MyInsuranceClub
menu

Review your health insurance policy every year

Reviewing your health insurance policy will help you understand more about the policy. Here are the top 5 reasons to review your health insurance policy every year.

eye icon
309 views/
clock icon
3 mins 34 secs
calendar icon
Last Updated - September 6, 2023
article image
Listen to this article
audio icon

We all live in a dynamic world where human life is quite uncertain. One can come across an unfortunate event and land up being hospitalized severely. With rising hospitalization charges and health care expenses it might be difficult for everyone to afford. To cover your medical expenses, it is necessary to have a health insurance policy for yourself and your family members.

Health insurance is a yearly contract between you and the insurance company. Where the health insurance company agrees to cover your hospitalization expenses up to the sum insured amount against the premiums paid. Reviewing your health insurance policy will help you understand more about the policy. Here are the top 5 reasons to review your health insurance policy every year.

Top 5 reasons to review your health insurance policy

#1 Medical Conditions

There may be a situation where you might be completely fine at the time of issuing a health insurance policy. However, over the months due to changes in lifestyle, common health issues like blood pressure, diabetes, etc may arise.
It is important to review and inform about your medical conditions at the time of reviewing your health insurance policy.

#2 Lifestyle changes

One of the major reasons to review your health insurance policy every year is the kind of lifestyle you live. Some of the prominent factors for changes in lifestyle are age, stress, work environment, eating habits, etc. Being exposed to such lifestyle changes can lead to chances of being prone to different health issues. 

#3 New features of the products

The insurance industry has shown phenomenal growth in the past few years. People have started realizing the importance of having health insurance. Health insurance companies have introduced innovative insurance products. A number of plans are introduced in the insurance industry that provides extensive features to cover the majority of your healthcare expenses. By reviewing your health insurance policy every year, you can understand if there is a need to upgrade your existing policy to a new one. 

#4 Increasing your coverage

Considering the increasing medical expenses, you may require a re-think on the cover amount of your health insurance policy. You can increase the coverage by adding a critical illness rider or a top-up plan to your existing policy or even by buying an additional health insurance policy. 

#5 No Claim Bonus

Most health insurance companies provide No-claim bonus to the policyholder. It is a bonus that is provided on every claim-free year. The percentage of ‘No Claim Bonus’ may vary depending on the insurance company. As you review your health insurance policy, you would understand your cover amount and also not miss receiving the bonus.
Overview
After going through the aforementioned pointers, we are sure you might have understood why it is important to review your health insurance policy. Consider getting the best options available for your health care at MyInsuranceClub.com, as you will be guided by our insurance experts.
To financially protect your family, we recommend that you also consider taking a term insurance policy. Our trained and certified advisors can help you get the best term insurance plan.

author image
Author

Sachin Telawane is a Content Manager and writes on various aspects of the Insurance industry. His enlightening insights on the insurance industry has guided the readers to make informed decisions in the course of purchasing insurance plans.