At least two months before your existing health insurance policy is going to expire, it’s a good idea to review your plan and consider a few things before you just blindly renew your plan as it is. Some of the things you should consider while renewing your health insurance policy are:
Is your Sum Insured sufficient?
Maybe you opted for the minimum sum insured at the time of purchase or higher, and you realize your coverage is either too little or too much for your needs.
Most insurers will give you the option to increase your sum insured at the time of renewal. They may ask your reasons and, based on the same, increase your health insurance premium basis how much you decide to increase your sum insured.
Would You Like to Add Any Family Members?
Perhaps you’ve just started a family or have decided that you want to add your spouse to your health insurance plan as well. Consider these things, and let your insurer know about any new member additions.
You can also choose between either including family members within your plan by shifting to a family floater option or simply buying individual plans for each member.
Another thing to consider during your renewal is whether you’d like to opt for new add-on covers or not. For example: Maybe until now, you didn’t opt for any add-ons in your plan but would like to opt for the maternity and newborn baby cover. In this case, let your insurer know and add it to your health insurance plan during renewal.
Are You Happy With Your Existing Health Insurer? Do You Want to Consider Porting?
Many people port their health insurance plans when they’re not happy with their existing insurer. This could be due to the coverage benefits or simply because of its service and processes.
However, porting can only be done at the time of renewal. Most importantly, you have to let your current insurer know about the same at least 45 days before the expiry date so that they can make the change.
In case you’re not happy with your insurer, evaluate and compare health insurance plans online and port to a plan and insurer that works best for you.
Do You Want Changes in Your Coverage?
Now, apart from your sum insured and opting for new covers, you should also review your health insurance plan overall to see if you would like any other changes in your coverage or not.
For example: Say you’ve opted for a basic coverage plan and now want to shift to a comprehensive plan with more benefits. In this case, you can check with your insurer if you can change your choice of plan and get it done accordingly at the time of your health insurance renewal.
