What are the Important Things To Keep In Mind While Renewing Health Insurance

Having a valid health insurance policy provides you with a cover from a sudden accident causing physical damage to you or your vehicle. Hence, having a comprehensive health insurance plan is not only beneficial but rather optimal. However, it is essential to renew your health insurance policy on time to enjoy the benefits.

One has to be proactive and keep a track of all the dates to ensure that the health medical insurance plan is renewed on time. In case, such is not done within 90 days of the renewal time specified, you can lose the benefits from the medical insurance plan.

In the current times, where the insurance plan may be of great use at any moment, this can put you in a very difficult spot. Health insurance renewal is also the perfect time to make changes to your policy or buy a better one with improved coverage.

To help you with it, the following points shall be of great benefit. Follow the tips below to ensure you never miss your renewal date.

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1. Stick to the renewal date

Because every policy includes one-to-three-year exclusions, timely renewal is critical in health insurance. In some cases, pre-existing conditions may be excluded from coverage for up to four years. If you are a Coverfox user, the Coverfox app allows send you prompt renewal notifications to make sure that you do not miss your renewal date. You can always maintain a calendar to ensure that you count the health insurance renewal date is important.

 2. Analyze health risks and needs

Health risks and needs are influenced by age, socioeconomic status, gender, and work-life balance. It is critical to conduct a thorough risk assessment and analysis prior to acquiring a medical insurance policy.

Any changes in your health must be reported to your insurer when you renew your policy to avoid issues later if you need to make a claim.

3. Relook at the policy sub-limits

Buying health insurance requires a careful look at all clauses. A re-evaluation of your policy’s sub-limits can be beneficial in the post-pandemic context.

If your insurance includes a sub-limit of Rs 5,000 or Rs 10,000 per day for room rent, you may claim only that amount. Furthermore, the cost of various medical treatments and procedures is usually determined by the room fee paid.

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 4. Analyze if you need to bump up your sum insured

If your sum insured is not enough, this is the time to think of a top-up or buying a new policy after assessing various types of health insurance plans. Family health insurance plans with coverage of at least Rs 10 Lakh are ideal. If your current insurance is less than this amount, you should consider raising it to avoid a significant loss of money due to unforeseen situations.

5. Policy porting

If you’re unhappy with your existing insurance benefits, you might be able to move insurers without losing your eligibility for policy continuation benefits. One month prior to the event, the insurance company must be notified.

Health Insurance policy renewal can provide you with those benefits you could not choose or overlooked at the time of buying health insurance. If you run a company, you can check out group health insurance plans to cover you and your employees as well.

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