Major reasons why reviewing health insurance is paramount

Your current health status is the result of how you live your life. There are plenty of things that influence your health such as stress level, diet, habits, work environment, living conditions, etc. All these factors lead to a gradual change in health insurance requirements, for which reviewing health insurance plan becomes essential. On reviewing your policy from time to time, you will be able to identify the adjustments required in order to make the policy most useful.

2. To Ensure Coverage Sufficiency: It is important to review the health insurance to analyse your health insurance requirements so that you are able to alter your policy accordingly. For instance, a plan offers cover for restoration benefits on the same person and same disease, no capping on domiciliary hospitalization treatment, living organ transplant treatment, alternative treatment(AYUSH) and covers all modern including robotic surgeries. In case you review your policy timely, then you may realise that it is time to port it. You may decide it after you search for another similar policy that offers you similar benefits at a comparatively lesser premium. At the time of renewal or porting, you can also include add-ons or enhance sum insured coverage if required.

3. Due to Income Level Changes: In case of any change in income, you may want to increase or decrease your health insurance coverage as per your budget. And taking the right decision would be possible only if you review your plan timely. In case of salary increment, you can opt for a higher sum insured for better coverage as well as financial security in case of medical emergencies. On the contrary, a decrease in salary or pay cut also demands policy review. It would make more sense if you opt for a lower sum insured in this case, to save on premium.

4. Marriage And Parenthood: A change in personal life may also call for a change in your health insurance policy. For instance, you may want to increase or decrease your health insurance coverage due to events like marriage, parenthood, or even divorce. You may want to opt for a family floater health insurance policy after marriage or if you are planning a baby, and may want to opt for an individual health insurance policy in case of a divorce.

5. Inflation: As inflation increases, you may find your existing health insurance cover insufficient, and may want to enhance coverage to ensure utmost security for yourself and your loved ones. To identify this need, it is imperative to review your health insurance policy.

People usually consider buying a health insurance plan as the ultimate goal but reviewing a health insurance plan timely is equally important as it helps to understand that the purchased plan works the best or not. Apart from this, reviewing your health insurance policy helps you get appropriate coverage according to your changing health insurance requirements. Hence, it is recommended to review your plan from time to time, or at least on an annual basis, to be able to take advantage of other benefits guaranteed under the policy.