Why Should You Not Miss Out On Your Health Insurance Renewal?
Your health matters! You never know when an emergency may strike, but it makes sense to be prepared. The main component of risk assessment is putting up a sufficient financial safety net to cover hospital bills in the event that you or a member of your family becomes ill.
It is crucial for anyone who got health insurance to renew their coverage before it expires. Like all other insurance plans, a health insurance coverage must be renewed each year in order to continue receiving its benefits without any problem. You can quickly and conveniently renew your health insurance policy online from the insurer’s website or any of the online insurance marketplaces.*
It is totally up to you how and where you want to update your health insurance, but make sure to do it before the current policy ends. Here are a few significant drawbacks of skipping your health insurance renewal date.
Your coverage gets interrupted:
The insurer may continue to give you enough coverage and pay for hospitalisation costs for the treatment of any illness until your health insurance policy is in effect. On the other hand, the policy expires unless you renew your health insurance by the due date. Any claim submitted under a health insurance plan when the policy is inactive may not be accepted by the insurer.
Every insurer offers a grace period of 30 days to renew an expired insurance policy. You are still not permitted to file a claim until your policy is active once again. The insurance company may not pay any coverage if you are hospitalised while your policy is not in effect.*
If you don’t renew the policy even during the grace period, it may expire, and you may have to purchase new health insurance coverage. In such a situation, opt for a health insurance premium calculator to aid you in your decision.
Waiting time
You must fulfil a required waiting period before making a claim when you purchase a new health insurance policy. There is no waiting time for hospitalisation due to an accident, but usually, there is one of 15 days for COVID-19 hospitalisation and 30 days for all other illnesses. There is typically a waiting period of two to four years for pre-existing conditions and other common conditions, including maternity coverage, knee replacement surgery, cataract, and many more.*
Now, if you don’t renew your policy on the renewal date or even during the grace period, your health coverage can expire, and you may have to get a new health insurance policy. A new health insurance policy can require you to go through the waiting period for various ailments once more. If you are hospitalised during that time for the treatment of that condition, your insurer may not cover the costs of your stay. You may have to start the process again after losing all the perks you obtained by serving the waiting time.
Cumulative bonus:
A cumulative bonus is another notable benefit you risk losing if you don’t renew your health insurance within the allotted time. It is optional to file a claim each year if you have health insurance coverage. The insurer can reward you with a cumulative bonus for each year without filing a claim.*
The bonus may be a higher sum insured or a decrease in your renewal premium. You may only take advantage of the CB benefits when you renew your policy.*
Conclusion:
It is important to renew your coverage on time. If you fail to do so, it can expire, and you may have to buy a new one. Be sure to compare health insurance plans online before you make your decision.
*Standard T&C apply.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
