You have to deal with a lot of responsibilities each day. And keeping up with so many of them can be a daunting task. Hence, missing out on a few is natural and we understand that. That is why we are here to help you keep your health insurance policies well-regulated and maintained.
More often than not, we see instances where the policyholder forgets to renew their medical insurance policy on time and finds himself in difficulties. Hence, here are a few tips which you must keep in mind while renewing your medical insurance policy.
1. Renew Before the Expiry Date
It is recommended to put in your renewal request 45 days before your health insurance policy expiry date. Post the expiry date; your company shall provide you with a 30-day grace period to renew your policy. But as per the regulations, you shall be considered to have no medical insurance policy cover during this period.
Renewing your policy is further essential because, in case of non-renewal on time, you can lose out on the life-long renewability of your health insurance policy under IRDA guidelines. Other complications may include loss of credit on the waiting list for illnesses and non-availability of benefits under section 80D of the Income Tax Act.
Considering these points, it is highly advisable to renew health insurance in advance. For you to meet such renewal deadlines, we recommend keeping some funds saved devoted to renewal
2. Know the Process
You can now do your medical insurance renewal both online and offline. You can renew your health insurance policy online by visiting your insurance providers’ website and filling an online form. The renewal can be completed offline as well by visiting the office of your health insurance provider. However, to quickly renew health insurance policy, we recommend the online process.
3. Change the Policyholder if Required
In the terms and conditions of your health insurance policy, you shall find that you are allowed to change the policyholder at the time of renewal. It is beneficial in terms of tax planning as well. As per the regulations of Section 80D, tax deductions can be availed for your parents’ policies. In this case, an appropriate tax planning strategy is for the husband and wife to pay their parents’ bills separately and claim a deduction for their parents’ expenses on their individual tax returns.
4. Review your Health Insurance Requirements
At the time of renewal, the policyholder should look at the changes in his family from the time of initial policy purchase. Some senior members of your family covered under the family health insurance may have passed away. So, the number of members insured can be modified. If you have also changed jobs, and your new company does not have a group insurance plan, that could be another thing to consider.
Hence, it is critical to assess your needs before renewing your insurance policy. This is the time where you can also purchase some new add-ons as per your fresh requirements.
5. Compare Different Plans
If for any reason, you are not satisfied with the services offered by your current insurance provider, this is the time you can change your medical insurance policy. To make an informed decision, it’s a good idea to shop around for health insurance plans and pick one that provides adequate coverage at a reasonable premium cost. To make it easier, you can visit Coverfox. The website allows you to compare the best health insurance plans in India and choose the one suitable for you.
6. Revise your insured sum
If you want to increase your sum insured, it is good to do it while you renew health insurance. This can be done in the form of top-ups or super-top ups, which allow you to increase the sum insured. However, it must be kept in mind that the insurer might require you to undergo a new procedure and fresh eligibility tests.
It is important to note that such an increase in sum insured may come with its own waiting period.
7. Disclose New Illness/Condition
Health insurance is a yearly contract and requires renewal once the year is complete. However, during such a period, you might undergo a change in your health profile.
The policy terms and conditions categorically state that even if an insurer declines to load a policy due to a poor claims experience, it may nevertheless request paperwork or information prior to accepting to renew the health insurance policy.
In other words, unless the insurer expressly demands it, the insured is not required by law to inform the insurer about any such changes. But to be safe and operate within the norms of good faith, it is recommended that you notify your insurer of any considerable alterations in your health.
8. Read the Documents Carefully
It is always a good practice to read your policy documents. After you renew health insurance, it is advisable that you thoroughly go through each aspect of the new medical insurance policy and ensure all your requirements are in place, e.g., sum-insured, add-ons, renewal clause. If you are unhappy with the new terms, you may switch to another insurer or use the IRDA portability rules to transfer the policy to another insurer.
The above-mentioned tips shall help you in your policy renewal process in the long term. If you wish to buy a health insurance policy online, you can visit Coverfox. With Coverfox, you can compare the best health insurance plans and buy the one that fits your needs.