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Factors to Consider Before Renewing Health Insurance

After you have purchased health insurance, it is essential to keep renewing it year after year to avail continuous coverage. However, there are certain aspects you need to evaluate before renewing the policy.

Your insurance requirements can change over time post buying a health plan or the policy terms might get updated. Therefore, you must go through the fine print carefully to avoid any last-minute surprises. Similarly, you need to take stock of your current situation in case any policy up-gradation is required. 

So, let’s explore some key factors that you should consider before opting for health insurance renewal online.

 

1. Check for any Policy Changes

As per the Insurance Regulatory and Development Authority (IRDAI), your insurer cannot change the policy terms and conditions without approval from the regulatory body. The insurance provider also needs to intimate you about any changes made in the plan or premium rates at least three months in advance.

It is recommended to avoid missing out on any online or offline communication from your insurer. Once you get the renewal notice from the company, ensure to check if there are any details about changes in the policy terms. If you don’t agree with the new policy conditions, you can communicate this to your insurer and know the available options.

 

2. Review Your Coverage Needs

Health insurance renewal also gives you an opportunity to review your current sum insured amount and increase it. Due to the rise in inflation and soaring healthcare costs, you may want to review your health insurance coverage sum for better protection. In case you have added another family member to the plan, it is crucial to ensure that you have sufficient coverage in the event of medical emergencies.

 

3. Disclose any New Illnesses

To avoid claim rejection or a delay in claim processing, it’s better to inform your insurer about any new medical conditions that you have been exposed to during the year. Moreover, it is always advised to inform your insurance provider about any pre-existing diseases.

Doing this can lead to further discussions on how you can maximise your coverage and if any waiting period shall be applicable. In case you require medical help in the future, your insurance company will already be in the loop regarding the ailment.

 

4. Consider Porting Your Policy

IRDAI allows policyholders to change their insurer if they are not satisfied with their current insurer’s services. When you port your health plan to a new insurer, you not only enjoy better policy management but can also carry forward your No Claim Bonus (NCB), waiting period, and more.

However, it is recommended to think this through and understand why you want to switch insurance providers. It could be increased premium rates, hidden clauses, poor services or lack of better coverage. Further, the request for health insurance portability can only be given before policy renewal, so plan it beforehand.

 

5. Check if you Need a Top-Up Plan

A top-up health insurance policy enables you to enjoy additional coverage to secure any health emergencies. Therefore, you must analyse your insurance requirements to understand if you need a top-up or a super top-up health plan.

As they are cost-effective and offer extra features, you can opt for such an option instead of buying another health policy. Furthermore, top-up plans also safeguard you from the rising healthcare cost with a high sum insured cover.

 

6. Go Through Your Insurance Plan

When you first purchased a health plan, you might have had fewer responsibilities. However, a lot can change in a year and thus, it is essential to review your health plan before renewal. If you got married or welcomed a newborn into your family, the insurance needs of your dependents are bound to change. So, make sure you go through your health plan and analyse if the coverage is enough for you.

 

7. Keep Track of the Due Date

Renewing your health insurance on time is of utmost importance to avoid risking policy lapses. If you forget the expiry date for your health insurance renewal, you can still complete it within the grace period. However, it is recommended to avoid waiting until the last minute and add reminders to renew before the due date. In case your health plan lapses, you shall lose the insurance benefits such as NCB and the waiting period.

 

8. Consider the No Claim Bonus

If you haven’t raised a single claim throughout the policy period, you are eligible for a No Claim Bonus reward. Earning this bonus enables you to enjoy a discount on your insurance premium rate or get an increased sum insured at the current premium. So, you must check if the insurer has considered the No Claim Bonus during the health insurance renewal in case of a claim-free year.

 

Bottom Line

With this, you can now choose to renew your health insurance plan after considering the above-mentioned pointers. As a health policy safeguards your medical needs, it is always recommended to renew it without fail and avoid any policy lapses. A policy lapse will not only affect your insurance coverage but also leave your dependents without any backup.

 

With lucrative add-on covers, comprehensive coverage, speedy claim settlement and more, you can always count on Finserv MARKETS when it comes to health insurance!

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FAQs on Things to Consider Before Renewing Health Insurance

  • ✔️Is it necessary to renew your health insurance plan?

    Yes. To continue being secured under the health insurance policy and enjoy extensive coverage, it is vital to renew your health plan.

  • ✔️How can I renew my health insurance policy on Finserv MARKETS?

    With the following steps, you can easily renew your health insurance policy online with Finserv MARKETS:

    • Go to the ‘Health Insurance’ section on Finserv MARKETS

    • Input the details required in the application form

    • Review the policy terms and conditions and the premium quote

    • Pay the premium online

    • You will receive the renewed health insurance document on your registered email ID

  • ✔️What is the grace period for health insurance renewal?

    The grace period for health insurance renewal differs from one insurer to another and is usually capped at 30 days from the due date. However, it is advised to check the grace period applicable to your health plan.

  • ✔️What are some common add-ons to buy during health insurance renewal?

    Here are some common add-on covers that you can add to your health plan during renewal:

    • Critical Illness Cover

    • Hospital Daily Cash

    • Room Rent Waiver

    • Maternity Cover

    • Personal Accident Cover

    To understand health insurance riders in detail, head over to Finserv MARKETS now!

  • ✔️Can the insurance provider refuse to renew my health insurance policy?

    Insurance companies can only reject health insurance renewal on the basis of fraud, misinterpretation of facts or moral hazard. Thus, your insurer cannot deny medical insurance renewal on the grounds of past claims made in the policy period. 

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