Mistakes to Avoid When Renewing A Health Insurance Policy

The job of a health insurance policyholder does not end with buying a suitable health insurance policy. This is because every health insurance policy comes for a specific term, and gets expired after that, if not renewed timely. Hence, in order to continue availing of coverage benefits, it is highly recommended to renew a health insurance policy.

When renewing your health insurance policy, you may face an issue or may not be able to make an informed decision. To avoid such situations and make health insurance renewal a hassle-free process, we have created a list of common mistakes that people make when renewing their plans. Read them so that you are careful when it comes to renewing your health insurance policy:

1. Not Reviewing Your Existing Health Insurance Policy

Until and unless you review your health insurance policy, you wouldn’t know if the existing coverage is sufficient for you and your family members or not. After reviewing your policy, you may find that you need greater or lesser coverage. In case you need greater coverage, you can contact your insurance company or avail of the portability benefit by switching to a different policy or insurance company. And in case you wish to reduce your coverage benefits, then you may save on premiums. You will be benefitted in both cases, provided you review your existing policy. Also, at the time of policy renewal, you can include several add-ons like hospital cash cover, critical illness cover, etc. as per your requirement and budget.

You May Also Like to Read: Health Insurance Policy Renewal - Guide To Online Process

2. Hiding New Health Conditions

If there is any new health condition(s) at the time of health insurance renewal, you must inform your insurance company about the same. In case you fail to do so, then you may face hassle at the time of claim settlement or the claim request may even get rejected. Therefore, to ensure a smooth claim and renewal process, you must disclose if there is any new condition.

3. Missing the Grace Period

Given that it is important to renew a health insurance policy, you must renew it within the grace period. Otherwise, you will not be able to avail of a cumulative bonus or No Claim Bonus even if no claim is made during the policy term. Thus, it is recommended to keep a track of the health insurance policy renewal date as well as grace period.

4. Not Changing Cover

Over a period of time, our health insurance requirements change. For instance, the COVID-19 emergency made everyone evaluate their health insurance plans to ensure if they are covered for treatments arising due to a positive diagnosis of COVID-19 or not. As you can make the necessary changes to your policy at the time of health insurance renewal, you must evaluate your policy, after which you can increase the sum insured, etc as per your needs.

Bottom Line

Now you know that only buying health insurance plans is not sufficient. You must also timely renew them before they get expired. Also, at the time of health insurance renewal, it is essential to reevaluate your insurance requirements after considering several factors such as health conditions, if there is an addition of a family member, etc. so that you can include the required benefits to your policy, if possible, or switch to another insurance policy or company.

Also Read Here: How To Find The Right Health Insurance Plan For Coronavirus?

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.