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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. Policy holders’ 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, but it is indeed the responsibility of the policy holders 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 policy holder no longer is eligible for continuation benefits.
Factors to Check Before health Insurance Renewal
Policy holders 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.
Payment of Premiums:
The policy holder 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 the 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, policy holders can opt for a policy upgrade with better benefits, or switch over to a new service provider, without losing the policy continuation benefits. The policy holder must also communicate the same to the existing insurance company, at least 45 days ahead of the scheduled policy expiration.
Things to Keep in Mind during Health Insurance renewal
There are also a few other things that health insurance policy holders must keep in mind so that their health insurance policy will continue to deliver the benefits as promised. These are;
No claims are entertained by the insurance companies for the period between policy expiry and renewal. The policy will lapse if the renewal premium is not paid within the grace period.
If a policy holder is denied renewal, he/she is eligible to seek explanation from the insurer for such an action.
If the policy holder opts for portability – he/she is regulated to be eligible for continuation benefits from the existing policy.
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