Importance of Updating Health Insurance Policy On Time
When you renew your health insurance, you need to make sure that you renew your policy before the deadline promptly. You can also update by adding members to your policy during renewal. You can also look for modifications in policy terms. After you have insured your family under the health plan, you also have the liability of renewing the policy on time. With most of the insurers offering online facilities, the whole process of renewal has become fast and increasingly handy.
Health Insurance Renewal
Health insurance has to be renewed at the end of each policy year to enjoy constant coverage. Health insurance can be bought online through the insurer's website or offline via an insurance agent. Likewise, health insurance renewal can be done online via the insurer's website or offline at the nearby branch office of the insurance company.
Before buying a health insurance plan, it is essential to compare different policies across the top insurance providers to select the one that best caters to your needs. You can compare health insurance policies online via a third-party website and get an immediate quote on your selected policy.
Things to Consider at the Time of Health Insurance Renewal
The process of health insurance renewal is simple, especially when done online, there are some things to remember before renewing the existing policy:
1. Review The Renewal Terms
Policyholders receive a renewal reminder by the insurance company 45 days before the renewal date. The reminder email will have policy details such as the number and types of claims made, the sum assured, and the no-claim bonus. Policy owners should be careful and keep the insurance firm informed if there is inconsistency in the insurance details in the mail.
2. Check Out Other Options Before Renewing
Porting insurance from one company to another is a choice when the policy owner is not satisfied with the present insurer either owing to higher prices and sub-limits or lower advantages. A benefit of portable health insurance is that the insured person will not lose out on the policy advantages such as No-Claim Bonus and waiting period when transferring it from one insurer to the next.
3. Assess Insurance Requirements
With the increase in healthcare prices, a policy on hand will not offer satisfactory coverage. Hence, it is essential to assess future and present health insurance requirements. Based on the requirements, add a rider to the usual base policy or select a higher sum insured.
Importance of Renewal Of Health Benefits On Time
It is always suggested that one must be ready at the earliest with all the precautionary measures before getting attacked. It is suggested that one should get their health insurance renewal 10/15 days before the due day. A policy owner gets a 45 days prior reminder from the service provider about the payment date. Along with it, they also get details about their policy such as the sum assured, the plan enrolled, and the number of members, and the present status of their policy.
In case you have missed the due date do not worry as you will get time to make payment. Service providers also offer a grace period of 15 days or a month with gentle reminders of mail, calls, and messages to the policyholders for renewal. In case someone is outstation or traveling, they do get an extension.
Also Read
Factors to Check Before Renewing Your Health Insurance Policy
How to Plan Health Insurance Premiums Well in Advance to Renew the 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.
