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Health Insurance: Have you purchased health insurance to avoid the high costs of medical treatment? If you don't review your health cover periodically, you might end up paying for treatment out of your own pocket when the need arises.

Health Insurance: Given the rise in illnesses and soaring medical costs today, most people are opting for health insurance. Many assume that once they have insurance, the company will bear the entire cost of their treatment. However, that is not the case. It is essential to review your health cover periodically. If you purchased your policy years ago, your old cover might no longer be sufficient for your current needs.

Can an old health cover fall short?

The answer is yes. Suppose you have a health cover of ₹10 lakh. If you are hospitalized due to a serious illness and this amount fails to cover the total expenses, you will have to pay the remaining treatment costs yourself.

A major reason for this is the increasing prevalence of diseases and the doubling of treatment costs. Advanced medical facilities are now available compared to the past, which has led to a rise in hospital expenses.

Review your health insurance periodically.

Merely purchasing a health cover isn't enough; periodic reviews are crucial—for instance:

Upon the birth of a child.
At the time of retirement.
During policy renewal.
As you age.

How to upgrade your old health policy

Start the upgrade process approximately 45 days before the policy renewal date.
If you wish to increase coverage with your current insurer, you can choose that option.
Alternatively, if you find a plan from another company better than your current one, you can switch to the new company using the portability option. Provide accurate details regarding your existing policy, claim history, and all necessary medical information during the upgrade process.
Pay the new premium once all the required formalities are completed.

Key points to remember when purchasing health insurance

Do not neglect your health insurance policy for a long period after purchasing it.
Do not wait for a new illness to strike; consider increasing your coverage while you are still healthy.
Always provide accurate information about any existing medical conditions and your past medical history when purchasing a policy.
This ensures there will be no complications when filing a claim in the future.

Important information to consider today

If you already have health insurance coverage, do you believe it is sufficient to meet today's medical expenses? If not, contact your insurance company immediately and consider increasing your coverage so that you do not have to pay out-of-pocket during a medical emergency.