Renewing Health Insurance? Factors To Consider Before Moving Ahead

Access to quality healthcare is one of the necessities for a long and healthy life. Timely prevention and cure of medical conditions ensures that you continue to live life the way you want to.

Unfortunately, medical emergencies can unexpectedly turn your life upside down, and take a major toll not only on your health but also on your finances.

High medical expenses are a major burden for many families in India. The cost of medical treatment is rising in the country. It underlines the need to be prepared for the worst when it comes to financing medical expenses. To tackle this possible challenge, one of the best things you can do is to buy health insurance. Depending on the coverage, medical insurance plans can take care of expenses such as prescriptions, pre- and post-hospitalisation costs and visitation costs.

To make it easier for you to decide on renewing health insurance, here are some of the factors you must consider before proceeding.

It is essential to check the expiry date of your health insurance and renew it beforehand. To maintain uninterrupted coverage, ensure your policy is renewed before its expiry. Additionally, the renewal premium is often lower than the standard premium for a new policy.

Evaluate your current coverage needs and anticipate any future expansion. Consider your recent medical history and any emerging health concerns since purchasing or last renewing your policy. If you expect a need for greater coverage, enhance your plan by opting for add-ons to ensure comprehensive protection.

The claim settlement ratio reflects the percentage of claims an insurance company settles out of the total claims received, indicating its reliability in honouring claims. Before renewing your health insurance policy, check the insurer’s claim settlement ratio and compare it with other available options. If you have encountered difficulties in settling claims previously, consider switching to a new insurer instead of renewing your existing coverage.

It is only logical to maximise your coverage and savings at the same time. That's why you must compare the premium for your existing policy with that of premiums charged by competitors. It will help you decide which plan offers you the maximum coverage at the least cost.

Portability allows you to transfer your insurance plan from your current insurer to a new one. One key advantage of this over purchasing a new policy is retaining the no-claim bonus you have accrued. Cancelling your existing policy would result in losing this bonus, but switching insurers lets you keep it. Consider this option if you are dissatisfied with your current provider.