Once you have purchased a health insurance plan, there are two facts that are pertinent to know about - first, is policy renewal and the second is the terms and conditions of the claiming process. Policyholders’ ignorance of basic facts with the health insurance renewal process, often deprive them of the continuation benefits and forces them to start a new policy; either with the same company or a new insurer. To make sure that you are not deprived of insurance benefits simply due to your lack of knowledge, consider these 5 important facts that put you in a better position.
Typically, a health insurance plan is offered for a period of one year; and must be renewed each year. Though insurance companies send renewal reminder, it is indeed the responsibility of the policyholders to renew their policy on time.
Doing so would ensure that they don’t lose out the continuation benefits of the policy like waiting periods for pre-existing diseases or no claim bonus accumulation. If not renewed in time, a health insurance policy will lapse, and the policyholder no longer is eligible for continuation benefits.
Below are the factors to be checked before renewing health insurance:
Policyholders should inform their health insurance provider about any change in the health condition that has occurred during the previous year. If they intend to close their policy, they should make a formal request to do the same, at least 30 days in advance, prior to the policy expiration date.
The policyholder must pay the premium payable to the insurance company to keep in effect the health insurance policy. The receipt of the premium paid by the insurer is proof of the policy holder’s commitment towards utilizing the benefits of the plan.
If the insured fails to renew the policy in time, they can do so, he may be allowed for a grace period of fifteen days by the insurance company to pay up the policy’s renewal premium. If the insured renews the policy within that stipulated period, the policy will be valid and the insured will be eligible for the continuation benefits.
At the time of renewal of their health insurance plan, policyholders can opt for a policy upgrade with better benefits, or switch over to a new service provider, without losing the policy continuation benefits. The policyholder must also communicate the same to the existing insurance company, at least 45 days ahead of the scheduled policy expiration.
There are also a few other things that health insurance policyholders must keep in mind so that their health insurance policy will continue to deliver the benefits as promised. These are;
Every year, a list of top health insurance companies in India is declared which helps in taking the right insurance decision. There are few important features that help it to rate the insurance companies, such as their p...read more
Maternity or pregnancy is an important phase of life, and one needs to prepare in advance to embrace parenthood. Though rearing a child is an expensive affair and may require good financial backup to meet the requirement...read more
A quiet revolution has swept through India’s health care sector in the past five years- best evidenced in the fact that now nearly 27% of the nation’s population is insured. The Indian healthcare sector is projected ...read more
From the air we breathe to the food we eat, everything is intentionally or unintentionally subjected to adulteration. Due to this, the disease rate in India is rising drastically. Naturally, more and more people are visi...read more
There has always been a doubt in customers mind about whether the private company will keep its side of the bargain i.e. it will settle the claim or not. A customer spends premium annually which will cover his medical ex...read more