Health insurance renewal: 5 key numbers you should review every year

Before renewing health insurance, review five key numbers: sum insured, annual premium, room rent limit, co-payment and deductible. Check waiting periods, no-claim bonus and network hospitals too, so your health insurance policy continues to meet your needs and budget. 

Are you looking to renew your health insurance policy? Do you know that when renewing your health insurance policy, it is vital to recheck several fundamentals of your policy to ensure you are adequately protected, that the policy still adds meaningful value to your life, and that it provides the health protection you need?

This is because renewing health insurance involves more than just paying the premium before the due date. The individual health insurance policyholder should diligently review recent changes in medical costs, any amendments to policy terms, and their current financial condition and personal circumstances, as these factors, when taken holistically, can impact both the adequacy of individual coverage and the amount paid under a claim.

Therefore, before renewing, keep these core fundamentals in mind and review 5 critical metrics/ numbers to determine whether your policy continues to provide adequate financial protection.

5 key policy details you should check every year

1. Sum insured: Is your cover sufficient?

This metric determines the maximum coverage available to an individual. It is subject to policy terms and applicable limits. A cover that was adequate a few years ago might fall short today, as hospitalisation costs continue to rise. That is why you should review your coverage against potential treatment costs in your city and increase it if necessary.