Financial PlanHealth Insurance

Things to Do After Buying Health Insurance – A checklist

Hospitalization

The benefits of buying health insurance are no secret. Everyone is advised to buy an insurance plan for themselves and their family so that all the expenses can be covered in the case of medical emergencies. But do you think your job is done, by just buying the policy? No, your responsibilities go beyond, there are certain things you need to do after buying a health insurance, to ensure that the policy can do you the favor in the time of need. Below mentioned is the checklist of the things that would require your attention after buying the insurance.

Go through your policy documents 

When you buy insurance you will be provided a policy document by the insurer. The document contains all the necessary details about the policy including its terms and conditions, benefits, and limitations. Most people do not even bother to open the envelope and see what the policy has to say, which should not be the case. Whether you have bought a general health insurance or a mediclaim, be sure that you are eligible for the free-look period. In the free-look period, the policy owner is allowed to return the policy (without penalties) if it doesn’t match their satisfaction.

Make your family familiar with the policy

When you have bought insurance, make sure your family is aware of it. Read them the events and claim procedure, so in case of emergency, the family doesn’t have to depend on anyone and know the right ways to raise a claim. Also, handover a copy of the insurance policy to one of your family members and inform them where do you keep your ID card.

Pursue your insurer for ID Card

Your insurer will send an ID or health card within 15 days of issuing the documents. Insurance Regulatory and Development Authority of India has made ID cards mandatory, as you will have to show your card in the hospital to avail the facility of cashless hospitalization.

Hence, if you have not received your card within the specific time, follow up with your insurer for the same.

Also Read: How to Buy Online Term Insurance for Senior Citizens

Go through and understand the claim procedure 

No matter what type of insurance you have purchased, make sure you go through the claim procedure. It is important to understand each step and aspect of the procedure, so that you are ready if any emergency occurs. Make a note of the documents to be submitted, and the contact details of Third Party Administrator while reading about the procedure.

Prepare for premium payments 

To keep your health insurance plan running, there is a certain amount of fee (known as a premium) that needs to be paid to your insurer periodically. So, make your budget carefully and put some amount of money aside every month.

Renew your policy 

It is important to keep track and renew the policy annually. In most cases, your insurer will remind about the expiration of the policy. Failure to renew the policy leads to termination. Hence, you need to provide correct contact details to your insurer and not miss any notification from their end.

Also Read: Benefits of Selecting the Best Term Insurance Plan

Claim your tax refund 

Do you know, you can claim tax benefits for the premiums? Yes, the tax benefits can be claimed under section 80D of the Income Tax Department Act. Moreover, you can claim the tax benefits of the premiums paid for the family too. Claiming your tax refund is one of the best ways to save tax.

Add members in the policy 

In case you have started a family after buying health insurance and you can ask your insurer to add your child to the policy after the birth, instead of waiting for the renewal.

These are the things that you need to proceed with after buying a health policy. And in case, you have not bought a plan yet it is suggested to buy health insurance online at the earliest.

Vikas Agarwal
the authorVikas Agarwal
Vikas Agarwal is an IIT-Varanasi graduate in Chemical Engineering. He is the Founder and CEO of Finaacle.com - an investment advisory website. He is a Business Development Professional but a Value Investor at heart. He writes articles on Finaacle, which focus on simplifying the art of investing and the causes of human misjudgment when it comes to investing. He also shares his experiences as an investor and lessons from some of the greatest investors of all time.

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