Crossed 40? It is Right Time to Review Your Health Insurance Policy

So, insuring oneself with a comprehensive health insurance policy is the only ideal solution to tackle the financial distress brought about by a severe medical condition. The choice of a health insurance plan depends largely on an individual’s requirement and his/her age. Your plan in your early adulthood would be completely different from that in when you’re middle aged.

When you cross 40, it only makes sense to review your financial portfolio to adjust it as per your future requirements. You might have already planned for your children and now your requirement could be retirement planning, asset creation and wealth accumulation.

Reviewing your health insurance plan after you cross 40 is also important so that you are prepared against any contingencies. Whether you already have a health plan or you are planning to buy one, crossing 40 is an important stage and you should review your health insurance requirements for both the scenarios.

Let’s see how:

You Haven’t Bought Any Health Insurance Plan till Now?

It does not come as a surprise that you might still not be covered under any health insurance plan. Penetration of health insurance in the Indian demography is low. If you too are a victim of unawareness, don’t beat yourself up. Better late than never, right? You should ideally buy a comprehensive health insurance plan immediately.

Before Buying Health Insurance Plans Consider these Two Things:

1. Coverage

Opt for a plan that provides an extensive coverage. At the age you are in, having a wider coverage is essential because you are more prone to illnesses and chronic ailments. Consider the coverage list carefully and choose the plan that offers lower exclusions and no sub-limits on the covered expenses. Juxtapose the Sum Assured along with the coverage list and opt for a decent amount. Don’t compromise on the coverage level because of the inflation factor. If you are worried about affordability, enhance your coverage with a super top-up plan that would tackle the issue.

2. Pre-Existing Waiting Period

Most Indians catch up with ailments like hypertension, diabetes, etc. when they cross 40. But you’ll be surprised to know that these ailments are termed pre-existing illnesses and they might be excluded from the scope of coverage in the initial years of your policy. This period is called the waiting period and is present in almost every health insurance plan available today. When buying a plan, keep a keen eye on the waiting period and consider the plan with the lowest period so that you get a comprehensive coverage early.

You Already Have a Health Plan

Kudos to you for buying a health insurance plan early in your life and also continuing the coverage year on year! Your actual test lies in reviewing your existing plan carefully to make it comprehensive for a secured future. You should carefully consider the coverage list and the coverage amount of your plan before reviewing your health insurance.

To Do List Before Reviewing your Health Insurance

1. Coverage List

This is the basic coverage option that your plan provides. You might have bought your existing health plan years before when newer and innovative coverage options weren’t really available. With the current options available in the market, you should review your plan features against them. For instance, your plan might lack the auto-restoration feature which restores your Sum Assured if it is exhausted or your plan might not provide international coverage. Portability of such old plans is possible and if you are not satisfied with your current plan, you can easily port it.

2. Coverage Amount

Given the current inflation trend, a small amount of coverage spells disaster and if your coverage amount is low, you need to increase it. Buying a super top-up plan would be the best solution as it would be lighter on your pocket and will solve the coverage issue.

Whether insured or contemplating insurance, crossing 40 definitely calls for a rain check on your health insurance plan. Act wisely and review your health insurance scenario, so that when an emergency strikes, you are well prepared to face it and beat it hands down.

Health insurance companies

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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

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Moratorium Period in Health Insurance

Getting a health insurance claim accepted for pre-existing

*We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30- minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881.

*Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.

*All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.

**All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.

*₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.

*₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

*₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

*₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

*₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases

*₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.

*₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.

*No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.

*The values taken for effective cost calculation are indicative values and may change as per the selected plan.

*Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.

*Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.

*The scope of coverage may vary from plan to plan.

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##On ground claim assistance is available in 114 cities

Tax Benefits are subject to changes in tax laws. GST Exemption depends on fulfilment of qualification criteria and submission of relevant documents as required by the insurers. For more details on risk factors, terms and conditions, please read the sales brochure and applicable rules and regulation carefully before concluding a sale.

STANDARD TERMS AND CONDITIONS APPLY. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.

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