Group Health Insurance Expiry & Renewal

The employer via group health insurance policy offers medical coverage to the employees. The employees may also enjoy several benefits in group health insurance over individual policies. However, it is important to understand the group health insurance expiry and renewal in order to understand the essence of the policy.

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Group Health Insurance Expiry and Renewal

A group health insurance can be renewed after its expiry. The employer must renew the policy when it becomes inactive. Any claim filed after the expiry of the policy shall be void and rejected. Hence, the policy must be renewed immediately after its expiration.

Let us understand the group health insurance expiry and renewal.

Generally, a group insurance policy is valid for one year. At the end of the insurance tenure, the employees seek renewal of the policy in order to continue with the coverage. For example, if an organisation subscribes to a policy on 1 January 2023, the policy shall remain enforceable till 31st December 2023.

If the organisation renews the policy before the expiry, then the policy shall be enforceable for another year and will expire on 31st December 2025. On the expiry, the policyholder shall lose the benefits of the insurance scheme.

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Policy Renewal

Under individual health policy, one may take the policy for life long. However, it is not the case with group health policy. The employer is required to renew the policy at the end of every year.

It is because the group may change frequently. The employees may join or leave an organisation. Further, the insurance companies set the age limit and indemnify people of certain and specific ages.

Elder people are vulnerable to more health risks. Therefore, the insurer seeks additional premiums in order to provide coverage. Further, the employer is also required to provide the health declaration of the insured employees.

Expiry and Renewal

The insurer and insured must note the following aspects of group health insurance expiry and renewal.

  • The claim made between the group health insurance expiry and renewal shall not be entertained by the insurance company.
  • It is at the discretion of the insurance company to accept or deny the group health insurance renewal. Nevertheless, the insured may seek an explanation for the denial.
  • The insurance must be renewed at least 30 days before the expiration of the policy. However, the insurance company may grant a grace period of 15 days for the allocation of renewal premiums by the employer.
  • The insurance company is responsible to inform the policyholder about the payable premium for the next year. The applicant must pay the amount and obtain the receipt for the same.

Importance of Group Health Insurance Renewal

The employer may enjoy several benefits upon the renewal of the policy. However, it must be renewed before the plan expires in order to avoid subscribing to new group health insurance.

The benefits include the following:

  • The employees may enjoy uninterrupted coverage with the advance renewal of the policy. In addition, they shall remain protected against an unforeseeable medical emergency.
  • The cumulative bonus is important for group health insurance. If the policy lapses, the insured may lose the cumulative bonus. Hence, the employer must renew the policy before expiration.
  • With the renewal of group health insurance, the premium shall remain low. However, if the policy lapses, the organisation is bound to purchase a new group health insurance policy which may cost a significant amount.
  • The employer may claim tax benefits under section 80D of the Income Tax Act of 1961.

Conclusion

An employee may seek medical care due to an unforeseeable event. It may cost significantly to the employee. Therefore, the employer must provide a group health insurance policy in order to safeguard the employees against financial emergencies. However, it is equally necessary to ensure the renewal of the policy every year to provide continuous coverage.

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