Things to remember before renewing your health insurance policy
Renewing your health insurance policy on time is as important as purchasing it so that you can continue enjoying the benefits of the policy. But similar to how you purchase an upgraded mobile or laptop once in a few years, your existing health insurance policy should also be updated with add-on features every year. Here are a few points you should check before renewing your health insurance policy.
Review your insurance needs
With the rise in healthcare costs, your current policy may not provide you with sufficient insurance coverage. If you were recently married, had a child or your parents are senior citizens it is crucial to increase the coverage and include the new family members in the existing plan. Examine your present and near-future medical needs and enhance the sum assured amount before proceeding with the renewal.
Research for other options
If you are not happy with your current insurance provider, you can always transfer your policy to another insurer. Look at what other insurance companies have to offer and, if the advantages are better, switch to them.
Examine your health
Take a medical checkup before renewing your insurance to ensure that your medical condition has not changed. For example, when diagnosed with hypertension after a medical checkup, you should inform your insurer to avoid having your claim denied.
Review policy terms and conditions
While renewing your insurance policy, it is mandatory to go through the terms and conditions as there may be some changes made to it by the insurance company. If you have any queries about the conditions, reach out to your insurance provider and get them clarified.
Claim your bonus
Insurers give policyholder the NCB or No Claim Bonus as an incentive, if the latter do not file any claims throughout the year. If you haven’t made any claim the previous year, make sure you receive the bonus from your provider.
To summarise, do not renew your health insurance policy without first assessing your current needs and always pay your premium renewals on time.
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