Health insurance policy

1. health insurance policy

2. Check whether you’re Health Insurance Policy Is Right for you or Not? • Most of the people reading this article would already be having a health insurance policy. You realized the importance of health insurance policy and understood how it can help you to manage the expense of health care. Some people would also be having an employer provided group health insurance policy which comes as an additional benefit with your salary. But have you ever though that your health insurance policy is right for you or not? • Just buying a health insurance policy is not enough, but having the right health insurance is necessary. You may be very happy with your decision of buying a health insurance policy, but when required, it may not fulfil your need (if it is not the right policy for you). So it is very much necessary to re-analyze your current health insurance policy, whether it is a policy bought by you or provided by your employer.

3. Following are the basic parameters to know whether your health insurance policy is right for you or not:- • 1. Cover/Sum Insured • Having an adequate cover is the key of right health insurance policy for you. Imagine a situation where you require medical emergency, but your health insurance cover fall short of the amount of hospitalization. In such case, the hospitalization charge will have to be paid from your pocket. So even after paying the premium regularly, if you don't get the benefits of your health insurance policy because of inadequate cover then you need to revise your policy. A right cover for health insurance policy is based on your age, health condition, rising cost of health care, requirement of hospital services (like room, food etc) and geographical location.

4. 2. Renewability • Imagine a situation where your health insurance policy term is about to end and considering the option of renewability; you are not worried about it. But as you go for renewal, your insurer denies your proposal because of your advanced age. It will be a disaster for you because buying a new policy again at an advanced age will really be a costly and cumbersome process. So to avoid such situation, it is necessary to check the renewability clause of your policy. A lifetime renewability option is always better as it would allow you to renew the policy anytime, regardless of your age. • So after analyzing your health insurance on important parameters, you must have realized that whether your health insurance policy is right for you or not. And if you are not satisfied with the policy, doesn’t worry, you still have the option of portability. You can port your health insurance policy to another insurer without losing the benefits like credit for the waiting period for pre-existing diseases in your previous policy, new sum insured at least equal to previous one and all other benefits are also transferred. So analyze your current policy and if you are not satisfied then you have the option to port.

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