Busy, busy, busy – that’s what life has become these days. Most of us have hectic professional lives that leave very little time for leisure. The time that we do have to ourselves, we use for family events and other personal commitments. Amidst all this, a few things, such as the renewal of a health insurance policy, are often forgotten.
We are human after all and with so much going on, it’s completely understandable to slip up on health insurance renewals. However, renewing your policy on time has numerous benefits. This article will highlight some of these benefits to reinforce the importance of punctuality when it comes to your health insurance policy.
Uninterrupted cover is one of the biggest benefits you enjoy when you renew your health insurance policy on time. However, if you do not renew your plan on time, you risk having gaps in your coverage. There’s always a chance that a medical emergency could come knocking during one of these gaps, in which case, you might have to pay your medical bills yourself.
You could go for years at a stretch without making a claim against your policy. In this case, your health insurance company will provide you a reward known as ‘no claim bonus’. You could be given higher coverage at the same premium or a lower premium with the coverage remaining the same. This benefit keeps increasing in value for every year you go without making a claim. However, if you do not renew your plan on time, you might have to forfeit the NCBs you have accumulated till date.
Waiting periods are part and parcel of every health insurance policy. When you buy a policy, there is a general waiting period of 30 to 90 days within which no medical expenses (except those of an accident) are covered by the policy. If you do not renew your plan on time and have to buy a new plan, you might have to endure this waiting period all over again.
Moreover, if you have a pre-existing condition, you might have a waiting period of between two and four years. When you renew your plan on time, you are able to go through the waiting period quickly and get coverage for your condition. However, if you do not renew on time and there is a break in coverage, you might have to go back to square one and the exclusion period starts from scratch all over again.
So as you can see, renewing your policy on time is very important and can hold you in good stead in the long run. If time is an issue or if you are unable to visit a branch to renew your plan, remember that, with the internet, you can renew your plan any time, from anywhere! Most insurance providers have an option for health insurance renewal online that is safe and secure. You can also opt for long-term plans to avoid the hassles of yearly renewals altogether.
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