Why You Shouldn’t Forget to Renew Your Health Insurance Policy

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In today’s uncertain world, health insurance is one of the most crucial investments you can make. Being unwell not only saps your physical strength but also disrupts your mental health. As a result, you must have enough health insurance coverage all year.

A suitable health insurance plan can protect you from any financial difficulties that may arise while receiving medical care. If you fail to renew your health insurance policy, you will not be covered for any medical emergencies until you renew or purchase a new policy.

Also, Read4 Ways of Controlling Your Health With Medical Technology

What to do if you miss your health insurance premium date?

If you do not pay the policy renewal premium on time, you will be uninsured, which means that the coverage provided by your health insurance policy will be terminated. To keep your current coverage, you must pay the renewal premium before the due date. However, you will be given a grace period to renew your insurance.

Grace period

Insurance companies offer a grace period during which you can make the payment and keep your health insurance coverage. The grace period varies depending on the insurer and the plan. Most insurance companies offer a grace period of up to 30 days. So, open your policy document and look for the grace period provided by your health insurance provider. When the premium is not paid within the grace period, most insurance companies do not resolve claims.

Renewal of a health insurance policy within a grace period

Within a grace period, you can renew your health insurance policy both online and offline. To renew your policy offline, you must go to the insurer’s nearest branch with your policy paperwork and make the payment.

Alternatively, you can go to the insurer’s official website, log in to your online account, and pay. In any case, you will receive renewal insurance within the time-frame indicated by the insurer. If you do not get the policy document within a reasonable time, contact the insurer’s customer service.

Revival of policy

The health insurance policy lapses if the premium is not paid, even during the grace period. In most cases, insurance providers cancel lapsed policies. However, certain insurers may allow the reinstatement of lapsed plans within a certain time frame.

In general, health insurance providers provide a six-month grace period to reinstate lapsed coverage. The insurers, on the other hand, will charge you late payment penalties and interest. Furthermore, lapsed health insurance coverage can be reinstated on either medical or non-medical grounds.

To purchase a new policy

When a health insurance policy is terminated due to nonpayment of premiums during a grace period or revival period, the insured must purchase a new health insurance policy to continue receiving health insurance coverage.

However, if you have not paid the premiums on your previous insurance on time, the insurer will classify you as a high-risk individual, and the new insurer will charge you a significantly higher rate.

As a result, before renewing existing insurance or obtaining new coverage, it is best to compare prices and choose the one with the lowest premiums and greater benefits.

Health insurance, like any other insurance policy, must be renewed each year to guarantee that you can take advantage of all of its benefits. And nowadays, you can quickly renew your health insurance coverage online with a few clicks; it has become more convenient to do so.

Even if you opt to migrate your current insurance to a different carrier, you must notify your current insurer at least 45 days before it expires. You will not be able to transfer your waiting periods or no claim bonus if you do this later.

Article Categories:
Finance · Health · Insurance · Personal Care

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