Health disorders can occur anytime in a person’s life and he/she should have enough funds to manage expenses when it comes to medical emergencies. Having a medical insurance policy will help a lot to get protection from the financial burden after admitting a person to a hospital. However, a personal medical insurance plan offers coverage for hospitalization and pre-specified ailments and accidents only. It doesn’t include any add-on benefits such as critical illness coverage, maternity benefit, infertility cover, etc. Furthermore, the insurance provides only limited advantages when compared to health insurance plans.
The medical insurance and health insurance policyholders should review their plans every year that will help a lot to meet essential needs. Another thing is that it gives ways to select additional coverage which work well for individuals or a family.
Here are some reasons why one should review health insurance plans every year.
- New products and features
Nowadays, people are becoming aware of health insurance plans in India over recent years due to the increase in health disorders. As a result, many insurers introduce different types of new products in the markets to cater to the needs of customers. Moreover, they add some features to a plan enabling policyholders to gain more advantages. Hence, it is wise t review a policy every year that will help accomplish goals to a large extent.
- Lifestyle changes
Lifestyle is undergoing a lot of changes these days which result in health complications such as diabetes, stroke, heart attack, obesity, cancer, and kidney disorder. High-stress levels, poor eating habits, smoking, alcoholism, traveling, and change in the work environment affect the quality of life significantly.
- Rise in healthcare costs
Healthcare costs are increasing in India over recent years and not everyone can afford them after getting admitted to a hospital. Rising inflation will lead to high medical costs that can result in a financial burden. Hence, a policyholder should evaluate the plans in detail to know whether they provide coverage against rising medical costs or not. This, in turn, gives ways to avoid paying excessive amountsafter the hospitalization process.
- Pre-existing diseases
A policyholder should review his/her health insurance plan because it will impact the pre-existing diseases. For example, an insurance company covers pre-existing ailments coverage with a waiting period of 3 years and while reviewing the policy a policyholder can find out some other insurers offer the same benefit for 2 years.
- Premiums and coverage
There is a lot of competition prevailing in insurance sectors and insurers keep revising their policy coverage benefits every year to enhance the customer experience. Cataracts are not covered in a policy earlier and now an insurance company offers coverage for them.
- No-claim bonus
Many insurance companies offer a No-claim bonus for policyholders when they raise any claim requests during a policy year. Reviewing health insurance plans every year will help get the benefit that gives ways to ensure discounts on premium prices.
- Add-on coverage
An insurer offers add-on coverage benefits to a policyholder enabling him/her to ensure high protection. Some insurance companies don’t cover an illness while some of them offer coverage for the latest diseases including Covid-19. This will help to overcome high medical costs after the hospitalization process. Reviewing a policy allows a person to know the updates in detail.
- Marriage and children
A policyholder should get adequate coverage for different phases of life to minimize the financial risks. The health insurance plans need some modifications after marriage and many insurers offer exclusive benefits for a family. Choosing a family health insurance plan allows a policyholder to pay only one premium that will save time. Since the responsibilities are more after marriage, buying family insurance results in more advantages.
How to choose the best health insurance plans?
Whether it is an individual or family health insurance plan, one should gather the details from different sources to gain more ideas. Apart from that, it provides ways to find a plan which suits the requirements of a policyholder. New policy buyers should keep certain things in mind while choosing a plan that will help meet exact needs in the coverage process.
Buying health insurance plans at affordable rates
The premium prices of health insurance plans may vary from one company to another company in a location. Hence, it is wise to know about them in detail which gives ways to make the right decision. Care Health Insurance is a reputed company that offers a wide range of plans for individuals as well as families to lead a trouble-free life. It also allows customers to buy a policy online depending on their needs and budgets. Free quotes are available for those who want to choose a plan at estimated prices. The company provides expert advice for customers when they like to buy a policy.