If once the grace period for renewing your health insurance policy is over, you will have to buy a new policy again. To avoid this problem, you should renew your policy in time.
Health insurance policies act as our support in very difficult times. When you or a loved one is battling a health issue, the policy makes you at least a little less worried about money. Therefore, the way you get your bike or car serviced from time to time, in the same way you should also keep renewing your policy in a time bound manner.
If once the grace period for renewing your health insurance policy is over, you will have to buy a new policy again. Repeating the whole process all over again can be a very tedious task. So always remember to renew the policy. Also, re-review some things at the time of renewal. MoneyCentral Of course, five such things have been mentioned in the article by the CEO of .org.
Coverage of the policy
It is not necessary that the cost of health services which was there a year ago will remain the same this year also. Medical treatment is getting costlier day by day. In such a situation, you should see whether there is a need to increase the policy amount. If yes, then you should update your coverage immediately. By increasing the policy amount from time to time, you will be financially prepared to a great extent during difficult times.
View new add ons
While renewing the policy, you should also review the add ons that come with it. Has there been some change in the additional features provided with your policy but you are not getting the benefit of it. If so, then you can talk to one of your advisors and ask for new add ons from the insurer.
Port the policy
If you feel that your existing insurer is not providing better services or you have liked the policy of some other company which is better than your existing policy, then you can take the renewal time as an opportunity to port the policy. can use. This means that you can transfer your existing policy to another insurer and the benefits you were getting here will get transferred there. However, you need to inform your current insurer 45 days in advance before changing the insurer.
See policy term changes By the
way, every insurer has to inform you 90 days before making any changes. But still you should keep an eye on any change in the policy at the time of renewal. If the insurer has made some changes that you do not like, then you can port your policy.
Add or Remove Members
If you want to add or remove someone from your policy, you can do so at the time of renewal. For example, if you recently got married or had children, then you can add them. At the same time, in the event of the death of someone in the family, you can remove them from the policy.
