With the rapid increase in the cost of health care, it is wise for every individual to get a health insurance policy. Health insurance helps you cover the cost supposing you have a medical emergency. Furthermore, it protects you from unexpected expenses. However, health insurance is usually proffered as one-year contracts and need a renewal annually. therefore, it’s your responsibility to renew your health insurance policy the right way. Basically, there are 8 points you should note when renewing your health insurance.
What are the points to look out for when renewing your health insurance?
If you already have a health insurance policy, you might be curious about the important things to note when the time comes to renew the policy. Below are 8 points you should note when renewing your health insurance:
Renew before the due date
A 30 day grace period is usually given if you’re unable to renew your health insurance before the deadline. After this period, your health insurance expires. However, it is important to note that there will be no insurance cover during the 30 days grace period. Therefore, it is advisable to note down the renewal date and set up active reminders on your phone, laptop or diary. Additionally, it is equally important for you to make plans for the funds in advance so as to avoid last-minute financial inconveniences.
Alter the number of insureds if necessary
You can decide to add or remove a family member when it’s time to renew your health insurance. For example, the birth of your baby will require you to include the baby’s name in your health insurance policy.
Consider adding Top-up plans
In case you feel that your health insurance policy is insufficient, you can consider adding a top-up plan when it’s time for renewal. Also, you can increase your present policy coverage to accommodate your most recent needs.
Check for changes in terms and conditions
It is important to check for any changes made to the terms and conditions of your health insurance policy. Similarly, you can decide to opt for health insurance in another company if you don’t agree with the changes made to the terms and conditions of your health insurance policy. In all, ensure you look out for any difference between the new and old.
Review your health insurance requirement
You have to analyze your health insurance requirement when it’s time for renewal. This is to help you consider your recent health needs. Furthermore, you have to make sure that all your recent needs are adequately covered. Therefore, it is important to take time to analyze your health insurance policy before renewal
Important documents to be carried on the day of renewal
If you decide to continue your health insurance policy with the same company, you must carry the check at the time of renewal and the policy renewal notice. However, if you decide to change your health insurance policy to another branch, you have to produce the following documents:
- Policy renewal notice
- Last year’s policy
- proposal form
- mandate letter
- proposal and cheque for the proposed amount
Divulge new medical condition
Since health insurance is a yearly contract, the items can only be revised based on the health changes that took place during the year. Therefore, you have to bring to the notice of your insurer any newly developed health challenge during the previous year
Keep the receipt safe
Tell someone you trust (might be your closest family member or spouse) about the alterations you have made to your health insurance policy. Also, it is important to always keep the receipt in a safe place. Additionally, you should make sure your safe place is known to your spouse or close family member. This is important because, at the time of claim, your insurer has to be made aware of the terms and conditions of the policy.
Conclusion
Acquiring a health insurance policy is a wise decision giving the recent rise in the cost of healthcare. However, that is not the end because renewing your health insurance policy is equally as important. We have put together the 8 points you should note when renewing your health insurance which would serve as a guide to renewing your policy with ease and more importantly without regrets.