Health insurance in 2021 is no luxury but a necessity in your future planning. Living your life without one is like throwing caution to the wind, both financially as well as mentally. If it is so important, have you ever thought of what your health insurance plan includes?
Many buyers purchase a health insurance policy for the tax benefits it offers without giving a thought that it is not a tool which is primarily designed for tax-saving. In fact, the financial benefits it offers are the real reason why you must consider including one in your financial plan. However, if you have concerns regarding your health insurance plan, the regulator, Insurance Regulatory and Development Authority of India (IRDAI) allows policyholders to change their insurer. You can visit the official website of IRDAI for further details.This article mentions some of these handy tips to keep in mind when making the switch.
*Medical history
Considering the medical history is essential when you are porting a health insurance policy. The porting request may be rejected in case you have severe pre-existing ailments. In some cases, above a certain age, you might be required to undergo a medical test based on which the decision is made. Thus, before porting, you must check the eligibility with the new insurance company and only then send out a porting request to the existing insurance company.
*Waiting period
When you purchase a health insurance policy, there is a mandatory 30-day waiting period that is required. But apart from that, based on other policy terms and pre-existing ailments, the waiting period may be specified. It can even be disease-specific waiting period. Some insurance companies specify longer waiting duration which can be up to 48 months for severe ailments like type 2 diabetes, or cancer, or heart conditions. When porting your plan, the waiting period is essential to consider as you only required to serve the balance waiting duration with the new insurance company.
*Sum assured in your new plan
Remember to check the sum assured of your new policy. Many buyers change their policy considering the coverage, but often skip on the sum assured bit. It is equally important since the policy coverage isn’t enough, but the sum assured is also important to avail the treatment for it. In fact, you must consider not just opting for a broader policy coverage, but also a higher sum assured. When opting for health insurance portability, make sure enhance the sum assured to avail better health insurance benefits.
*Age limit for policy renewal
Choosing a health insurance plan that allow you to renew your policy throughout the lifetime is essential. It is important because as your age increases, your health deteriorates. Hence, renewing your health cover can be handy to protect yourself against unexpected age-related medical emergencies.
*Premium vis-à-vis its coverage
Porting must not be made with an intention to opt for a plan with affordable premiums. However, it is commonly the case. For such situations, the insurance companies lower the coverage in order to keep the premiums in check. Hence, you must not simply select a policy based on the premium. It is essential to compare the coverage it offers at the same time. It is true not just for individual plans, but also for a family floater health insurance. *
* Standard T&C Apply
With these considerations listed above, you can select a policy that not only overcomes limitations of your current plan, but also offers a comprehensive insurance coverage. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.
