Top 3 Points to Remember Regarding Health Insurance Renewal

What happens when your subscription to your favorite online movie streaming website expires? You stare in into oblivion pondering what to do next? Or you simply renew the subscription and binge watch the latest movies and web series? The second option is more likely to happen, right? For non-millennials, it is the same with your cable/DTH tv connection.  

Top 3 Points to Remember Regarding Health Insurance Renewal - Acko

Same is true for health insurance as well. You have to opt for health insurance policy renewal to avail its benefits. Insurers do not cover for the hospitalization expenses incurred by you after your policy has expired. Thus, renewing the policy before its expiry is always a good option. 

Top 3 Points Related to Health Insurance Policy Renewal

  •   Reassess your situation

Insurance companies often send renewal reminders when your policy is about to expire. However, it is a good idea to set a reminder yourself in your mobile or write it down in your notes as well. A fortnight before the expiry date is an ideal time to revisit your health situation and choose a policy accordingly.

Health insurance plans in India are usually purchased for a year. And a lot can happen in a year! For example, if you have changed a job and the new company provides you a health plan just for you but does not cover your family, you might want to purchase a family floater plan on your own. Newly-wed individuals might want to consider a maternity cover.

  •   Lifetime renewability

Earlier, there was an age limit beyond which one couldn’t renew health insurance plans in India. People above 65 years of age used to find it difficult to renew their policy. However, recent changes made by the Insurance Regulatory and Development Authority of India (IRDAI) regarding renewability have turned the above-mentioned clause into lifetime renewability.

Just because you had raised a claim in the previous year, the insurance company shouldn’t refrain from renewing your policy. The IRDAI has stated that a health insurance policy should be renewed unless:

–          There is a case of fraud

–          If a policy is purchased with the intention of raising a false claim

–          In case there is some sort of misrepresentation

There might be some specific plans that have a limit on renewability. The renewability period for such plans shall be mentioned on the website itself. Make it a point to check the renewability criteria of health insurance plans in India before purchasing. Also, buy a health insurance policy at an early age as the premium might be high if you purchase a health insurance policy at a later stage in life.

  •   Compare and buy/renew

Ensure to compare health insurance policies online before you buy or renew them. Comparing health insurance policies can get you closer to your ideal policy. Compare the policies based on the following points:

–          Waiting period

–          Co-payment

–          Sub-limits

–          Day-care coverage

–          Room rent

–          Cashless health insurance

–          Network Hospitals

–          Cover

–          Premium

–          Claim settlement

Health Insurance is a Must

When even one person suffers from an illness in the family, the entire family faces its repercussions. The impact is felt mentally, as well as financially. Everyone cannot afford the rising hospitalization costs. Financial support in the form of cashless health insurance can work wonders in such cases.

You might purchase a policy with a certain coverage in mind while in fact, the same might not be covered as per the technicalities mentioned in the policy document. Understand the inclusions and exclusions of a policy and make an informed choice. Do not overlook the terms and conditions.

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