs.
Ref. No. KLI/22-23/E-BB/2435