The Best Ways To Renew Your Health Insurance Plan On Time
Updated On Oct 03, 2022
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Health insurance plans are a significant financial commitment given the escalating expense of healthcare in India. Nevertheless, it's crucial to keep in mind that health insurance policies often have a year of the expiration date and must be renewed on time to get continued coverage
You would have the option to modify your insurance coverage, select additional benefits, or modify the policy's insured amount when you are renewing. However, the policy would expire if you do not renew it in a timely manner. Therefore, it is essential to timely renew your coverage.
Advantages Of A Health Insurance Plan Renewal
The following are some of the main advantages of extending your health insurance plan before it expires:
Undisrupted Insurance: To receive undisrupted insurance coverage, it's critical to renew your health insurance plan in a timely manner. Your healthcare costs won't be reimbursed by the provider if your plan expires, and you risk losing your no-claims bonus. Furthermore, also when you reach an age at which you are no more able to purchase new insurance, you must renew your current policy before it expires to maintain healthcare benefits.
Tax Benefits: Section 80D of the IT Act, 1961 allows for tax benefits up to Rs. 1 lakh. You can get tax benefits on the premium paid by renewing your policy on time. the premium by extending your coverage on time.
Increased Premiums: To prevent having to pay an increased premium amount, you must renew your health insurance coverage before it expires. You may be required to pay a greater premium cost to purchase a new health insurance plan if your current one expires.
How Long Is The Grace Period For Renewing Health Insurance?
Just after the expiration of your policy term, the majority of insurance providers provide a brief grace period of seven to thirty days. You have the opportunity to extend your coverage during this time in order to continue receiving health coverage in addition to NCB benefits. sNevertheless, because the plan's protection has terminated, you won't receive any medical advantages throughout this time. Therefore any claims you submit for hospital admittance or medical emergencies during this time would be denied. All medical costs would be your responsibility to pay out of your own wallet.
Considerations For Health Insurance Plan Renewal
Let's look out the elements to take into account when extending your health insurance policy. Here is a list of important factors to remember while renewing.
- Increased coverage: If the policy bearer is dissatisfied with the plan's current coverage level, he or she may choose to increase it.
- Coverage For Health Insurance: The policy holder could review the current health insurance plan's coverage and change it in accordance with the requirements of their medical condition at that time.
- Upgrading Your Plan: Upgrade your plan to a different health insurance policy if you're unhappy with the one you already have.
- Renewal Conditions: Review the plan's renewing conditions at the moment of renewal to ensure that they have no irregularities.
- Portability Of Your Policy: It allows the policyholder to change insurers if they are dissatisfied with the present insurance company’s coverage or customer service. offerings.
Conclusion
Health insurance plans provide protection from unforeseen financial difficulties when receiving medical treatment. Therefore, it's crucial to make certain you have ongoing coverage in the event of a health-related emergency. Only by making sure you renew the insurance within the scheduled time every year, you could achieve this.
Even though it has ended, you are still able to get health insurance, but the cost would be greater and you won't be able to use all of its advantages.
Also Read: Health Insurance Plans For Salaried People
