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  • Kenko Desk

To Renew, Or Not Renew, That Is The Question! 🤔

Updated: Jun 11, 2022

Is your health plan up for renewal? Are you clueless about the next steps and running from pillar to post looking for some answers? It’s time to stop, take a deep breath and read this blog…

Your health plan is responsible for your peace of mind. But all good things come to an end and so does your plan. This is the time when your mind starts playing games - whether you should renew your existing plan or look for better alternatives? What about inflation? Do you have the option to carry forward unused credit and benefits? Your mind wants answers. It means business. While it is important to renew your plan on time (or start a new one), you don’t want to end up paying for something that doesn't float your boat. So what should be your plan? Look out for at least five things mentioned below and you’ll be fine!

Things to keep in mind when renewing your health plan:

  1. Analyse your risks

  2. Ensure enough sum is insured

  3. Relook at deductibles

  4. Renew it on time

  5. Check portability

1. Analyse Risks

It may sound cliché but life is unpredictable. It comes with its own set of risks but renewing your health plan shouldn’t be risky. Start your research early. Look up for new-age options that cover more and demand less. Everybody will have a different set of needs. You do you. So assess your health risks properly. Consider your age, gender, geographical location and lifestyle choices.

You can also ask your friends or colleagues for suggestions. If you haven’t made any claims in the last one year and are going forward with your existing provider, look out for a no claim bonus or increased coverage at a lesser price. There are plans that have started covering OPD benefits, dental care, mental health etc. and they might pique your interest. If you have a family, you’ll have to fit them in the picture too. So think this through.

2. Ensure That You're Insured

Money doesn’t grow on trees. Hence, it is essential to know what exactly will your health plan bring to the table. A family of three with the average age being 40 might need more coverage than an individual in their early thirties, especially when it comes to hospital bills. It is important to note that your premiums will be set based on the cover you choose. The higher the cover, the more premium to be paid.

3. Check Your Deductibles

Deductibles are an important factor to consider while renewing your health plan. But what are deductibles? If you don’t know this already, deductible is the amount you pay from your medical bill before your insurance covers their part of the bill. It’s like going out for dinner with your insurer and splitting the bill.

Hospital bills can be a real pain. Rooms that cost X amount right now can charge you 2X or 4X within months due to excessive demand and lack of available beds. Remember Covid waves? During such times, it pays to have a comprehensive health plan with no limits and deductibles.

4. Renew Or Repent

By now, you know that timely renewal of your health plan is crucial. From scribbling on papers to force-fitting our colourful lives in tiny palm-sized smartphones, we’ve all come a long way. We’ve now got calendars, reminders, tools that manage our lives with a click. So renewing your plan or remembering to renew it on time shouldn’t be a task that warrants a holiday or a dedicated space. You can just click or set it up on auto-renewal.

Again, important to note that if your plan expires, you lose access to all your benefits. You may or may not get a grace period depending on your provider but you will certainly not get another chance in case of a crisis. In the case of intensive treatment or unplanned surgery, this can mean loss of cover and a dent in your savings. Leaving you with an old proverb here: A stitch in time saves nine.

5. Portability Matters

If you think mobile numbers are the only thing that can be ported, you need a reality check! You can port your plan or shift your policy to another provider. Let’s say that you aren’t happy with your current health plan. You have the option to port to a new plan by a provider of your choice, you just need to inform your existing (soon to be ex) provider in advance. Inform at least a month in advance before the renewal date.

P.S - Thinking of getting a health plan? Check out our bite-sized plans with monthly subscriptions. They are accessible, affordable and come with prepaid benefits. Starting at just ₹299/month.

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