When you purchase a health insurance policy, you must also keep in mind to review it, so that you make the most out of it. If you take some time out and review your policy every year, then you can also get a custom made policy. So many people are falling sick and suffering from diseases such as thyroid, migraine, and hypertension. Just like cold and cough, these diseases have become very common; blame it on your lifestyle.
In case you fall sick and get hospitalized, you might have to shell out your hard-earned money. Therefore, in situations like these, purchasing a health insurance policy is a great idea; here’s why:
Significance of health insurance
Most importantly, a health insurance policy will cover your hospital bills. Not just that, it is also possible for you to choose better medicare facilities for yourself or your loved ones. Last but not least, you can enjoy tax benefits.
What do you miss out on by skipping a review?
When you do not review your policy every year, here are the things you lose:
- Pre-existing diseases [PED]
There could be an impact on your PED if you do not review your policy. For example, if we go to see the waiting period for cataract is two years. There is a possibility that you might save on your premiums by switching your insurance provider.
- No Claim Bonus
Some insurance companies offer a good percentage of NCB for claim-free years. You do not want to miss out on the NCB or even receive a lower reduction in your premium during insurance renewal.
- Coverage and premium
The coverage is being revised for more and more diseases by the insurers, because of the competitive market today. For instance, earlier cataract was not covered under this policy, but it is covered now under the daycare treatment.
Benefits of reviewing your policy
You might receive many benefits, but only when you review your policy. Listed below are a few:
- Health condition
There are chances that your insurer does not issue a policy for the disease you require coverage for. Whereas, some other insurer might. In such cases, reviewing your policy before you renew it, helps. Like this, you can buy a plan that covers all the diseases you need coverage for.
- More coverage less premium
There is a possibility that your current insurer is charging you a lot for very less coverage with no additional benefits. This will not happen if you review it. Also, you will be able to choose from various options.
Reviewing your health policy can change your mind and entire perception of buying policies. With the help of this, you get additional knowledge on health plans as well as benefit out of it when it comes to price, coverage, etc. There is a wide range of health insurance policies like family health insurance, health insurance for senior citizens and many more. You can select an appropriate plan as per your requirements.