When you amend your health insurance policy on time, you ensure that all of the benefits remain intact and that none of the terms expire. It’s best to stop forgetting to renew your health policy on time because it can lead to a slew of problems. For example, you could lose accrued benefits such as no claim bonus or waiting period benefits, and you’ll have to buy health insurance all over again if your renewal period expires. Let’s take a look at some of the factors that must be considered when obtaining and keeping a health insurance policy:
- Not re-evaluating your current strategy
In today’s insurance industry, there are hundreds of different health insurance options to choose from. Insurance agents entice you by displaying features of a variety of plans and recommend that you purchase a new policy despite the fact that you already have one. You must equate the health plans available with your current plan at the time of renewal. If you find a plan that provides more comprehensive coverage, you can move to it using the portability option while maintaining your continuity benefits. You may also increase the amount of coverage you have.
- Examining the sufficiency of health insurance
It is preferable to review your past claims and current health status in order to determine how much insurance coverage you need. The cost of treatments is skyrocketing. Making it impossible for those in the middle class to afford them. As a result, if you believe your existing amount insured is insufficient at the time of renewal, you can aim to raise it. Perhaps the current insurance coverage was adequate at the time you purchased the policy, but with the pandemic factored in, it might be inadequate now. As a result, you will expand your coverage by increasing the amount insured under your current insurance plan while renewing your policy.
- Non-disclosure of any new medical problem
It is important to reveal all pertinent details when renewing a policy, as this facilitates processing and eliminates any potential complications if a lawsuit is filed in the future. As a result, it’s important to notify the insurer if you’ve been diagnosed with a new illness. The insurance provider has the right to deny the claim, which will result in a bad situation. As a result, being open will only benefit you because it will assist you in finding a better insurance plan that meets your needs.
- Choosing not to renew during the grace period
If you don’t make a claim during a programme year, you’ll be eligible for a cumulative bonus at renewal time. If you haven’t made a claim yet, check to see if the accrued incentive has been reflected in your new policy premium. You won’t get this benefit if you don’t extend your policy within 30 days of the expiration date.
Benefits of health insurance renewal with the Finserv MARKETS app
- Purchase of the policy is easy.
Finserv MARKETS App has health insurance policies available online. As a result, the process of purchasing the policy is very fast. To make a purchase, you no longer need to go to the insurer’s office. Furthermore, the app offers comprehensive details on the various Finserv MARKETS health insurance policies. Benefits and features, policy inclusions and exclusions, premium information, and more are all readily accessible. You will be able to make a wise choice when purchasing health insurance online as a result of this.
- Policy renewal in a blink
The renewal process is as simple as purchasing health insurance online. You can upgrade your health insurance instantly with the Finserv MARKETS App. In real-time, as the policy’s expiration date approaches, the app sends you a renewal notification. Apart from that, the app allows you to keep track of and control all of the policies you’ve bought at Finserv MARKETS. It keeps track of information including policy information, premium due dates, fund value, and network hospitals, among other things.
- Effortless claim settlement
Finserv MARKETS App also facilitates the resolution of claims. At your fingertips, you can file a health insurance claim quickly and easily. Simply fill out the claim form on the app and upload the required documents. You will review the claim status on the app after the insurer has assessed the claim.
It is important to refresh the policy on time, preferably during the 30-day grace period. If you renew your policy after it has expired, the time between the expiration, post-grace period, and when your new policy is enabled will leave you vulnerable, and you will have to go through all of the waiting periods all over again. Your insurance would not be able to reimburse you if you have a medical emergency during that period. As a result, you must understand that simply purchasing a health insurance policy is insufficient; timely renewal is also important.
Take a look at Bajaj health insurance to see which one better fits your needs. Because of the high cost of health care, many people refuse it. Bajaj health insurance offers a health insurance premium calculator to help you see how much you’ll pay in premiums and make the best decision possible.