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Financial Year-end has come, keep these things in mind before renewing your health insurance

by Shatakshi Gupta

Ever since the pandemic hit the country badly, awareness among people about health insurance has increased a lot. The number of people taking health insurance has increased significantly in the last two years. Although people have bought health insurance out of fear, most of them do not review their needs before choosing health insurance. Apart from that, they neither review their policy and requirements while renewing the policy after taking the insurance.

It is important to understand here that, the health insurance requirements can change over time and one should keep on updating policy accordingly. Well, if you have ignored all these aspects, we are here to help you. The financial year is about to end and this is the time when you should review your health insurance policy and renew it according to the requirements of you and your family.

 Reappraisal of Sum Assured:

Read more: Keep These 5 Things In Mind While Purchasing A Health Insurance?

 One of the most important things that we ignore during the reassessment of sum assured is inflation. It is pertinent here to understand that the treatment and hospitalization expenses in India are increasing rapidly. Hence your health coverage and sum assured should also increase.  If you had less coverage earlier, you can increase the coverage. At present, a health cover of Rs 10 to 15 lakh may be sufficient for a normal family. Choose your Sum Assured based on your family members and any existing ailments.

 Update the illness list:

 While renewing a health insurance policy people often mention only the pre-declared diseases to save premium and do not furnish information about any new disease.  Whereas according to the conditions of most insurance companies, it is also mandatory to declare new diseases apart from old ones. This underreporting can cause serious problems during claim settlement. Apart from this, there will be a fresh waiting period while porting the policy.

 Choose add-on covers:

 Always check add-ons while renewing your health insurance. These add-ons offer you additional benefits.  You can add multiple riders like critical illness cover, ambulance service, hospital cash allowance, maternity, and newborn benefit for a little extra cost.

Update family members list:

Read more: If you think your health insurance is rejected on mala fide grounds, Here’s what to do

While renewing health insurance, a new member of the family can be added or an old member can also be removed. If a new member has been added to your family, then add him to the policy, similarly, if any family member is going out of scope, then inform the company.

Renew in advance:

Usually, 45 days prior to the renewal date, a reminder is sent by the insurance company to the policyholders. The reminder contains important information like policy details, sum assured, claims made so far, their types, and no-claim bonus. It should be read carefully and in case of any disagreement, inform the insurance company immediately.

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