Why should you review your Health Insurance on a yearly basis - Credihealth Blog - 5 minutes read
If you ask which is the most important investment vehicle in these unprecedented times, the most common answer would be ‘Health Insurance’. When you are purchasing health insurance, it is extremely important that you make the most of the insurance.
Health Insurance policy is not a piece of paper (or a document) that should lie idle in a corner. You along with your family members need to perform a detailed review of the health insurance policies on a year-on-year basis. Many insurance companies also offer custom made health insurance policies to address the ‘specific’ needs of their customers.
We are staying in a fast-paced world and many people (especially millennials) do not follow a healthy lifestyle. This is one of the primary reasons why many youngsters (in their early 20’s or 30’s) suffer from serious ailments. Having a health insurance policy can be of huge advantage in such difficult circumstances.
Here are some of the primary reasons why you should review the Health insurance offerings on a yearly basis:
In case you are not reviewing the health insurance policy, it could have a significant impact on the PED. For example, the waiting period for eye surgery like cataract can be two years. There is a possibility that you can save on your premiums in case you switch to another insurance provider.
You might miss out on this benefit if you do not review the health insurance policy on a timely basis.
No Claim Bonus
Most health insurance providers offer benefits under No Claim Bonus. Many professionals invest in health insurance only for tax saving purposes and have minimal understanding of its offerings.
When you review the health insurance every year, you might be in a better position to reap benefits under No Claim Bonus, which can lead to a reduction in your premium upon policy renewal.
Premium and Coverage
Like any other industry, the health insurance sector is also becoming more competitive. To stay relevant in the market, insurance companies come up with unique schemes or revised coverage so that more diseases are covered under the gamut of health insurance.
The classic example of this evolution is Cataract is now covered under daycare treatment.
Rising Medical Costs
Medical costs are rising with each passing day and you may end up paying hefty amount from your pocket if you (or your loved ones) do not have sufficient coverage.
Paying up hospital and medical bills can result in disrupting your financial plans. The worst-case scenario could be borrowing money from your friends & acquaintances if you do not have funds to pay those bills. This is where reviewing the health insurance plan will be handy, as you can change the health insurance coverage to cater to the rising medical costs.
Being fit and healthy does not mean that you do not require health insurance coverage. The type of lifestyle we live, the habits we pursue, and the food we consume have a direct impact on health. Apart from that, other factors such as age, traveling, work environment, stress, etc. can impact your mental & physical health in a big way.
Many people who are in their early 20’s and 30’s have serious health concerns owing to the rising stress levels and unhealthy food habits. It is essential to opt for a good health insurance policy so that you are prepared for anything that happens in the future.
The notion that you need to invest in health insurance only when you have health concerns is wrong and the sooner you start investing, the better it is for you (and your family).
Also Read : Everything You Should Know About Health Insurance Plans Before Choosing One
Arogya Sanjeevani Health Insurance – Reimagining the paradigm of Health Insurance
Now that you know about the advantages of reviewing the offerings of health insurance policy on a yearly basis, let us look at Arogya Sanjeevani Health Insurance from Royal Sundaram General Insurance. It is a health insurance policy that removes ambiguities associated with different insurance products offered by different companies. It intends to bring more uniformity in feature offerings and structure of the Health Insurance Product.
The policy can be availed for self or you also have the flexibility to include family members such as spouse, parents, in-laws, and dependent children (aged 3 years to 25 years).
The interesting part about the policy is that it can be purchased for a maximum period of one year. ‘One Policy Year’ also removes the burden from the policyholder since (s)he does not have to review the offerings on a year-on-year basis.
Apart from the regular benefits that are offered by normal health insurance plans, the Arogya Sanjeevani Health Insurance plan covers in-patient or part of day-care treatment (up to 50 percent of the sum insured) for modern treatments. The treatments covered under the policy are Uterine Artery Embolization and HIFU (High intensity focused ultrasound), Oral chemotherapy, Stem cell therapy, Intravitreal injection, Robotic surgeries, and more.
It is safe to mention that the health insurance sector is witnessing a massive change and we, the policyholders should embrace the change to reap benefits of the latest insurance offerings!
Disclaimer: The statements, opinions, and data contained in these publications are solely those of the individual authors and contributors and not of Credihealth and the editor(s).
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Source: Credihealth Blog
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