Considering renewing your health insurance policy? Well, first of all, congratulations on owning a health insurance plan for yourself! You have taken the right step, especially in the time of increasing medical costs! As important it is to get a medical cover for yourself it is equally important to renew the policy on time and in a proper way. However, before you renew your health insurance policy, there are some important points that you need to be aware of at the time of renewing your health insurance plan.
1) Changing the insurance provider
According to the Insurance Regulatory and Development Authority (IRDA), it has been now provided that all policyholders have the right to port their policy to any other insurance provider of their choice. If you look closely to the terms and conditions of your current health insurance plan, you’ll find that the insurers allow for a change in policyholder only at the time of renewal. So, in case you are not happy with your current insurer, you can safely port to another company without losing benefits like the waiting period for existing disease, etc.
2) Reviewing the health insurance requirements
At the time of the renewal, one must consider reviewing all health insurance requirements of self and their family. This is important if in case there is a new addition in your family like the birth of a child, the discovery of a new disease, etc. Similarly, your employer may now be providing you with additional or reduced medical benefits, thus requiring you to call for a review of medical insurance coverage.
3) Check for changes in your policy
It is quite possible that during the time between the issue of the policy and its renewal, the insurance plan’s standard terms and conditions may have changed. According to IRDA, any such changes in the existing policy cannot be made, except with prior IRDA approval. So, once you have received the renewal notice, check for any details on changes in the policy terms, especially if there are any adverse changes.
4) Declare if any new illness
While it’s the general tendency of the people to hide things and further remain complacent at the time of health insurance policy renewal, it is advised that material changes in terms of health conditions must always be disclosed to the insurer. Insurance renewal time is the best time to be honest about your medical details to avoid any issues at the time of medical claim in future.
5) Renew before the due date
It is always best to renew your health insurance policy ahead of the due date. In case one fails to renew the health insurance in time, a grace period of fifteen days is allowed by the insurance company. Renewing your insurance policy before it lapses provides one with continuation benefit and one may not be asked to get their medical examinations done again. Plus, the renewal premium is comparatively lesser than the new policy premium.
You must consider the above-mentioned points before renewing your health insurance policy to be stress-free on this front. After all, your health is your wealth!