Having a health insurance policy is a great asset in the modern world where the medical expenses are skyrocketing each day. Health insurance can safeguard you against unexpected medical bills which otherwise will cause a dent in your savings. If you already have health insurance, you must renew it annually. Keep in mind the following factors before you renew your health insurance policy.
- Availability of Cashless hospitals – One of the best perks many insurance companies offer is the cashless facility wherein the company will directly settle the bills with the hospital. Before you renew, make sure that the cashless facility is available near your residence. If the company has more number of such hospitals it is also an indicator of the credibility of the company.
- Change in premium amount – Be aware of any changes in your premium amount. Use a health insurance premium calculator to compare and calculate the premium. This will get you a wholesome idea of the factors covered under the policy against the premium being paid.
- Attractive Cumulative Bonus – Cumulative Bonus is the bonus offered when you do not make a claim the entire year. This bonus either materialise as a discount in the premium or as an additional sum in the sum-insured amount. Ensure that your present company offers an attractive cumulative bonus.
- Complimentary free checkup – Some insurance companies offer complementary health checkups annually. While you renew your premium make sure you have this benefit since prevention is always better than cure.
- New additional benefits offered – Each year insurance companies would revise their offers and benefits to attract more customers. While you renew your policy check if your insurer is offering anything new. If you know of other companies that offer additional benefits on renewing, switch your insurer.
- Customising policy with new add-ons at the time of renewal – With each passing year, you might need to customise your policy to better suit the changes that are happening to your body. Your insurer must be flexible enough to provide you with a new add-on while you renew your policy.
- Changes in terms and conditions by the IRDAI and insurer – It is a grave mistake not to read through the terms and conditions provided by your insurer. Make sure you take your time and thoroughly read through the terms and conditions on which your insurance policy is based on before signing upon it.
- Disclose new illness to the insurer – If over the course of a period you have developed any new illness, you must inform it to your insurer. If you hide it from the insurer and then try to claim the policy, you will be denied the claim.
- Add new members to the policy – At the time of renewal, you must have the benefit to add new members of your immediate family to the insurance policy such as your spouse or parents. This will also help in tax reduction.
- Option to increase the sum insured – Most companies offer the benefit of increasing the sum insured while renewing the policy. It is best to analyse the current health situation and increase your sum insured amount accordingly.
What should be done if you find out that your current insurance is not as good as others in the market?
You can transfer your current insurance policy from your old insurer to a new insurer using the health insurance portability feature. This feature is universally available with every insurance company. You always have the freedom to port your insurer. While you transfer the policy, the waiting period and cumulative bonuses will also get transferred to your new insurer. This way you will not have to wait all over again and your cumulative bonus will still be intact. Besides this, all the current insured members and current sum insured will also be ported.