Renewing Of The Health Insurance Policy In Time

Health insurance plans, nowadays; come with the feature of lifelong renew ability wherein there is no maximum age when coverage stops. So, whether you are in your 80s or 90s, you can enjoy continued coverage under a health plan. However, this lifelong coverage can be enjoying only if you renew the policy before it expires.

Health plans come with specifying coverage tenure; and to enjoy uninterrupted coverage, the policy should be renewing before it expires. On time renewal of health insurance plans is beneficial in many aspects. Moreover, as you continue coverage under an existing plans, there would be no additional restrictions on the coverage even in your older age and you can enjoy a comprehensive cover.

Health insurance policy

Rising in ailments coupling with increasing medical costs spell financial trouble for average middle class individuals. To face this trouble, a health insurance policy becomes necessary. The plan pays for the medical expenses sparing you from financial doom. That is why buying and continuing a health insurance plan is important.

But the health plans have a pre-existing waiting period for illnesses, which you suffer from at the time of buying the policy. This period ranges from 2-4 years and it reduces every time you renew the coverage. If you do not renew on time, your policy expires. You would then have to apply for a new plan wherein the waiting period would apply again from the first year. So, on time renewal is a better option as it reduces the waiting period.

Renewal premium

Imagine that your health insurance policy expired two days ago after which you or your family member met with an accident. Who would incur the medical cost; Since the coverage had expired; the policy was not active when the medical emergency occurred. As a result you would be burdened with the heavy costs of treatments which you could have avoided had you renewed the policy on time.

The insurance company sends you various types of notifications to remind you of the renewal date. All you have to do is to review your coverage; pay the renewal premium and renew the policy well before the expiry date and you can enjoy uninterrupted coverage. Health plans also allow you a grace period after the policy due date for renewals. However, the coverage is absent during the grace period and in case of any eventuality; you would become liable to face the costs.