Reviewing health insurance plan not only offers insured broader coverage but also helps to save them on premium and help to overcome the effect of inflation and rising health costs.
Though a health insurance policy provides financial support at the time of a medical emergency but health risks and uncertainties are also part of life. So it is important to go for a health insurance plan which caters to the changing health insurance needs, but it should be keep in mind that health insurance policy is a yearly renewable contract; so, it is significant to review health insurance plan to ensure that insured don’t end up paying for the medical expenses from their own pocket. Here are some reasons listed below which will describe the necessity of reviewing a health insurance plan annually:
Changes in lifestyle: Insurance plan is a must review as the lifestyle changes often that can affect the policy; there are certain factors like age, travelling, stress levels, work environment, diet, eating habits etc. may change with time which can lead insured to more health disorders. As the healthcare has increased health care costs and instances of diseases so it is better to insure yourself with a health policy which can suit.
New products and features: Every month new health products are introduced in this huge insurance market; moreover that some insurance companies also review their existing health products to offer more protection to the customers.
Uprising medical costs: There is seen a dramatic rise in medical costs in India that has affected the insurance market also by raising the hospital bills, medical costs etc. That’s why it is never enough to depend on savings to cover health emergencies and it is better to review health plan to ensure health coverage is not affected due to the rising medical costs.
Different stages of life: Different major events may take place in everyone’s life which may or may not be planned but these events may affect the policy premiums that’s why reviewing health insurance coverage will ensure to add new members in the coverage.
Competitive pricing: There are large numbers of companies entertaining the health insurance industry everyday and these companies are also offering health insurance plans at an exciting price. So always review health insurance plans to choose better opportunities again and again.
May lose out the no claim bonus: Insurance companies may offer some additional bonus of up to 50% on the policy renewal in the form of NCB and without reviewing the policy, insured may lose out on the no claim bonus.