So, you have bought a health insurance plan and have ensured coverage for your medical
contingencies. Good! But is your work complete?
Sadly, no! Though you did a commendable job in buying a health plan, a post-purchase review
of your policy is also recommended. There are certain factors which should be checked and
reviewed after you have bought a policy. Do you know what such factors are? Do you know the
things which should be checked after you have bought a policy? No? Don’t worry; here is a quick
guide for you:
- Is the coverage level sufficient?
If the rising medical expenses are an indication, a financial doom is around the corner if you
suffer any medical contingency. An optimum level of coverage is, thus, required to meet any
resultant claim sufficiently. Sometimes, when we buy the plan, this crucial factor is overlooked
and we get influenced by the premium rate. Review of the opted cover is, therefore, required after
the policy has been bought. If not sufficient, you should aim to increase the cover on next renewal
or by buying another supplementary health plan.
- Are all the members included in the cover?
Every member of your family should be covered in your health insurance plan. If you have left
out any member or if a new member (wife or a new child) is added to your family, the addition of
such member should also be done to your health plan. This addition can be done either during the
plan tenure or at the next renewal.
- Are the policy benefits correct?
Often at the time of purchasing the policy we get overwhelmed with all the policy features and do
not understand the plan benefits correctly. Similarly, we might also be confused in understanding
the plan benefits correctly. After you have bought the policy, you should take time out to correctly
understand the policy benefits and see if you are satisfied with the promised benefits. If not, you
always have the choice of cancelling the policy within the free-look period. So, checking the policy
benefits should be your first post-purchase check.
- Are the policy details correct?
Though not very common, there might be some concerns if the details you filled in the proposal
form are incorrectly represented on the policy bond. These details should also be checked besides
checking the plan benefits. So, after buying the policy, you should check the policy bond thoroughly
for any ambiguity and ensure its clarity.
- What is the claim procedure?
Buying the policy is easy. It is raising a claim and getting it settled which are difficult for
most of us. Every policy has a set of rules to be followed at the time of claim settlement. After
you have bought the policy, you should educate yourself on such set of rules and understand the
claim process under the policy so that you can easily make a claim when the need arises. The
company’s contact information, list of network hospitals, claim related documents, etc. should be
checked after buying the policy.
- What is the renewal date?
Though health plans are a one-year contract, some plans also allow you to pay two or three years’
premiums at one go. Whatever is your policy tenure you should check for the renewal date and also
remember the same.
- Did you receive your health card?
Your health card is the proof of your health insurance, besides your policy document. The health
card is required to be produced to the hospital when you are availing a cashless treatment. This
card is usually sent attached with the physical policy bond. You should check for such health card
in your policy bond kit and keep the card handy to be produced whenever required.
So, just buying a health plan is not the end of the story. You should check the above-listed things
after you bought the plan so that your policy does not spring any surprises on you at the time of
contingencies. After all, not all surprises are pleasant, are they?