When it comes to buying insurance policies, most of us are aware of the steps they need to take before buying a policy and the level of due diligence needed before signing on for a health insurance plan.
Yet, it is often noticed that many people simply opt for the best health insurance after comparing various providers and then just put the kit away. This kind of approach could be very dangerous as the insurance holder often misses out on a lot of steps that happen post one has purchased the health insurance.
Here are some of the things you must do once you have already bought the best health insurance policy for yourself or your family members-
1) Understanding Policy Details Thoroughly
Once you have bought the best health insurance policy to safeguard your family’s health, remember to take another look at the policy details, this time with more caution. Here are a few things that you should be checking for-
- Make a separate note of the exclusions that are present in the insurance agreement.
- Take a look at the claim procedures and the terms and condition around it in detail.
- Keep a copy of your proposal form and the health insurance details for reference.
The best health insurance will not only offer you various benefits but also help you with smooth onboarding and claim procedures.
2) Get Your Identification Card Sorted
The third-party administrator or the insurer has to compulsorily issue an identification card to the insured person at the earliest. For a cashless hospitalisation, you need to show this card at the hospital desks for the best health insurance benefits.
3) Policy Copies
While most things happen digitally now, it is always a good idea to keep a physical folder of your insurance policy documents. Everything from PAN and your license copy to health insurance documents and claim form should be kept handy.
As an additional measure, you can always mail or share a second insurance folder of all your policy details with your spouse or any other family member to have a backup place for the policy details.
4) Be Aware Of Renewal Dates And Keep Funds Aside
Often policyholders pay health insurance premiums when they get the renewal notice from their insurance provider. However, the ideal way of going about this is to keep track of your renewal dates for premium payments and keeping money on the side, so you do not miss out on the best health insurance benefits that your policy has to offer.
The premiums are often hefty and vary from policy to policy, so it is safer to have some money set aside to pay it off.
5) Claim Tax Return Benefits
Under section 80D of the Income Tax Act of 1961, you can claim a tax deduction on the health insurance premiums you pay towards your policy. Consult a financial advisor or a Chartered Accountant, who can help you calculate exactly how much tax can be saved every year with your health insurance premiums.
6) Increase Sum Insured On Renewal
Most policies nowadays offer the choice to increase the sum assured to ensure that your policy cover can keep up with rising inflation costs. Therefore, make it a point to evaluate your sum insured during every renewal and opt for an increase in cover by 15-20% if the current one seems insufficient to cover medical bills.
Extra Tip: Know Your Policy Issuance Date!
As per the IRDA Health Insurance Regulations, you have an option of a free look period of 15 days (can be different for policies bought through distance marketing channels). If there is any clarity you need on your policy or any error that must be resolved, this timeline will help you get resolutions.
You will find this on your policy kit cover or envelope. If you have bought a policy from the best health insurance providers, then you can also see if they can provide you with an advisor to help you go through the policy thoroughly. Care Health Insurance is one such trusted and known insurance provider, offering some of the best health insurance benefits. Be sure to check the policy details to make the best of your financial plan.