We all lead extremely busy lives. Most of us work 5 days week, some of us even work Saturdays. And when we are not at office, we have our personal reservations to tend to as well! Amidst all this hustle and bustle of daily life, health insurance renewal can sometimes take the back seat. On top of this, we are all only human and we tend to forget things – the expiry date of your mediclaim policy could be one of these things.
Keeping this in mind, we should all take precautions to ensure our health insurance plans are renewed on time. You could mark it on the calendar, set a reminder on your phone or even create an electronic clearing system that automatically pays the premium amount on the renewal date. This will ensure your policy stays valid at all times!But why is it so important to renew a health insurance plan on time?
Well, there are numerous benefits you can receive by punctually paying your premium amounts. This article will discuss 3 of the benefits to highlight the importance of renewing your health insurance policy on time and without fail.
The first and most important benefit of renewing your health insurance policy on time is continuous coverage. Keeping your plan valid at all times ensures that, in case a medical emergency does crop up, you can easily cover the costs with your medical insurance policy. If you forget to renew your plan, and the coverage lapses, you are left unprotected. In this case, you could have to pay for any medical expenses on your own!
Healthcare emergencies are very rare occurrences. It is one of the reasons why you could go for years without ever having to make a claim against your health insurance policy. The good thing here is that, health insurance companies reward you for not making a claim. This reward is known as a No Claim Bonus, or NCB.
NCB is usually a discount on the premium of your plan. However, some insurance companies also offer increased sum assured whilst keeping your premium amount the same.As long as you renew your plan on time and maintain your claim-free record, your NCB stays intact and you enjoy high coverage/lower premiums (depending on the insurance provider).
However, if you do not renew your plan on time and the policy lapses, your NCB will also be lost in the process.
All health insurance plans have waiting periods. These applicable on certain named illnesses and if you have any pre-existing illnesses. However, if you renew your plan on time every year, you can get through the waiting periods and get access to coverage when you need it! However, if you miss your renewal date and the policy lapses, you might have to undergo the waiting period all over again!
We hope this article has been helpful for you, good luck and take care!