The current pandemic has taught us all that there is nothing more important than maintaining health and taking care of loved ones. One can face health issues at any given point in life.

The rising cost of healthcare services is even more worrying. It has never been more important than now to invest in sound health insurance policies and safeguard your medical needs. 

According to the General Industry Council, an industry association, nearly 29.7% of premiums related to health insurance have been collected by non-life insurers in the first half (April to September) of 2020-21.

Traditionally, India has been an underinsured nation, with private insurance schemes covering only 18% of the urban population. 

Now, the current global medical emergency has brought the focus on health insurance policies and people have been investing more in healthcare policies to ensure enough coverage during untoward time. 

However, it is important to note that it is not just important to have a health insurance policy, it is equally important to keep it up-to-date.

According to financial planners, it is not wise to assume that investing in one health insurance policy is sufficient for your lifetime. Like one grows out of old clothes and purchase new ones to meet the current requirements, you need to modify your health insurance policies accordingly. 

Raman Chandna, chief investment officer at SONA Group, says health insurance policies need to be updated as family needs or any other financial emergencies can arise at any time. “Updating your health insurance policies or rather replacing it with the latest best offerings is the key to ensure the growth of your investment and enough coverage,”Chandna said.

Want to know why you need to upgrade your health insurance policy? Read on:

Changing lifestyle:We are all leading extremely hectic and busy lives. The work pressure, lack of sleep, eating junk food and constant addiction to smartphones are bringing in a lot of lifestyle disorders, especially at an early age. As a result, health insurance policies can no longer be an after-thought. It is all about thinking sharp and smart! In this scenario, HDFC Life provides a variety of health insurance plans  that offer financial security to meet health-related contingencies.

The later you upgrade the lesser benefits you get: There is no good time than now to upgrade your health insurance policy. Don’t wait for a decade to do so! We all know that the older you get, you are more prone to illnesses and chances are quite high that you won’t be covered for some of them. So why spoil your chances? Time to take stock of your current health insurance policy!

Change in family requirements: Usually after some years, your family needs changes based on certain situation. For instance, birth of a child, funding their higher education needs, child’s marriage or purchase of property can cause a significant change in your financial position. Under these circumstances, it is wise to upgrade your health insurance policy with more alluring schemes. For this, HDFC Life insurance not only offers a tax-savings incentive but also gives you good returns on your investment.

Your health needs change with age: This one is a no-brainer. As you grow old, your health requirements change and mostly spiral. The visit to doctors, hospitalization and rising medicine costs often end up causing a huge dent in pockets.So, upgrading health insurance becomes pivotal. Here HDFC Life insurance can help you with the best schemes that cover critical illness, hospitalization, and other medical procedures.

Get a better deal!:  You need to properly read the fine prints of the health plan to learn more about the waiting period, co-payment and exclusion clauses that your policy comes with. In case of medical emergencies you surely don’t wish to engage in the technicalities of your insurance policy and just want a plan that offers maximum coverage. It is advisable to aim for the latter before hand and reboot your health insurance policy in time to ensure that your medical crisis passes without any roadblocks.