Importance of Health Insurance Renewal
Updated On Oct 05, 2021
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With the advancements in technology, the health insurance providers have facilitated the different procedures involved with the health insurance policy. Health insurance plans offer financial backup to the policyholders at an affordable price, along with which it also offers other perks like the hospitalization costs, ambulance charges, room rents, and much more. Health insurance providers have facilitated online services like purchase of plans, renewal of plans, etc. The policyholders can visit the online website of the health insurer and with the help of the online web services, they can easily avail its various features.
After buying a health insurance plan, one of the major steps is the renewal of the health insurance policy. It is important to renew one's health insurance policy on time without any delay to continue availing the benefits of the existing health insurance plan. Therefore, while buying a health insurance plan you must look for plans with the feature of lifetime renewability of services under which the insurer claims no maximum age restriction on the policyholders for the renewal of the health insurance plan. With the renewal of your health insurance plan, you can avail the same set of features and benefits of your chosen health insurance plan.
About Health Insurance Plans
Health insurance plans compensate for the medical expenses of the individuals at the time of hospitalization in case of a medical emergency. The inclusions and exclusions under a health insurance plan can vary from one plan to the other. The cost effectiveness of the health insurance plan depends on the medical history, sum assured, deductibles, age of the applicant, etc. There are different types of health insurance policies in the insurance market to cover the demands of different groups of people like individual plans, family floater plans, maternity benefit covers, critical illness plans, and a lot more more. Policyholders also get tax saving perks on their premium payments of the cover under Section 80D of the Income Tax Act.
Importance of Health Insurance Renewal
Health insurance plans come with a policy tenure, for which the benefits of the policy can be availed by the individuals. Before the expiry date of the health insurance policy bought, the individuals must renew their plans to continue availing the same set of features and benefits under the health insurance policy. When buying a health insurance plan it is important to get a plan with lifetime renewability services to make sure that there is no maximum age limit for the renewability of the 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:
- If the policyholders fail to renew their health insurance plans, then the policy bought will not stand valid and the medical expenses incurred due to the treatment of a disease will be borne by the policyholders themselves, thus burning a hole in their pocket.
- 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.
The above mentioned arguments clearly signify the importance of renewing the health insurance plans on time, as it safeguards the health and its related expenditures of the policyholders. Thus, one must renew their health insurance plan on time without any delay. Lifetime renewability of the services play a major role in this regard as it sets a maximum age limit on the policyholders for the renewal of the health insurance policy.
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.