Just like any other insurance policy, you must renew your healthcare plan periodically to enjoy its benefits. If your policy is due for renewal, read on to know more about the few mistakes to avoid.
Have you purchased a health insurance policy? Great! Buying a health cover is not enough. It would help if you renewed the policy on time to continue enjoying its benefits. But many people tend to forget to renew the policy. This may cost several problems, including paying the penalty for late renewal and losing the accumulated policy benefits.
Today, although renewing the policy is easy, many people tend to commit rookie mistakes. Hence it is vital to pay close attention while you renew the policy. Let us look at the common mistakes that people make and how you must avoid them to get the most out of your health insurance policy.
- Not reviewing the existing policy
Today, there are hundreds of health insurance plans available in the market. And, when you do a simple online search for health insurance, you may find several advertisements by the insurers trying to lure people into purchasing their policy by showcasing their policy features. So, when you renew your health insurance policy, it is advisable to compare the other options with your existing plan and take advantage of the same.
If you find a better plan that offers more extensive coverage or has a lower premium for similar coverage, you can consider porting to the new insurer without compromising on your continuity benefits. Also, when you review the policy during the renewal, you must check if the insurer is offering any useful add-ons like OPD coverage, daily cash coverage, etc., that you can consider adding to your plan.
- Not checking the adequacy of the cover
Another common mistake that most people make while renewing their health insurance policy is that they fail to view their coverage amount based on the current health status. When you purchase a policy, you may be healthy, and you may have opted for a lower sum insured. But, over time, you may develop an illness, or your health may deteriorate, which means you may be vulnerable to various diseases, and the treatment may get expensive.
So, when you renew the policy, you must review the coverage amount and check if you need higher coverage and increase the sum insured accordingly. Higher coverage would mean that you can get quality treatment facilities in a reputed hospital. Also, it would mean you would have to pay less from your pocket.
- Non-disclosure of the health condition
When you renew your health insurance policy, it is vital to disclose all your health-related information to the insurer. This is critical for the smooth processing of the claim you may make in the future.
If you are diagnosed with any illness or if your health conditions have changed during the policy period, you must inform the insurance company. But, if you fail to do so, the insurer has the right to refuse the claim on the grounds of non-compliance with policy terms.
- Not renewing on time
Irrespective of the type of health insurance policy you have, it is better to renew the same before time or within the grace period. Generally, most insurers give a grace period of 30 days. But, if you fail to renew after that, the insurer may charge you late payment fees. Additionally, you face the risk of losing all your accumulated benefits like the waiting period benefits, the NCB (no-claim bonus), etc.
So, be wary of the policy renewal date and renew the same diligently on time.
