Why you must assess your health insurance cover; All you need to know

November 29, 2018 11:11 AM

Before you plan to renew your existing heath cover, it is very important to compare different products available in the market. This is when you need to assess your health insurance.

health insurance, health insurance plans, health insurance plans in India, assess health insurance cover, Religare Health Insurance, MAX Bupa Health Insurance, Star Health and Allied InsuranceIn order to review your existing policy, try and find out if your health insurance cover worked well for you during your last policy term.

As per the current world scenario, each one of us needs an adequate health insurance cover. Health insurance cover is a very important product that provides financial as well as mental support in case of any medical emergency by covering the cost of medical care of the insured individual. With a plethora of choices of health insurance plans available in the market, the range and scope of coverage completely depends on the type of health cover you are seeking. Alike every other insurance, health insurance is also renewed each year and in order to enjoy continuous coverage, it is mandatory to renew the health insurance every year. However, before you plan to renew your existing cover, it is very important to compare different products available in the market to finally select one that can serve your needs in the best way possible. This is when you need to assess your health insurance.

Assessment of your Health Insurance Cover

It is quite possible that with the significantly rising health care costs and regular inflation, your existing health insurance cover may fail to provide you adequate coverage. To avoid such a situation, it is important to assess your current health insurance plan. Health insurance cover assessment refers to the process of assessing one’s current health condition and benefits provided by the existing policy. It is smart to assess the policy before making an annual renewal or if you do not have a health insurance policy, buy one plan after evaluating your healthcare needs. This is the easiest way to choose the most beneficial health insurance plan in minimum time.

In order to review your existing policy, try and find out if your health insurance cover worked well for you during your last policy term. Where you really satisfied with the services and benefits provided? Apart from this, do even check whether you or anyone insured under the policy have developed any specific medical condition that need immediate attention or treatment within the policy term.

It is equally important to assess the claim experience, if any, and the benefits enjoyed under such circumstances. Check out for the deductibles if any as deductibles play a very crucial part in a health insurance policy. You even need to review and enhance your policy if you got recently married and are planning a kid soon. Finding adequate answers to all such small yet important questions play a major role in zeroing the best health insurance plan for you.

Compare Quotes to Save More

You may even choose to evaluate and assess your existing health care policy to save on the premiums. Top insurers these days regularly launch new and innovative insurance products that are precisely designed keeping in mind every need and requirement of the customers. This gives customers the prerogative of choosing a product that is rightly aligned with their individual health care needs, and most importantly, it is cost-effective too.

Under certain scenarios, the premium amount of your health cover may even rise at the time of renewal. In such a situation, the best thing to do is minutely analyse the additional costs and if you still feel the cost is irrelevant, look for an insurance plan that well fits in your budget. Often, policyholders fail to pay attention to the increased premium and renew their policy at relatively higher prices.

Change in Network Hospitals

It is quite possible that your insurer makes a few changes in the list of network hospitals and there may be chances that your preferred hospital and doctor are removed from the list. Thus, it becomes significantly important for you to thoroughly re-evaluate your existing health insurance plan and double check the list of network hospitals and doctors. If your preferred hospital no more falls in the network of your insurer, it is wise to take a different policy rather than renewing the same policy. Look for both individual and family health insurance plans.

The Cost of Healthcare Might Increase

There is nothing denying the truth that healthcare costs is witnessing a constant rise in the past one decade and chances are quite high that your existing heath cover may not offer adequate coverage. This is one of the key reasons why you need to access your health insurance cover before renewing the existing policy. In order to calculate how much cover you would actually need, it is better to review your previous claims and the current health status. Also check if you need protection against some specific critical illnesses. It is very important to understand the coverage benefits for various policies before finalising one particular insurer as assessing your healthcare needs can help you make the right decision.

The following is a comparative table of 5 leading insurance companies providing Health Insurance cover of Rs 10 lakh sum assured for a 30 year old male who earns between Rs 5 and Rs 7 lakh annually and lives in a metro city.

(By Vaidyanathan Ramani, Head Product and Innovation, Policybazaar.com)

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