Health insurance policies have become a necessity in today’s times. If you want to prepare yourself for the unwanted situations in a better way, you must get yourself and even your family members covered by a suitable health plan. When we buy a plan, it comes with an expiry date. We must renew it before it gets expired. However, some policyholders do not take it seriously and think that it’s completely okay to renew the policy even after it has been expired. Let us clear this misconception.
When you renew your existing policy on time, it not only offers you uninterrupted peace of mind but also helps you save some money. Even when you are protected by the best health insurance plan, renewing it on time can help you get additional benefits. Some of them are as follows:
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Health Insurance companies provide two types of insurance policies: Group Health Insurance plans and Regular Health Insurance Plans. Commonly people are often confused between the two and are thus left unsure about which type of plan best suits them the best. This leaves them in a lurch at the moment they need to make a sound and educated decision to select one or the other. So let us help you understand where the major differences in these two types of health insurance plans lies!
On the other hand, a Regular Individual Insurance policy is a scheme that is bought by an individual them-self. Although the name suggests coverage for individuals only, these schemes can be offered to groups of people as well the individual’s families or dependants.
The cost of an individual health plan is often higher than group plans as the group schemes are often subsidised by organisations to its employees.
While in individual insurance policy the policyholder receives coverage irrespective of his or her employment status, as long as the premiums are being paid. These are the major differences between a group health care insurance scheme and a regular individual health care scheme. Customers should consider carefully their needs and position before opting for either. In addition to the above differences, it is also important to note that in the case of individual healthcare schemes no claim bonuses can often add up to big amounts. That is if you go an entire year without availing the insurance policy, part of your premiums will transfer on to the next year as a bonus. This often does not occur in group healthcare policies and the bonuses are passed on to the organisation offering the scheme to its employees instead. A decade ago, people in India had this conception that health and medical insurance plans are not quite useful when you are young. That one should only buy this kind of policy after getting into their 40s or 50s. That’s not true. Health insurance policies can prove to be beneficial even if you are in your 20s or 30s. Life is unpredictable, and hence you must get yourself covered financially. Furthermore, starting a health insurance plan early on allows you to lock in a lower premium amount. At the time of buying a health insurance plan, a little caution can go a long way. Picking the right policy can be a little intimidating for most people. Therefore, let us take a look our guide on the right way of choosing the best plan for you.
After zeroing down your choice, get in touch with the insurance company and ask for all the relevant documents. Go through the terms and conditions and make sure the policy offers almost everything that you identify as your requirement. |
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