How to Renew Health Insurance Policy
We live in an era when the number of health risks is rapidly growing. A serious medical emergency can drain a person's savings and, in most cases, exceed them. In such a case, the need for health insurance is inevitable.
No one wishes to count on others to help with their healthcare expenses in a crisis. As a result, there is a growing need to be financially ready to face such situations as quickly as achievable.
A valid health insurance policy helps an individual or a family avoid undue financial stress, which otherwise must come from their pocket.
Read on to learn the importance of renewing a Health Insurance Policy and the steps to do so.
Steps to Renew a Medical Insurance Policy
Renewing a health insurance policy is relatively simple. Most of the time, the insurance company will contact the policyholder and help in the renewal process. But one can renew the medical insurance policy through online and offline means.
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Online Process
Step 1: Go to the insurance company's official website.
Step 2: Navigate to the website's health insurance renewal section.
Step 3: Input your previous health insurance policy number and registered mobile phone number.
Step 4: Review the policy information and the renewal premium.
Step 5: Pay using a credit/debit card or Net Banking.
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Offline Process
Step 1: Contact your insurance provider well before the policy expires to notify them of your desire to renew it offline.
Step 2: Request your insurance company give you a renewal form, or visit their local branch office to get it.
Step 3: Fill out the renewal form carefully along with the additional documents like identity proof, address proof, and prior medical history, verifying every detail is accurate and up-to-date.
Step 4: After finishing the renewal form, pay for the premium. You can pay by check, demand draft or cash.
Step 5: After completing the renewal form and payment, submit your documents to the insurance company's office or collection centre. You can also send it by post.
Benefits of Mediclaim Policy Renewal
Apart from peace of mind, timely health insurance policy renewal provides several advantages:
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Uninterrupted Coverage
Renewing your health insurance policy on schedule is critical to ensure continuous coverage. If your insurance fails, the insured will not reimburse your medical expenses, and you may forfeit your No Claim Bonus.
Furthermore, you must renew your policy before it expires to receive medical coverage, even if you are no more eligible to buy a new policy.
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Tax Benefits
Tax advantages on health insurance premiums are available under Section 80D of the Income Tax Act of 1961.
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Higher Premium
To prevent paying a higher premium, renew your health insurance coverage before it expires. If your policy expires, you might have to pay a higher premium to get a new health insurance policy.
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Medical Insurance Costs Increase with Age
The younger you get health insurance coverage, the lower your health insurance rates.
So, let your current health insurance policy lapse. But then, you may not be able to get a policy at the same health insurance premium, making it an expensive proportion of life.
Factors to Consider While Renewing Your Health Insurance Policy
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Coverage
Verify that your policy's coverage suits your current healthcare demands.
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Premium
Assess the premium against other comparable plans various insurance companies offer.
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Waiting Time
Be mindful of your policy's waiting period and if it has been met.
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Network Hospitals
Determine whether the hospitals you frequently visit are part of the network and eligible for cashless hospitalisation.
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Renewal Process
Review the renewal process and whether it has any conditions, like medical checkups.
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Claim Settlement
Check the firm's claim settlement ratio, the percentage of claims settled by the insurance company.
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Additional Benefits
Look for the policy's extra benefits, like free health checkups, no-claim bonuses, and wellness initiatives.
What Would Happen if You Fail to Renew a Health Insurance Policy?
If you do not renew your health insurance policy before it expires, you will lose the insurance coverage and benefits it provides. It means you cannot file claims or use any of the policy's amenities, such as cashless hospitalisation or reimbursement of healthcare expenses.
In a few instances, insurance firms may offer policyholders a grace period of 15 to 30 days following the expiry date to renew their policies. One can renew the coverage without fines or additional expenses during this grace period. However, you will not be covered for any medical expenses.