7 Benefits of Annually Reviewing Your Health Insurance Plan

ByLily A Singh

Health insurance plans cover you and your family financially against health-related uncertainties. However, it is upon you to draw the best from your health insurance plan. Choosing the right health insurance product in tandem with your changing health care needs is of great value. 

And one of the most effective ways to keep your health insurance policy the best for you is reviewing it every year. Reviewing your policy in detail helps you get to a customised product that is perfect for you. Of course, to own an apt health insurance plan, you have to start with an excellent health insurance plan. 

After purchasing the plan for the first time, you might think it will serve you for decades. But you might be wrong assuming that. It may go unnoticed to you, but your health insurance requirements keep changing as you grow old and move through different life phases. Regularly reviewing your health insurance portfolio is of significant importance. So, you must periodically review your health insurance plan so that it can serve you in a critical time. 

The 7 benefits of reviewing your health insurance plan annually 

  • Add latest digital insurance solution benefits to your plan 

India is a developing country, and so is its insurance market. Health insurance companies in India are growing, and the market is evolving every day. The Indian populace realises the need of owning a health insurance policy, more so after Covid. 

With the increase in demand for different types and features of health insurance plans, the health insurance companies are bringing in new, innovative and beneficial plans and features that can attract new customers. If you review your policy annually, you can know about the latest products and features in the market and put them to your use. 

With the digital revolution and transformation in businesses in India, new-age insurance companies are offering innovative digital insurance solutions every year. You got to know about the new in health insurance to benefit from it. 

  • Possible reduced waiting period towards pre-existing diseases (PED) coverage 

Not reviewing your health insurance plan can impact your PED coverage. For example, for a disease like a cataract, a two-year waiting period is applicable. Suppose you have the habit of reviewing your plan. In that case, you might discover an insurance company that provides a much lower waiting period on coverage of cataract disease and that too at a lower premium. You always have an option to port your policy. 

  • Getting No Claim Bonus discounts 

Insurance company offers a good No Claim Bonus (NCB) for every claim-free year. The bonus percentage can be anything between 100 to 150 percent. 

If you are not making a single claim in a given year, you are eligible for the NCB discount on your premium rates at the time of renewal of your policy. For plans like ManipalCigna ProHealth, the bonus is guaranteed, even when you do make a claim. 

  • Possible to customise your plan as per change in lifestyle 

The cost of your health care is greatly affected by your lifestyle changes. We have become dependent on using technology for performing many of our tasks. Things such as age, work environment, stress level, lack of exercise, living conditions, unhealthy eating habits, and behavioural factors influence your health conditions. Lifestyle changes resulting from remaining seated for prolonged times have made us more prone to lifestyle diseases. 

Your current insurer may not be covering lifestyle diseases such as diabetes. On the other hand, specific policies do cover or give an option to add diabetes as a part of policy coverage. Reviewing your policy before renewing it can help you in porting policy as per your needs. 

There is a possibility of you developing any of the lifestyle diseases. So, it is wise to review your health insurance policy and customise it according to your lifestyle. 

  • Alter policy coverage as per the prevailing healthcare cost 

Thanks to technically advanced machines able to diagnose diseases early, the Indian healthcare sector has improved drastically. On the flip side, because of this advancement, healthcare cost also has risen. Treatment for a non-chronic disease can exhaust your life savings. 

To not pay such hefty medical treatment bills from your savings, review your plan annually to check if your health coverage is enough to cover the rising medical costs. 

  • Update policy as per your phase in life 

Your policy requires changes in tandem with the major events taking place in your life. For example, you buy a policy when single, but you get married before the policy’s next renewal. In such cases, when you have added responsibilities, you are required to enhance your cover and opt for a different type of policy, like a family floater to meet all your healthcare needs. 

It is an excellent practice to review your health insurance plan annually. When you are planning a family, re-evaluating your and your family’s healthcare needs are essential. You can check every year if there is a feature or an add-on that covers newborn baby expenses and get that feature added to your policy at the time of renewal of your policy. 

  • Have information on revised coverage benefits and premium 

Competition is intense in the health insurance industry. Due to such fierce competition, health insurance companies often revise their coverage benefits to include diseases and ailments every year. For example, earlier insurers didn’t use to cover some diseases under health insurance. But today, the same diseases are covered under daycare treatment. 

Conclusion 

Thus, if you know such benefits and additions in the health insurance industry, you can add them to your plan. They can be a helpful bunch of additions to your health insurance plan that can prove to be useful in the future.