Health insurance is now a requirement if you want to protect your family’s finances in the event of a medical emergency. Your entire savings may be lost due to a serious sickness. Medical requirements cannot be neglected. Every health insurance policy is bought for a specific amount of time, and it must be renewed when the expiration date approaches.
Renew your health insurance before the expiration date
It is essential to renew your insurance policy on time or earlier since, despite the fact that insurance companies offer a grace period of 10-15 days if renewal is postponed, during that time there is no insurance coverage. It is advisable to renew your policy 10 to 15 days before it expires if you want to continue to enjoy uninterrupted protection.
Compare with different plans available in the market.
You can change to different insurance policies that meet your needs if you are not content or satisfied with your present health insurance plan. The right opportunity to compare all the various plans on the market can be throughout renewal. You receive a pass on the waiting time without losing NCB when you switch from one health insurance coverage to another (No Claim Bonus).
Check for any change in the Terms & Conditions of the policy.
Whenever the insurance provider changes the Terms & Conditions, they must give you three months’ notice. So, you can change the insurance plan at the time of renewal if you don’t want to accept the terms and conditions.
Change in the number of insureds if required
When your policy is renewed, you can include or exclude a family member. Later, you might need to include a parent or child. These modifications or additions can only be made during the renewal of your health insurance policy.
For added tax benefits, many couples get separate plans and then add their parents and children. If you later add other names to the policy, you should constantly keep this in mind.