Insurance thumbnail_Knowledge Series 10- Points to keep in mind while renewing Mediclaim policy

We all understand the need of renewing our club memberships, TV cards, credit cards, and phone numbers in order to maintain ongoing service. Similarly, we must continue to pay for our health insurance policy in order for it to be valid. If we do not renew it in a timely manner, we may face financial hardship if we are admitted to the hospital. If it has expired, we must also go through the inconveniences of obtaining new insurance, which may or may not provide all of the benefits, as well as the potential of a waiting period. As a result, it’s vital to renew your health insurance on time, and there’s a checklist of things to keep in mind while doing so.

• Change/Port the current policy.

If you’re unhappy with your existing insurance’s perks or features, or the level of support you’re getting from your current insurer, porting may be a viable alternative. This means you can keep the benefits of your current coverage while switching to a new insurance company. Keep in mind that portability is only allowed during renewal—you must tell your current insurance company 30 days prior to your policy’s renewal date to be eligible.

We have the chance to reconsider our required sum assured while renewing the coverage. As a result, one should review and analyse the present health insurance policy’s coverage, perks, and features. It’s conceivable that our existing health insurance doesn’t cover all of your medical needs. Alternatively, it could be out of pace with the ever-increasing expenditures of healthcare. Increase your sum insured on a regular basis to secure adequate coverage in the future.

One should also look at the existing riders/add-ons match your current and future demands while examining the coverage. If you believe they do not, select them when renewing your policy. Many insurers, for example, have now added a non-medical expenditures add-on to their plans. Other plans exclude you from the room rent cap. You can look for new add-ons, to make it more beneficial.(Please keep in mind that you can only select riders that are compatible with the product you already own. If you want to opt for or add a specific benefit that isn’t available with your current policy, even as a rider, you’ll need to transfer to another policy that does).

• Addition or deletion of members.

Only at renewal members can be added or removed, so be cautious while renewing the policy. You can add your spouse or child to your health plan when you renew it if you’ve recently married or had a child. If a family member has passed away, you can remove them from the policy while renewing it.

Conclusion

If by chance you need to be admitted to the hospital, failing to consider these considerations could cost you both money and peace of mind. As a result, while renewing your health insurance, do your homework so you don’t have any troubles later..