Having a health insurance policy is extremely crucial as it provides financial security during a health emergency. You never know when you may fall ill and need financial help to ensure you get good healthcare. Good health is uncertain, which is why illnesses can occur anytime.
Therefore, it is essential that you opt for a health insurance plan that takes care of your changing health needs. The plan that you opt for should be yearly renewable, so that you can review your plan annually.
5 reasons to renew your health insurance plan annually:
The kind of lifestyle we have today is the main reason we need to renew our health insurance plan regularly. Stress levels, age, travelling, work environments and other factors have increased, making it easier for health disorders to creep in. With the rising cost of medical treatment, it is imperative that one has a health policy that complements their lifestyle.
New features and new products
The insurance market is a huge place. Hence, new policies or products are introduced every few months. A lot of insurance companies try and revise their old plans and policies, and add new features. Therefore, ensure that you do enough research in order to choose the best plan.
Rising medical costs
Recently, medical costs have increased, and when there is a medical emergency, consumers end up spending a lot on their health. When one doesn’t have a health insurance policy, heavy hospital bills affect financial plans drastically. It’s always better to renew your health insurance online instead of being forced to spend from your savings.
Major life events
Different milestones in your life, such as marriage, a change in job, or the birth of a child, are some crucial reasons for renewing your plan. With the addition of a new member in your family and such life-changing events and responsibilities, it becomes imperative that you renew your plan annually.
Getting a tax benefit is another good reason to renew your health insurance plan annually. When you choose Chola MS, you are eligible to get a tax rebate under section 80D of the Income Tax Act for yourself, your spouse, children, and parents over 60 years of age.
Renewing your health insurance plan helps you save on premium, and gives you broader coverage while taking care of the rising medical expenses.