*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
The fascinating time of the year has arrived. Yes, we’re talking about Christmas and New Year. As the festive season starts with Diwali and ends with Christmas, people in India have lots on their bucket lists. Those golden evenings after office when you enjoy sipping hot coffee at CCD, prepare for Christmas, hog over sweets and cakes that end with super crazy shopping are some signal that you’re up to having a good time ahead. Just like good times don’t remain forever; your health insurance policy is no exception!
It is highly recommended that you should explore health insurance plans before buying one. First, you need to analyze your requirements and then check if the plan you are inclined towards is as per your needs. If you are satisfied with the services and coverage offered by your existing health insurance plan, you may not like to explore anymore plans.
As you renovate your house or refurbish the furniture, it is equally important to review your family health insurance plan as well. However, before that, you should know when and how to evaluate your health policy.
To evaluate a health insurance policy, you need a hands-on knowledge of what actually brings changes in your insurance needs. Here are some situations:
You, all of a sudden, hear something mean about your insurer, i.e. regarding claim settlement or reimbursement; review the policy immediately. Compare claim settlement ratio of your insurer with that of other insurers. If you find a better deal, then switch to that particular insurer without hesitation. It is better not to compromise on your health and stick to the one that does fulfil its promises.
If you are going through one of the above-motioned situations, then it is certainly YES for you to take a call on this!
Save More - While buying the best health insurance policy, there is no hard and fast rule that you’ll have to stick to the same insurer or the same plan. When you can get better tailor-made plans to meet your requirements, why stick to the same plan that offers limited coverage. Even switching to another insurer may save you money. The main reason why you might want to switch your existing health plan is the premium. If another insurer offers a plan with similar or better coverage at a cheaper price, then go for it.
In the past, people used to be happy with little and whatever was given to them. But, time has changed; now customers know their needs well and with increasing Internet awareness, it has become more convenient to choose the right insurance deal. You too should utilize it by re-evaluating the existing plan.
Limited nearby Network Hospitals - This can be one reason that you may need to re-evaluate the coverage of your plan. The network hospitals in your vicinity may shift and you find commuting to another hospital in the nearest locality a hassle. It is also annoying to know that the nearby hospitals in your locality no longer accept your insurance. Here, you need to look for the insurance companies with a bigger network of hospitals, which are within your vicinity and cost-effective too.
Inflation Touches healthcare Sector - With inflation, healthcare expenses appear sky-high. In this scenario, you surely need health insurance policy to beat the expenses arising from a medical emergency. A health insurance plan covers hospitalization expenses, pre and post-hospitalization costs that may definitely leave you bankrupt. Here’s why at the time of buying a plan, you should be calculative about choosing the coverage.
No Co-Pay - Co-pay is clause in your insurance policy, which states that you and your insurer agree on payment that has to be made during a claim for medical expenses. Here, you make one part of the payment and the rest of the payment is made by the insurance company. We suggest avoiding opting for a plan with co-payment. You can reduce your premium to a certain amount, though. Don’t choose this option if you’re above 40 years. Therefore, if your current insurance policy includes co-payment clause, it is time to review the plan and switch to a new one.
Policy Features may Attract You - Until and unless you don’t shop around, you cannot know what others are selling. If you stick to one insurer, you only know what is offered by your insurer and consider that the best you can get. However, when you compare multiple plans online and check the benefits and coverage, you may find more attractive than yours. Some insurers come up with additional benefits, such as NCB, restore benefit, room rent etc. that your insurer might not offer. Re-evaluate your policy the moment you feel you’ve wasted a huge chunk of your hard-earned money.
So, the point is whether you buy a plan recently or have bought a few years back, don’t forget to review it periodically. With time and lifestyle changing rapidly, it is necessary that your health insurance policy is best fitted as per your requirements.