Health insurance is the best way to protect yourself and your loved ones financially in the event of a health emergency. However, it is not enough to have a reliable health insurance policy; you should opt for the one that meets your changing health insurance needs.
Below are the reasons why it is recommended to review your health insurance portfolio:
1. Lifestyle changes:
Your current state of health is a result of the way you live your life. There are many things that influence your health such as stress level, diet, habits, work environment, living conditions, etc. All these factors lead to a gradual evolution of health insurance requirements, for which the revision of the health insurance scheme becomes essential. By reviewing your policy from time to time, you will be able to identify the adjustments required to make the policy more useful.
3. Due to changes in income level: In the event of a change in income, you can increase or decrease your health insurance coverage according to your budget. And making the right decision would only be possible if you revise your plan in a timely manner. In the event of a salary increase, you can opt for a higher sum insured for better coverage as well as financial security in the event of a medical emergency. On the contrary, a reduction in wages or wages also requires a revision of policies. It would be better to opt for a lower sum insured in this case, to save on the premium.
4. Marriage and parenthood: A change in personal life may also require a change in your health insurance policy. For example, you may want to increase or decrease your health insurance coverage due to events such as marriage, parenthood, or even divorce. You may want to go for a floating family health insurance policy after marriage or if you are planning a baby, and you may want to go for an individual health insurance policy in the event of divorce.
5. Inflation: As inflation increases, you may find your health insurance coverage insufficient and wish to improve coverage to ensure maximum security for yourself and your loved ones. To identify this need, it is imperative to review your health insurance policy.
People generally view the purchase of a health insurance plan as the ultimate goal, but reviewing a health insurance plan in a timely manner is just as important as it helps to understand that the purchased plan is working. best or not. Apart from that, reviewing your health insurance policy helps you get appropriate coverage as your health insurance requirements change. Therefore, it is recommended that you review your plan from time to time, or at least on an annual basis, so that you can take advantage of the other benefits guaranteed by the policy.
The author, Ankit Agrawal, is CEO and co-founder of InsuranceDekho. Opinions expressed are personal
(Edited by : Anshul)
First publication: STI