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There was a time when most people in our country didn’t think health insurance was necessary. However, after two turbulent years of the COVID-19 pandemic, that is no longer the case.
As an element of stability in the face of uncertain events, health insurance has found its rightful place as an essential part of the financial planning of each household. The next important step in this evolutionary process is making sure you have the right health plan.
Last year, India experienced medical inflation of 14%, the highest in Asia. As a result, health insurance premiums have skyrocketed, making protection more expensive for consumers. Rising medical expenses are a good reason to review your health insurance needs.
The best time to do this is when your policy renewal date expires. This will avoid an additional wait for extended coverage.
The time of renewal is when a responsible policyholder must decide to carefully pause, rethink and update. Here’s what you need to know to get the most coverage when upgrading from your current plan.
Check your insured capital
Renewal should be treated the same as an annual physical. Once a year you go to the doctor to evaluate your health. Also, before the contract renewal date, you should review and evaluate your health insurance coverage.
Your current health insurance coverage may not be enough to meet all of your health care needs that may arise. This may not be in line with rapidly rising healthcare costs. All insurers offer you the option of increasing your insured capital by extending it.
The advantage is that there is no waiting period, unlike switching to a new health insurance company, which can have a four-year waiting period for pre-existing conditions. In the post-Covid world, health insurance worth at least Rs 1 crore is essential for every individual.
Decide on a great recharge plan
In case of hospitalization, the bill may exceed the existing insured sum. In order not to get into this difficult situation, it is advisable to purchase an additional super plan. This gives you a fail-safe safety net without having to opt for a higher premium or take out another policy.
For example, if you already have health insurance coverage of Rs 10,000, you can purchase a super supplement plan with an insured amount of Rs 90,000 and a deductible of Rs 10,000.
It’s easier for hospitals to coordinate with one insurer at all times, so it makes sense to buy a Super Supplement plan from your current insurer. Super Extra Fees also cover pre- and post-treatment costs, as well as pre-illness (with waiting time) and care. The price paid for super fares is also tax deductible under Section 80D.
consider using it
If your current policy no longer meets your needs or the level of service you receive from your current insurer, you can use the renewal period to transfer your policy.
This means you can transfer your current policy to another insurance company of your choice while retaining your increased continuation benefits.
Remember that portability can only occur at the time of renewal. In addition, you must notify your current insurance company 45 days prior to your policy renewal date.
Report any new illness or condition
Health insurance renewal is essentially a new contract with the same terms as last year. However, your health profile can change significantly throughout the year.
If you read the terms of the policy carefully, you will discover that even if the insurer is unable to load the policy due to a negative claims experience (due to regulations of the Insurance Regulatory and Development Authority of India), documents will be required. /information before issuing the Health Insurance Extension Agreement.
For security reasons and in the interests of good faith, it is advisable to inform the insurer of any such change. Let them make a decision about your policy on that basis rather than risk being denied at the time of claim. This ensures you get maximum coverage even in the most unpredictable situations.
In general, renewal time is the time to review your insurance needs and increase coverage if necessary. The sooner you max out your coverage, the better, as you avoid the risk of an excessive premium.
So be careful and take full advantage of your health plan renewal, it can be a great opportunity to protect yourself and your family.