5 Things to Note Before Renewing Your Health Insurance Policy

In today’s sedentary lifestyle, people are prone to developing many ailments at a young age. There has been an increase in the number of lifestyle diseases such as diabetes, heart disorders, and thyroid. Hence, it is becoming essential to avail of health insurance as a financial backup. Health cover should be renewed regularly. Mostly medical insurance comes with a policy tenure of 1 year. If not renewed on time, there are chances that the policy can get lapse, and you will not be eligible to avail of any continuity benefits. Most health insurance companies send a notification before informing about the expiry of the health insurance policy.

Listed below are some of the things that you must take care of before renewing your health insurance policy.

1. Assess Your Health: One year is a long duration in which your body may experience many changes. Hence, you must assess your health condition and renew your health insurance accordingly. You can opt for suitable add-on covers to enhance your health cover. Any change in your health should be communicated to the insurer at the time of policy renewal so that you can make claims easily.

2. Payment of Premium:As a policyholder, you must pay a premium on time to keep your medical insurance effective. The insurer will provide you with a receipt for the premium.

3. Portability of Health Insurance: Are you not happy with the services provided by the health insurer? You can switch to a different health insurer without worrying about the continuity benefits. You can port your insurance policy at the time of renewal. You may submit an application to the existing health insurer at least 45 days before the policy renewal date.

4. Grace Period:If you are not able to renew your health insurance policy due to any reason,the health insurer may offer you a grace period for the payment of premium. You can renew your policy during this period, and you will be eligible to avail of the benefits.

5. Evaluate Your Insurance Needs: With the increasing medical costs, an existing policy may not provide you adequate coverage. Hence, it is essential to review your present healthcare needs. Based on your needs, you may choose a higher sum insured or add-on cover with the regular insurance policy.

Final Word

Without having adequate medical insurance, it isn’t easy to manage your healthcare needs. You can buy health insurance online by visitingthe company’s official website. Make sure to opt for the right medical insurance that covers you adequately. Your health insurance company will give you a reminder for insurance policy renewal. You must renew your insurance policy if you want to reduce your financial burden in any medical crisis. Health insurance renewal is a simple process that can be done online. If you have opted for an insurance policy from Religare Health Insurance, you can renew your policy by visiting the company’s official website and click on the ‘Renew’ option. If you are opting for the offline mode, you have to visit the insurer’s branch to pay the premium.