We live in a world full of uncertainties, no one can predict the future. Even if you are exercising regularly and eating a strict diet, an unfortunate event may occur. And with the rise in healthcare costs, it is necessary to buy a health insurance policy. This plan provides coverage that takes care of medical expenses and hospitalization bills at the time of medical emergency.
A health insurance plan is a yearly contract, and one needs to renew it to continue the benefits. It is important to review your health plan every year so that you don’t end up paying medical bills from your own pocket. Given are the reasons on why you should review your health plan yearly:
Our lifestyle has become more dependent on technology. Travelling, work environment, stress levels, unhealthy eating habits are some of the things that change every now and then. These lifestyle changes have made us more prone to diseases. This is the reason why you should review your policy every year so that you can opt for the best plan that suits your changing lifestyle.
New Products And Features
India’s insurance market is growing every day. People are now realizing the need for the insurance policy. With the increase in the demand for the insurance policy, the insurer is also bringing new types of plans with a new feature that can attract new customers. That is why is advisable to review your policy yearly so that you can research the new product and opt for it if it suits your medical needs.
Rise In The Healthcare Cost
The Healthcare sector in India has improved enormously in the last few years. All thanks to the technically advanced machines that can diagnose the disease at an early stage. However, it is because of this advancement, healthcare cost has risen drastically. Treatment for a non-chronic disease can put a major dent on your hard-earned savings. You don’t want to pay those hefty medical bills from your own pocket and disrupt your financial plans. Hence, you should review your plan every year, to see whether or not your health coverage can cop-up with the rising medical costs.
Changes In The Phases Of Life
Human life is constantly changing. You change jobs, get married, the birth of your child, buy a house, etc. are some of the events that happen in a lifetime of every human. This is one of the reasons that you should review your health insurance plan
yearly. The example given mentioned below will help you understand:
Let's say when you bought the health plan, you were unmarried, but at the of the renewal, you were married. This is a life-changing event as now you want to protect your spouse from any financial troubles. So, you must review the health plan, so that your spouse also gets the health insurance coverage.
You Lose On The Discounts
If you will not make a single claim in the policy tenure, you will be eligible for the discount on the premium rates under NCB (No Claim Bonus) at the time of renewal. However, if you don’t review your policy yearly, you miss out on this benefit.