Nowadays, health insurance is the must-have policy to aid you and your family financially in a medical emergency. A major illness can wipe out all your savings. Medical needs cannot be overseen. All health insurances are purchased for a fixed period of time, and it has to be renewed when the expiry date nears.
- Renew your health insurance before the expiration date.
It is advisable to renew your insurance policy on or before time, as though insurance companies provide a grace period of 10-15 days if delayed, but they do not provide any coverage in the grace period. If you want to continue to enjoy the uninterrupted protection, it is advised to renew your policy 10 to 15 days before the expiry date.
- Compare with different plans available in the market.
If you are not happy or satisfied with your current health insurance policy, you can switch to other insurance policies that fulfill your necessities. Renewal can be the right time to compare all the different plans available in the market. An extra benefit of transferring your existing health insurance policy to another is that you get a pass on the waiting period while not losing NCB (No Claim Bonus).
- Check for any change in the Terms & Conditions of the policy.
The insurance company is obliged to inform you three months in advance if they are changing their Terms & Conditions. So if you don’t want to accept the terms and conditions, you may modify the insurance plan at the time of renewal.
- Change in the number of insureds if required.
You can add or take out a family member from your policy at the time of policy renewal. You may need to add a parent or child later. These all updates or addition can be done only at the time of health insurance policy renewal.
Many couples take separate policies and then add their parents and children to the policy for additional tax benefits purposes. So you should always keep this in mind if you add other names later in the policy.
- Add Top-up plans.
If you feel that your term insurance plan is not adequate, you may add a top-up plan to your policy at the time of renewal. You may also increase the amount of the policy at the time of renewal if you find it insufficient. So, you should always track your renewal date so that you don’t miss out on these opportunities. To add top-up plans, you may need to take more medical tests, and you may also have a waiting period before you can claim the increased amount.
- Expired health insurance will cost you.
For claim-free insurance terms, insurance companies offer no-claim bonuses at the time of renewal. These offers may be in the form of discounts on the premium or some additional discounted feature in the renewed policy. If your policy expires, then you will not be liable for any of the discounts or offers. So, always have an eye on the renewal date to always grab opportunities.