Optimum satisfaction leads to Health Insurance policy renewal

Posted on: Feb 4, 2021 | | Written by:

Optimum satisfaction leads to Health Insurance policy renewal

Published on January 21, 2021 | Est Read Time: 3 min

Having health insurance is an excellent decision. You not only securing your present but also prepare for the future. Depending on the type of health cover you opt for, the medical expenses can include hospitalization costs, day-care procedures, domiciliary hospitalization, pre, and post-hospitalization costs, etc. There are various add-ons or riders that can be attached to a standard health insurance policy to get well-rounded coverage. Once you have insured your family under the most idyllic health plan, you also have the responsibility of renewing the policy on time.

By paying the premium on time and renewing the health insurance policy by the due date you may be able to still claim benefits like lesser duration for the waiting periods to get over and the no claim bonus. You do have a grace period for a month to pay the renewal fee, but remember that you are not covered during this time for any health insurance.

You must take note of the following points before renewing the policy:

#1 Renewal date
Always make a note of the renewal date of the policy. It depends upon the policy tenure. Make note by reminders on your phone, diary, or laptop of all your renewal dates. Generally, in the case of discontinuance of premiums, insurance companies provide a 15 to 30 days grace period before lapsing the health policy. Policyholders may miss out on benefits ranging from critical illness cover to tax exemptions if the policy gets lapsed. Such lapses are risky, especially for those with pre-existing medical conditions.

#2 Add members to the policy
You can make alterations to the list of members covered in the policy. You can add a child or parents to the policy in case you missed it and claim the tax benefits. Policyholders can also take out names from the coverage and make changes to the existing terms during renewal.

#3 Add top-up
If you feel your health insurance sum insured isn’t adequate you can add a top-up at the time of renewal and increase the sum insured. You may need to take more medical tests and you may also have a waiting period before you can claim the increased amount.

#4 Disclose new illnesses
If you or your family members are diagnosed with a new disease or illness make sure you inform the insurance company at the time of renewal. Be honest with the medical details at the time of policy purchase and renewal to avoid any hassle when a claim has to be made in the future.

After reviewing and evaluating your existing medical plan you must renew your policy if you have the following benefits:

• Lifetime renewability
As per IRDAI regulations, insurers are mandatorily required to offer health insurance for an entry age of up to 65 years. Once the policy is issued, the policyholder has the right to continue renewing it lifelong. Lifetime renewability would be available even if there is a claim made in the previous year. The insurer cannot deny renewal on arbitrary grounds and has to furnish cogent reasons in writing if it does so.

• Sub-limit
Sub-limits in health insurance plans have become an important feature to keep an eye on. The total medical cost during hospitalization would typically include doctor's fees, room-rent, surgery fees, operation charges, and cost of medicine amongst various such other cost-heads. Irrespective of the total sum insured under the policy, one may have to pay some portion of the hospital bills unless one sticks to the limit.

• No medical tests up to the age of 45
Most insurers do not require policy buyers below 45 years of age to undergo medical tests unless the buyer has an adverse medical history. The buyer should, however, make all required medical disclosures including existing medical treatment or any taken in the past. For easier claim settlement, one may voluntarily undergo a medical check-up and submit the reports to the insurer.

• Customer service
In case you had filed for a claim remember the customer service you received or the hassle-free claim process. Read the customer reviews and ratings in case you didn’t claim the bonus. Always opt for a reputed health insurance company like HDFC ERGO that serves more than 1.5 crore happy clients and has a quick 20 mins claim approval process.

• Additional benefits
Check if your health insurance at the time of renewal offers a no claim bonus, multiplier benefit, or discounts. Usually, a good medical plan must offer at least one of the benefits. This will help in saving money and also increasing the sum insured for the future.

Conclusion:
Buying a health insurance plan is a lifetime investment; take a close look at the inclusions and exclusions in the most basic plan being offered by the insurance company. Also carefully evaluate the renewal terms and conditions to avoid any issues at the time of renewal. You can renew the policy online by making payments through a credit/debit card, net banking, or by issuing a cheque. Don’t miss policy renewal to avail lifetime benefits.