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4 Prominent Reasons to Review your Health Insurance Plan Every Year

Team AckoJan 17, 2024

Insurance is a perfect solution to cover yourself financially against uncertainties. When it comes to availing protection against health hazards, you need to keep finding a suitable plan in line with your changing healthcare needs. Health insurance is a yearly renewable contract.

Renewing a health insurance plan must be looked at as buying a new policy. It is wise to consider your changing needs while renewing insurance. Reviewing your health insurance portfolio is crucial for various reasons. Here are some of them.

Contents

#1 New features and benefits
#2 Lifestyle changes
#3 Change in the phase of life
#4 Competitive pricing
- Review and Renew Health Insurance Policy

#1 New features and benefits

There are new entrants every year in the insurance marketplace. With the digital transformation of business, new-age insurers are introducing innovative insurance solutions digitally. Even in the health insurance space, new-age products with newer features and benefits are introduced every year. Something that is tailor-made to your current requirement may just come your way if you research a bit on the internet.

#2 Lifestyle changes

Lifestyle plays a major role in shaping your health. Your health condition is influenced by various things like age, work environment, stress level, lack of exercise, living conditions, diet, habits like smoking and various behavioral factors. Your healthcare costs are affected by lifestyle changes. With the number of diseases increasing year on year, it’s good to revisit your health condition and insure yourself accordingly.

#3 Change in the phase of life

Your health insurance needs also change with major events taking place in your life. Let’s say when you purchased a policy last year you were single, but are married at the time of renewal. That means, you have an added responsibility and healthcare needs change accordingly. You might have to enhance your coverage.

You can also opt to go with a family floater to have a solution for all healthcare needs under one umbrella. Marriage, change of job, parenthood, and retirement etc. are major life-changing moments that necessitate a review of your health insurance portfolio on a regular basis. Let’s say your current health insurance plan does not cover new-born baby benefits. In case you are planning a family or on your way to parenthood, you need to re-evaluate your healthcare needs and search for the plans that can provide you relevant coverage or benefits at the time of existing health insurance plan’s renewal.

#4 Competitive pricing

With more and more players entering the health insurance space, companies are offering their products at an attractive price to win over competitors. There are various revisions, broader inclusions, and additional benefits being offered at a competitive price. If you are planning to renew a policy, there is no harm in considering the other options for better coverage at a better price. Competition often gives bargaining power to the customer. Comparing the plans on a cost-benefit basis can help you arrive at the right decision.

By reviewing your health policy portfolio on a regular basis, you can enjoy various benefits. Here are some of them.

Get broader coverage as per your changing need and standard of living
With the regular review, you can save on premium cost by comparing to get the best possible deal without compromising on the coverage
Better coverage and the right policy helps you deal with medical inflation to get the best healthcare services whenever needed.

Review and Renew Health Insurance Policy

In a nutshell, renewal of health insurance policy is also a crucial process that demands your attention. Hence, review your policy on the basis of your current healthcare needs. Consider the best options available in the market, analyse the plans and switch from your current insurance policy and provider if need be. Having broader health insurance coverage gives you financial protection against medical contingencies. Ensure to have the best for your peace of mind.

Disclaimer: This content is for informational purposes only and is based on industry experience and secondary sources. It is not a substitute for professional advice. Please consult a qualified expert for health or insurance-related decisions. Content is subject to change. Refer to current policy wordings for specific ACKO details.