Read about 10 things to note while renewing your health insurance policy. For more information, check out the health insurance policy from Zurich Kotak General Insurance.
To protect your family, purchasing health insurance is a responsible move in the correct direction. Health insurance plans serve as your financial shield in the event of an emergency medical situation, preventing you from depleting your resources to cover high hospital costs.
However, only purchasing the policy is not enough, you need to keep in mind that it is equally necessary to renew the insurance on time. If you don't, the policy will expire, and you will need to purchase a new one. In addition to losing continuity benefits, your waiting period will be reset under your new policy.
Let's look at a 10 points that you should keep in mind while renewing your health insurance policy online.
You need to renew your health insurance plan on/ before the due date if you want to continue receiving health insurance coverage. In the event that you forget to renew your policy in time, the insurance provider grants you a grace period of 15 to 30 days during which you can do so in order to prevent the policy from expiring.
The terms and conditions of health insurance plans are regularly updated; while most of these modifications are minor, they could have a significant impact on the chosen coverage. It is best to review the terms and conditions of the insurance policy before renewing it to ensure that it is still the best fit for you.
If there has been an addition or a death in the family, and the number of insured members has changed, or if you wish to include your spouse, dependents, and parents within the same health insurance plan, policy renewal is the time when you can do so. All you need to do is inform the insurance provider about your interest and they will take care of the rest.
It's a good idea to review your sum insured amount each year, whether or not you're adding new family members. As you get older, you become more susceptible to experiencing health problems. That's not all, medical inflation and the rising cost of healthcare facilities emphasise the need for a higher sum insured for better coverage. Therefore, increasing your sum insured amount on a regular basis is a wise decision.
You can enhance your current health insurance policy with the addition of add-on riders. These riders offer you an extra sum insured/ coverage over and above the coverage provided by your existing policy. As a result, you have a wider safety net in case you cross the limit of your sum insured.
Over the course of a year, it's possible that you've developed new health problems that you didn't have before. To guarantee there are no complications while you file a claim, be sure to let your insurance provider know about the same at the time of renewal.
If you have a previous claim settlement experience with the insurer, recall it to be sure how was it. If it has been good, you might wish to continue with the same insurer else, you can switch your insurance provider at the time of renewal. You can also read the customer review and ratings to form an opinion.
If you decide to switch your insurance provider when your policy is up for renewal, you can do so without sacrificing any of the benefits you've already earned.
At the time of renewal, it is a good idea to carefully evaluate the benefits you may have earned. Some insurers offer free annual check-ups, no claim bonus, or renewal deals and discounts. Check them out.
Once your health policy is renewed, inform your spouse or other family members so that they stay updated and can make a claim, if required. Next, follow up with TPA to issue updated cashless identification cards.
A health insurance policy's main objective is to provide financial support in the event of a medical emergency. Consider purchasing multi-year health insurance plans if you are completely satisfied with your insurer and do not anticipate any significant changes in your health in the next two to three years. This will save you the effort of renewing health policy every year.
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