5 Things To Check Before Health Insurance Renewal
Updated On Feb 14, 2022
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A health insurance coverage usually lasts a year and must be renewed annually. Despite the fact that insurance companies send reminders about health insurance renewals, consumers are wholly accountable for renewing their policies on time. This will guarantee that the policy's benefits, including pre-existing health condition waiting periods and no-claim bonus accrual, are not lost. If a health insurance policy is not renewed on time, it will expire, and the policyholder will no longer be eligible for benefits.
Policyholders who are unaware of the underlying mechanics of the health insurance policy renewal procedure lose their benefits and are forced to start a new policy, whether with the same provider or with a different insurer. Consider the following important information to guarantee that you are not cheated out of insurance coverage due to a lack of knowledge. To know more about the things to check before health insurance renewal, read on.
What Factors Should A Person Be Aware Of When It Comes To Health Insurance Renewal?
Following are the factors that a person should know about regarding health insurance renewal -
1. Health Updates
As a responsible health insurance policyholder, we must contact your insurer to inform them of any changes in your health status. Notify your existing insurance if you are dissatisfied with their services. Make a formal request to close the policy via writing here to the insurer at least 30 days before your existing insurance expires.
2. Payment Premiums
It is the policyholder's obligation to pay the premium due to the insurance company on time and keep the health insurance policy active. The receipt of your premium payment is confirmation of your commitment to the plan's continuation.
3. Grace Period
If you forget to update your health insurance coverage in a timely manner, the insurance provider may grant you a grace period of up to 15 days. To keep your insurance effective, you must renew it within the specified time frame. You will then be eligible for continuing benefits.
4. Policy Portability
Some customers may not renew their health insurance coverage because they believe another plan offers greater advantages and would like to switch. You can still benefit from the policy's continuing advantages thanks to portability. By transferring to a new service provider and alerting your existing insurer, you can utilise your right to port and upgrade to greater coverage. Your choice should be communicated to them at least 45 days before the policy's planned expiration date.
Make An Educated Choice
Your current health insurance coverage was most likely chosen based on the advise of an insurance provider or a friend. You do, however, have the option of modifying things when you renew your health insurance coverage. Everyone is different, which means that everyone's health criteria are diverse as well. Your insurance coverage must only meet your health requirements and not be based on the needs of others. You may choose to change the form of your health insurance coverage while renewing it. You may pick between senior-specific insurance, hospitalisation plans, and a normal cash-benefits plan, among other options.
Things To Note About Health Insurance Renewal
- During the expiration and renewal periods, health insurance providers are less interested in settling claims. To keep the policy from lapse, the insured must pay the premium before the grace period expires.
- A policyholder's request for health insurance renewal is not obligated to be accepted by the insurer. However, if an insurer refuses to renew a policy, the consumer has the right to demand an explanation.
Renewal of health insurance can be done either online or offline. To pay premiums in the offline manner, you must go to the insurer's branch. The premium payment can also be collected via check, which is always a preferable choice. In the online method, you may renew your insurance from the convenience of your own home. You can contact health insurance brokers like Insurancedekho.com to have your coverage renewed as soon as possible.
Endnotes
Our executives' goal is to assist and advise potential consumers through the process of purchasing, renewing, and transferring health insurance coverage. They not only understand your wants, but they also provide you the greatest value possible.
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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.