Things to Remember Before Renewing a Health Insurance Plan

Just buying a good health insurance isn’t the whole job done. While this is true for the most part, it may not be a very smart thing to just ignore your health insurance coverage until the time you need it for your treatment expenses. Simply paying the premium at the end of every tenure is not enough. It is important to have a good understanding of your plan, what does it entail and most importantly medical insurance in Dubai when is it due to be renewed. There are several things, small and big, that you should check and pay attention to before health insurance renewal. Let’s cover all the important things that you need to check before starting the renewal process. 

Recent Updates in the Insurance Benefits

The benefits that were not available when you initially bought your medical insurance in Dubai may be available later sometime. If you simply go ahead with health insurance renewal without even checking the newly available benefits for your plan or some good add-ons that can be of use, you will miss out on some pretty good deals. Paying for an insurance plan that does not include all the essential services you need is not a wise move. So, always make sure to scan the newly available benefits with your provider before you renew the plan. 

Re-Evaluation of the Policy 

Changing times will also bring a change in your needs. While it may not happen over a short period, the change is inevitable. In light of that, if you simply choose to skip revaluating your insurance needs and go ahead with health insurance renewal like usual, you may find yourself in a pickle later. Take some time out and re-asses the health insurance benefits you have right now and whether they are sufficient to cover for your current needs for the next tenure. See if you need to add a few riders or increase the assured sum limit. If you are planning to get married or start a family soon, it would be wise to add maternity add-ons. If you are susceptible to a critical illness and are approaching old age, choose a rider for the said illness. Re-vamp the medical insurance you have and mould it into a better plan before the renewal. 

Portability of the Policy 

See if your policy is portable and whether you would like to use that feature before health insurance renewal. The portability feature of your medical insurance in Dubai allows you to migrate to other plans without losing the additional benefits you may have earned from the previous one. You can even port to a new provider while keeping the similar level of health insurance that you currently have. Decide whether you want to port beforehand because you will have to inform the insurance company 30-60 days before the renewal date arrives. The informing period can differ as per the provider. 

Grace Period of the Policy 

While many insurance providers offer a grace period for health insurance renewal, there could be some that do not. Simply assuming that you will have a grace period to renew your insurance plan can land you in serious trouble and you may end up losing all benefits. Get familiar with the renewal as well as grace period related terms of your plan before you reach the health insurance renewal end date. It can save you from a lot of effort and trouble. 

Disclosure of New Health Condition and Lifestyle

Medical insurance in Dubai offers cover for pre-existing health conditions. However, the policyholders are required to disclose all of their pre-existing conditions to the insurance company beforehand. If any of the new health conditions are not disclosed, the insurance plan does not offer cover for them. This applies every time you renew the plan as well. If there are any new conditions that you have acquired recently, let the insurance provider know. The same goes for lifestyle choices as well – whether good or bad. If you have left smoking, inform the insurance provider as you may be eligible to get a discount on your premium. The same thing applies if you have taken up smoking. Your premium may increase but you will get the cover for respiratory diseases caused by smoking. 

Adding Other Dependents to the Policy 

See if you need to add any new family members to your medical insurance in Dubai. Since these changes can be made mostly during the renewal, it is wise to have a fair idea before your health insurance renewal time arrives. Talk to your insurance provider if required and get a fair idea of the premium you will be paying. On top of that, see if the new members you are adding might need any special benefits. 

Rechecking the Terms of Policy 

Insurance companies may change their policies any time during a particular year. They generally send a notification about the updated terms but not many people choose to stop and read them. Make sure that you go through the terms and conditions of your medical insurance in Dubai before renewing the plan. See if there is something that does not agree with you. If there is no way around the terms you can not accept, try and find an alternate plan before the renewal arrives so that you can port health insurance efficiently. 

Loading Applied on the Premium 

Loading is a surcharge amount that is applied on the premium if certain conditions are met. It can be because of a new condition or illness that you have developed, changed lifestyle or old age. Check if there is any loading applied to your premium amount before the health insurance renewal comes. Have a word with the insurance provider if there is confusion regarding the same or if something seems off. It is best to have these issues sorted before the deadline to renew the insurance plan approaches. 

Claim Settlement Ratio

You could be thinking of continuing with the same provider or changing to a different one at the time of health insurance renewal. No matter which side you are inclined to, do not forget to check the recent claim settlement ratio of your provider and the terms of claim approval. Even if the older stats indicate that the CSR of your provider is high, the recent trend could showcase something different. Be well-informed before you take the next step towards renewal. 

Stop and Draw Another Comparison 

It is never a bad idea to stop for a moment and compare health insurance in the UAE. Just like your insurance provider may have rolled out new benefits and plans, other providers do so as well. Check out the new health insurance plans from other providers of your choice. Compare health insurance in the UAE yet again to see which plan suits you the best in the present. If need be, port the new plan or the provider at the time of health insurance renewal.

In a Nutshell 

Most of the aforementioned tips and tricks are to be kept in mind before you’re to renew your health insurance plan. However, this should not undermine the important role that they play in helping you get the best medical insurance in Dubai. Make sure that you religiously follow these small tips and check everything properly beforehand before initiating the renewal. Always remember to compare health insurance in the UAE to score the best possible health insurance plan that fulfils all your current needs. You can also take a little assistance from our financial experts at PolicyBazaar UAE and know if there is something you need to add or remove from your current insurance plan.