Renewal Your Health Insurance Policy? Things To Keep In Mind
You could spend days, weeks, or even months looking for the ideal family health insurance plan. Still, one error failing to renew your insurance in a timely fashion destroys it all. Because it is one of the ways you may ensure that all of your policy’s benefits, bonuses, and waiting periods continue to apply, renewing your health insurance is crucial. And there are certain crucial considerations you need to make as you renew your health insurance policy. Here you need to keep things in mind while renewing your health insurance policy:
1) Renew Your Policy On Time
Insurance companies typically give a grace period of 15 to 30 days after premiums are stopped before canceling a health policy. Health insurance companies are not legally responsible for any of the payments covered by the plan during the lapse period. If the policy expires, policyholders could lose out on perks including critical sickness insurance and tax breaks. Such mistakes are dangerous, especially for people who already have health issues. The insured is nonetheless responsible for making sure that the policy is renewed well in advance of the due date, even though insurers send out renewal warnings for approaching due dates.
2) Adding Members To The Policy
The policyholder may include more family members in the policy after a specific amount of time by doing so at the time of renewal. During renewal, policyholders have the option to add or remove names from coverage and modify the terms. A person can, for instance, decide to include his parents in the family floater plan that already covers him, his wife, and their child at the time of the health insurance policy renewal.
3) Options To Increase The Sum Assured
When renewing their health insurance, people can request an increase in the sum assured. For increasing the insured amount, companies typically set terms and limitations, such as physical examinations and clean claim history. Therefore, if one intends to apply for an increase in the sum assured, he or she must be ready for the waiting period. The sum insured may, on occasion, fall within the scope of the maximum coverage guaranteed by the policy. The policyholder cannot take this choice under such circumstances.
4) Check For Changes In Policy
Any modifications to the policy’s terms and conditions must be disclosed to the policyholder three months in advance and must also be reported to the regulator for approval, according to IRDA regulations. If the individual holding the policy decides the revised terms are unacceptable, he or she may choose another policy with beginning terms that are identical to the existing one.
5) Documents To Be Carried On The Day Of Renewal
The policyholder must bring both the policy renewal notice and check to the renewal appointment if they want to keep their coverage with the same company branch. However, if the insured chooses to switch branches, they will need to present the necessary paperwork.
last year’s regulations
notice of policy renewal
Pictures from the proposal form
a check for the amount requested
Request letter
6) Disclose New Medical Conditions
Since medical insurance is a yearly agreement, the conditions may be changed as a result of changes in health that take place over the year. Therefore, policyholders should notify the insurer of any health issues that emerged during the prior term. According to IRDA regulations, the health insurance may request documentation to corroborate the policyholder’s declaration but is not permitted to impose new terms.
7) Always Keep The Receipt Safe
Inform your nearest family member of the policy changes you have made, and always preserve the receipt in a safe place. This is crucial since they must be fully informed of the policy’s terms at the time of the claim. Also, let them know if there are any cards or other documents that can be used to make claims that don’t require cash.
What Will Happen If You Don’t Renew Your Policy On Time
You typically have a time limit of 15 to 30 days after the due date for your health insurance renewal. Even during this time limit, if you don’t renew your insurance, it will expire and you won’t be able to use the continuous advantages. Then, if you decide to purchase a new policy, there is a potential that you won’t be approved because of your age or health.
Even if you do manage to secure coverage, it will likely come with extra restrictions and terms, and the premiums may be very exorbitant. Additionally, you would forfeit all the perks and bonuses you had accrued under your prior policy. Additionally, you would lose your waiting periods and be subject to extra waiting periods under your new coverage for pre-existing conditions or other medical issues. Consequently, set reminders, make advance plans, and renew your health insurance coverage on time.
