Benefits of Renewing Health Insurance Plans Before Expiry
Published On Oct 06, 2021
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A health insurance policy plays an important role in safeguarding the health of the individuals by providing them with financial backup for their medical expenses that may incur at the time of a medical emergency. The sales of the health insurance plans has increased over the last few years due to the spread of the global pandemic. These plans not only compensate for the pre and post hospitalization expenses but also provide additional perks like complementary healthcare checkups, tax savings benefits, medication costs, room rents, ambulance charges, and much more. It is important for the policyholders to analyze their requirements so that they can invest in plans that are comprehensive and affordable.
Buying, renewing, and claiming of health insurance policies are some of the important procedures involved. With the advancements in the technology over the period of time, these processes can be facilitated online over the official website of the health insurance provider. One of the essential processes is that of renewing a health insurance policy because if the policy is not renewed on time, then it loses its validity thus leading to the exhaustion of the policyholder’s financial savings. Therefore, to continue availing the benefits of your existing health insurance policy and to avoid the purchase of a new policy, you must renew your health insurance policy on time.
Importance of Having A Health Insurance Cover
Renewal of a health insurance policy makes sure that the policyholders continue to avail the benefits of their existing health insurance plan without any compromise. Therefore, let us understand the important of having a health insurance cover in the first place:
Must Read: Importance of Health Insurance Renewal
- With the growing uncertainties in life, it is important to have some monetary backup to look after your medical expenditures at the time of an emergency without draining your finances.
- The inflation has rapidly steeped up over the past few years, and therefore affordable health insurance plans are worthy of your investment to safeguard the health of yourself along with your loved ones.
- You get the flexibility of choosing a desirable health insurance plan as there is a sea of health insurance policies in the insurance market.
- The change in lifestyle of the people and the changes in environment has brought people to the risk of contracting life-threatening diseases.
Benefits of Renewing A Health Insurance Policy Before Expiry
Following are some of the prominent benefits of renewing your health insurance plan on time before the date of expiry:
- Continuous Coverage - If you renew your health insurance policy on time without any delay then you and your loved ones can enjoy the continuous coverage of the existing health insurance plan. Also, you can avoid the trouble of documentation involved in buying a new health insurance policy.
- Tax Saving Perks - policyholders who are also taxpayers are eligible for tax saving benefits under a health insurance policy bought. Section 80D of the Income Tax Act provides this benefit to the individuals on their premium payments.
- Avoid High Rates of Premium - renewing your health insurance plans on time can not only save you from buying a new health insurance plan, but also saves you from paying a higher amount of premium on the newly bought health insurance plan.
Reasons To Renew A Health Insurance Plan On Time
Let us look at some of the key points that justify the importance of on time renewal of the health insurance plans:
- Failure in the on-time renewal of a health insurance plan makes the existing health insurance policy invalid, thus leading to the exhaustion of the financial savings of the policyholders.
- It is advised not to overlook the renewing of a health insurance plan, as it is meant to protect the health of the policyholders and their loved ones.
- If you fail to renew your existing health insurance plan then you will have to buy a new health insurance policy all over again, which can involve a lot of documentation and proceedings, which becomes time consuming.
Renewal of a health insurance policy is necessary to continue availing the benefits of your existing health insurance plan, as it is not only affordable but also extensive. You can save yourself from the lengthy procedure of buying a health insurance cover all over again.
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.