10 Points to remember while renewing your health insurance policy

Health insurance is a vital tool to protect yourself and your family from the financial burden of medical expenses. However, health insurance policies are not static and need to be renewed periodically to ensure that you get the best coverage and benefits.

Renewing your health insurance policy means that you agree to continue your contract with the insurer for another term, usually one year. During this time, you pay a fixed amount of premium to the insurer and in return, the insurer pays for your eligible medical expenses as per the policy terms and conditions.

There are many reasons why you should renew your health insurance policy on time. First, it helps you avoid any lapse in coverage that may expose you to unforeseen medical risks and costs. Second, it allows you to benefit from any new features or enhancements that the insurer may offer in the new policy term. Third, it gives you an opportunity to review your policy and make any changes or adjustments that suit your current needs and preferences.

Renewing your health insurance policy is a smart way to secure your health and peace of mind. By doing so, you can enjoy uninterrupted access to quality healthcare services and save money on medical bills.

Here are 10 points to remember while renewing your health insurance policy:

1. Check the renewal date and premium amount: The first and foremost thing to do is to check the renewal date and premium amount of your policy. You should renew your policy before the expiry date to avoid any lapse in coverage or penalty charges. You should also compare the premium amount with the previous year and see if there are any changes or discounts available.
2. Review your coverage and benefits: The next thing to do is to review your coverage and benefits and see if they meet your current and future needs. You should check if there are any exclusions, sub-limits, co-payments, deductibles, waiting periods, or pre-existing conditions clauses that may affect your claim settlement. You should also check if there are any value-added services or features such as wellness programs, free health check-ups, cashless facility, etc.
3. Update your personal details: You should also update your personal details such as address, phone number, email id, nominee name, etc. in case of any changes. This will help you to receive timely communication and notifications from your insurer and avoid any hassle or delay in claim processing.
4. Add or remove members: If you have a family floater policy, you should also consider adding or removing members depending on your life stage and family size. For example, you may want to add your spouse or children or parents or remove them if they have their own policy or are no longer dependent on you. You should inform your insurer about these changes and pay the additional or reduced premium accordingly.
5. Opt for a higher sum insured: Another thing to consider while renewing your health insurance policy is to opt for a higher sum insured if you can afford it. This will help you to cope with the rising medical inflation and ensure that you have adequate coverage for any unforeseen medical emergencies. You can also opt for a top-up or super top-up plan that provides additional coverage beyond your base policy.
6. Look for portability options: If you are not satisfied with your current insurer or policy, you can also look for portability options that allow you to switch to another insurer or policy without losing any benefits or continuity. However, you should do this at least 45 days before the renewal date and compare the features, benefits, premiums, and claim settlement ratio of the new insurer or policy before making a decision.
7. Claim your no-claim bonus: If you have not made any claim in the previous policy year, you can also claim your no-claim bonus (NCB) that gives you a discount on your premium or an increase in your sum insured. The NCB can accumulate over the years and provide you with substantial savings or enhanced coverage.
8. Read the policy document carefully: Before renewing your health insurance policy, you should also read the policy document carefully and understand all the terms and conditions, exclusions, limitations, and clauses that may affect your coverage or claim settlement. You should also check if there are any changes in the policy wording or features from the previous year and clarify any doubts or queries with your insurer.
9. Pay online and get instant confirmation: The easiest and fastest way to renew your health insurance policy is to pay online through a secure payment gateway and get instant confirmation of your renewal. This will save you time and hassle of visiting the branch office or contacting an agent. You will also get a soft copy of your renewed policy document on your email id.
10. Keep a copy of your renewed policy document: Finally, you should keep a copy of your renewed policy document in a safe place and carry it with you whenever you visit a hospital or doctor. You should also share it with your family members or nominee so that they can access it in case of an emergency.