Top things to keep in mind before your health insurance renewal

personal-loan

Health insurance is one of the most important areas where you may need to invest a part of your income. Having a comprehensive and active health insurance plan can save you from many hefty expenses later in the form of costly medical procedures, hospitalization expenses, and expensive tests. While suitable health insurance coverage for yourself and your family can protect you from unforeseen expenses, you must pay special attention at the time of health insurance renewal to ensure that you are buying the most beneficial policy from the best health insurance provider every time. Here are the biggest factors to consider for making the right choice.

Your needs change with time

Many of us do not realize that our lifestyle, as well as healthcare needs, change over the period of time. In most older people, diseases like diabetes and hypertension are commonly found. Also, older people are more susceptible to critical illnesses and ailments. Therefore, as we grow older, our existing health insurance plans may not be sufficient to cover our hospital bills. This is why health insurance renewal is important as you can add more features to your existing health insurance plan.

Claim settlement ratio

Checking the claim settlement ratio of an insurance company is one of the most important things that you should do, especially before buying a health insurance plan or during its renewal. Many times it has happened that despite having health insurance, when the policyholder falls sick and files the claim, he does not get anything and the claim gets rejected. This happens when you buy a health insurance plan without checking the claim settlement ratio of the insurance company. You must get your health insurance from a company that has a record of good claim settlement.

Wider coverage

You will get the best benefits of health insurance plans when they are widely accepted across several hospitals as well as clinics. If the health insurance plan is not accepted in the network of hospitals, it can be really tough for you to get timely treatment, especially during an emergency. Therefore, at the time of mediclaim policy renewal, you must ensure that the insurance provider has tie-ups with many and topmost hospitals in the country and also offers a cashless health insurance claim settlement experience to its customers.

Finding the best value

When it comes to health insurance products there have been plenty of innovations in recent years that have led to the steady reduction in the health insurance premium rates. The introduction of flexible EMI has gone a long way in easing the burden of payment that the policyholder had to manage. That is why when it comes to choosing a health insurance plan, you do not have to deal with one size fit all approach and can choose the features and add-on benefits that your insurer may be extending in their offer including the no-claim bonus.

Opt for the one that you trust

Trust is a big factor when you choose a health insurance plan. And the good thing is that the customers now can track the entire processing of their claims and are aware of how much they can benefit themselves under each plan. Some of the insurance companies have in-house health administration teams who make sure a fast resolution of pending claims and fair assessments.

Go through the fine print

To make the most out of your health insurance renewal, you must very carefully go through the health insurance plan involves. When you know the provisions of the health insurance plan, it will help you to judge the suitability of the plan to their growing healthcare needs.

Stop comparing

All the factors mentioned above will not make any sense if you do not compare the health insurance plans with that of the other companies. This kind of comparison helps the customers to understand the variety of products and offerings that are available in the market, and which kind of products will be the best for your healthcare requirements. If you think that your insurance provider is not helping you with the best product and you are not getting the best value for the kind of premium you are paying, you can consider opting for a much trustworthy insurer.

To check out some of the best health insurance products in the market, you can visit IIFL’s website today. You can compare the products and choose the one suitable for your needs.

By Paul