Things to remember while renewal of Health Insurance

Things to remember while renewal of Health Insurance

Things to remember while renewal of Health Insurance

Things to remember while renewal of Health Insurance. Health Insurance is a coverage for the medical expenses of the insured member during a policy year. It relies on the insured member that what kind of health coverage he has picked. The Health Insurance cover the medical costs which incorporate hospitalization costs, day-care procedures, domiciliary hospitalization, pre and post-hospitalization costs and so on. There are different other additional items can be appended to a standard health coverage strategy to get a balanced scope.

Health insurance renewal:

Like life insurance or auto insurance, health cover must be renewed toward the finish of every policy year to enjoy the continuous coverage. Health insurance can be purchased through an insurance company. Similarly, health insurance renewal can be done offline at the nearest branch office of the insurance company.
Before buying a health insurance plan, it is important to compare different policies over the best coverage providers to pick the one that best serves your requirements. You can compare health insurance policies online through a third-party website and get an instant quote on your chosen policy.

In spite of the fact that health insurance renewal is a simple and easy process, there are a couple of things to remember before renewing the current policy:

Review the renewal terms: The Insurance company will send a renewal update to policyholder 45 days preceding the renewal date. This mail will contain all the policy details, for example, the sum assured, number and kinds of claims made, and no-claim bonus. If policyholder found any error specified in the reminder mail. He will inform the insurance company immediately.

Before renewing, look at other options: Transferring a policy from one insurer to another is an option when the policyholder is disappointed with the existing insurer. Either because of higher premium expenses and sub-limits or lower benefits. An advantage of health cover compactness is that the policyholder will not lose out on the policy benefits. For example, waiting period and No-Claim Bonus when transferring it from one insurer to the next.

Evaluate insurance needs: With the steady rise in healthcare costs, an existing policy will not offer adequate insurance coverage. That is the reason, it is important to evaluate present and future health coverage needs. Depending on the needs, pick a higher sum insured or add a rider to the standard base policy.

 

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