Will My Health Insurance Plan Renew On Its Own?
by SMCIB on Fri, Feb 10 2023
Are you a fan of OTT platforms? What do you do to avail of its services without any hindrance? You subscribe to a plan of your choice and renew it before it expires, right? This helps you to enjoy a variety of shows as per your choice.
Similar is the case with health insurance. You need to renew it before it expires and stop giving you benefits. Health insurance covers several expenses like hospitalisation costs, expenses of medicines, tests, doctor consultations, and many more in times of emergency. And renewing your health insurance plan will help you avail of benefits without any hindrance.
So, what do you think, does your health insurance policy get renewed on its own or do you have to renew it yourself? In this article, we will discuss all of this. Continue reading below.
What is Health Insurance Renewal?
Various health insurance plans come with a validity period when you purchase them. After this defined time, the plan expires. So, to keep the policy active and continue availing of its benefits, you need to renew it on time. You can renew your health insurance by paying the stipulated premiums before the policy expires.
If your health insurance policy expires, the insurer is no longer responsible to provide you with healthcare coverage. This means you will have to pay all the medical costs out of your pocket during this time.
Does a Health Insurance Plan Get Renewed on its Own?
No. You will have to follow a renewal process to renew your health insurance plan. Each health insurance plan may have an expiration date, like 1 year, 2 years, or 3 years, after which it must be renewed. If you fail to renew the policy on time, your policy will expire. After this, the insurers give you a grace period which is another chance to renew your policy. If you fail to renew it within the grace period, your policy will lapse and you will lose all the benefits.
Note: Insurance companies send a reminder to renew your health insurance plan. It is usually sent 30 or 45 days before your renewal premium is due so that you do not miss out on the due date.
How to Renew Your Health Insurance Plan?
You can renew your health insurance policy either online or offline. With technological advancements, such tasks have become extremely convenient and easy.
Have a look at how it can be done both online and offline -
Renewing your health insurance policy offline requires you to complete the process through agents, advisors, or by visiting the insurance company's branch office in person. Health insurance renewal payments can be made offline by using a variety of methods depending on the insurer, which can include cheques, drafts, credit/debit cards, UPI payments, etc.
On the other hand, online renewals can be done by simply visiting the insurer or policy aggregator’s websites and making the payment online. The online process is simple and very convenient.
Things You Should Evaluate While Renewing Your Health Insurance Plan
There are a few things to evaluate while renewing your health insurance policy. To avoid any problems in the future, keep in mind the following -
- Do Not Forget to Upgrade the Sum Insured
When you renew your health insurance plan, your coverage remains unhindered. So, always keep a check on it and evaluate its coverage, benefits, features, etc. that you have before the date of the policy renewal.
You should update the sum insured as and when needed. There is a chance that your current health insurance policy might not fulfil your medical needs. Or maybe the sharply rising costs in the healthcare industry might require you to take some steps to fulfil your requirements. So, regularly enhancing your sum insured will guarantee you enough health insurance coverage for any emergency in the future.
For instance, check if your insurer is providing add-on benefits on your policy that cover non-medical expenses.
- Be Aware of all the Changes in Policy Terms
The IRDAI guidelines say that the insurers may change the terms and conditions of policies only with their prior approval. In addition, they must let you know about any changes 90 days before the renewal. However, do not forget to review the same. Look for any modifications to the terms and conditions before renewing your policy so you are well-informed.
- You Can Add and Remove Members
During policy renewal, you can include and exclude a family member from your health insurance policy. For instance, if someone passed away in your family, you can exclude that member from your policy while renewing it. Similarly, if a new member is added to the family, you can include them in your policy while renewing it.
- Consider Portability
Renewal is an opportunity that you get to port your policy if you're dissatisfied with the policy benefits and service that you are receiving from your current insurer. You can port your current policy to the insurance provider of your choice and continue the benefits you have already accrued.
Keep in mind that portability is only possible during renewal. You can apply for portability 45 days before the renewal date and you will need to notify your current insurance provider about the same.
- You Can Opt for Riders / Add-ons
You can customise your health insurance plan with certain riders or add-ons to enhance its coverage by paying additional premiums during plan renewal. So, you should check for such add-ons to figure out if you need them. Some common examples of health insurance add-ons are Room Rent Waiver, Critical Illness Rider, Consumables Cover, Maternity Cover, etc.
So, it's crucial to timely renew your health insurance policy to avail of uninterrupted coverage. Your medical costs will only be covered if your policy stays put. Moreover, if you fail to renew the policy, you will also lose your no-claims bonus and other such perks. We hope this article has given you enough information on how you can renew your policy. Take note of all the points discussed above to avoid any problems related to your health insurance policy in the future.