To protect your family, purchasing health insurance is a responsible move in the correct direction. Health insurance plans serve as your financial shield in the event of an emergency medical situation, preventing you from depleting your resources to cover high hospital costs.
However, only purchasing the policy is not enough, you need to keep in mind that it is equally necessary to renew the insurance on time. If you don't, the policy will expire, and you will need to purchase a new one. In addition to losing continuity benefits, your waiting period will be reset under your new policy.
Let's look at a few points that you should keep in mind while renewing your health insurance policy.
1. Keep an eye on the renewal date
You need to renew your health insurance plan on/ before the due date if you want to continue receiving health insurance coverage. In the event that you forget to renew your policy in time, the insurance provider grants you a grace period of 15 to 30 days during which you can do so in order to prevent the policy from expiring.
2. Go through the policy terms and conditions
The terms and conditions of health insurance plans are regularly updated; while most of these modifications are minor, they could have a significant impact on the chosen coverage. It is best to review the terms and conditions of the insurance policy before renewing it to ensure that it is still the best fit for you.
3. Intimate any change in the number of insured members
If there has been an addition or a death in the family, and the number of insured members has changed, or if you wish to include your spouse, dependents, and parents within the same health insurance plan, policy renewal is the time when you can do so. All you need to do is inform the insurance provider about your interest and they will take care of the rest.
4. Revise the sum insured
It's a good idea to review your sum insured amount each year, whether or not you're adding new family members. As you get older, you become more susceptible to experiencing health problems. That's not all, medical inflation and the rising cost of healthcare facilities emphasise the need for a higher sum insured for better coverage. Therefore, increasing your sum insured amount on a regular basis is a wise decision.
5. Consider the addition of riders
You can enhance your current health insurance policy with the addition of add-on riders. These riders offer you an extra sum insured/ coverage over and above the coverage provided by your existing policy. As a result, you have a wider safety net in case you cross the limit of your sum insured.
6. Notify the insurance company of any new illness
Over the course of a year, it's possible that you've developed new health problems that you didn't have before. To guarantee there are no complications while you file a claim, be sure to let your insurance provider know about the same at the time of renewal.
7. Rely on your claim settlement experience
If you have a previous claim settlement experience with the insurer, recall it to be sure how was it. If it has been good, you might wish to continue with the same insurer else, you can switch your insurance provider at the time of renewal. You can also read the customer review and ratings to form an opinion.
8. Think about portability
If you decide to switch your insurance provider when your policy is up for renewal, you can do so without sacrificing any of the benefits you've already earned.
9. Check out the renewal benefits
At the time of renewal, it is a good idea to carefully evaluate the benefits you may have earned. Some insurers offer free annual check-ups, no claim bonus, or renewal deals and discounts. Check them out.
10. Update your policy documents
Once your policy is renewed, inform your spouse or other family members so that they stay updated and can make a claim, if required. Next, follow up with TPA to issue updated cashless identification cards.
A health insurance policy's main objective is to provide financial support in the event of a medical emergency. Consider purchasing multi-year health insurance plans if you are completely satisfied with your insurer and do not anticipate any significant changes in your health in the next two to three years. This will save you the effort of renewing the policy every year.
Disclaimer: The content provided is for education and informational purpose only, none of the information contained in our blog amounts to any form of opinion or advice. Please go through policy related documents carefully or consult an expert before making any insurance-related decisions.