Mistakes To Avoid When Renewing Health Insurance Plans Online

Renewal of a health insurance plan is crucial as it allows the policyholders to avail the benefits of their existing health insurance plan without any compromises. It lets the individuals enjoy their accumulated benefits like no claim bonus, discounts, rewards, etc.

About Health Insurance Renewal

Health insurance plans come with a due date, before 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 available under the health insurance policy. While investing in a health insurance cover, you must look for plans with lifetime renewability services to make sure that there is no maximum age limit for the renewability of the health insurance plan. Following are some of the common points which signify the importance of renewing your health insurance plans on time:

Must Read: Importance of Health Insurance Renewal

• If the policyholders do not renew their health insurance plans on time, then the policy bought will lose its validity and the medical expenses incurred due to the treatment of a disease will be borne by the policyholders, thus exhausting their savings.
• You must not overlook the renewal of your 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 will involve a lot of documentation and other proceedings, which becomes time consuming and hectic.

Mistakes To Avoid When Renewing Health Insurance Plans Online

Following are some of the commonly committed mistakes when renewing a health insurance plan online over the internet:

• No Reviewing Your Existing Health Insurance Plan

It is important for the policyholders to review their existing health insurance plans to make sure that the existing coverage is sufficient for them and their loved ones. After reviewing your health insurance plans, if you find the coverage to be more or less than what you need, then you can get it altered from the health insurance provider at the time of the renewal of the policy. You must go through the policy terms to include or exclude any clauses or get any changes done in your health insurance plan. You can add new members in your family floater plan, later the premium amount, increase sum assured, add top-up plans, and much more when renewing the health insurance policy.

• Lying About The Underlying Health Conditions

Often people hide their recent health profile. One must never lie about their pre-existing diseases, or any other health related conditions, which might need to be treated in the upcoming future. Hiding your health related concerns can be legally registered under fraud by the health insurance provider. Also, claim requests made for the compensation of the medical expenses incurred due to the treatment of the disease that you lied about to the health insurer, will not be approved.

• Missing The Grace Period

You must complete the renewal process along with the premium payment within the grace period granted by the insurer. If the renewal is not made within the grace period, then your existing health insurance plan will lapse resulting in the loss of accumulated benefits like no claim bonuses, rewards, discounts, and much more.

• Not Changing The Cover

Over the period of time, the needs of the people change. The health of the policyholders can change over the given period of time, and therefore you must make certain changes in your existing health insurance plan. If you are not satisfied with your current plan, you must get it changed without losing your accumulated benefits. You can post your plans easily with the cooperation of the health insurance provider. You must take necessary steps based on your requirements.

Conclusion

You must keep the above mentioned common mistakes in mind, so that you can avoid them as much as possible when renewing your health insurance plans online.

Also Read: Missed the Renewal Date of Health Insurance Plan? Here Are the Solutions!

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.