Things to know if you own a health insurance policy

By iTrust Financial Advisors (www.iTrust.in)

What are the things that you should know if you own a health insurance policy? Heaven forbid that you need to use your policy at some point, the following points will help you make the most of your coverage.

Renewal

Most health insurance is available on an annual basis - timely renewal is of utmost importance in health insurance. Like car insurance health insurance is not a one time purchase, but an annual expense that you must budget for. And like you do not leave your car without an insurance cover even for a day – you certainly cannot afford doing that with your health.

As of now, the track records of consumers are not transferable across companies hence its important to choose a good policy the first time around and renew the same year on year and not switch the insurance provider.

Every insurer also provides discounts or bonuses for customers who have a claim free year - it is important to understand and take advantage of the same.

Review at coverage amount