Health insurance has become an important investment in today’s times. Rising pollution levels and increasing health risks make purchasing a health insurance policy necessary. The subscription rates for such policies are on a rise too. However, there is a problem when it comes to renewal. A number of subscribers do not get their health insurance policy renewed on time. Hence,. today’s piece is meant for such folks. You see, just like any other insurance, health insurance renewal needs to happen on time. If you do not renew your health insurance on time, you will have to deal with a few downsides. We have a few of them here for you to know more about. So, read on.
Drawbacks for Non-Timely Health Insurance Renewal
No Claim Bonus = Zero
Every insurance policy works on a similar premise. At the end of the day, no insurer wants you to claim insurance. This way, they stand to lose less money than when you make a claim. We are not saying you should not make a claim. If you avoid making claims until it is unavoidable, you may earn a No Claim Bonus. The key here is to use health insurance wisely. However, if health insurance renewal does not happen on time, you stand to lose this bonus. As a result, the amount of discount you may have earned at the end of one policy period will become zero. This will increase the financial burden you have to handle. Not a nice case, don’t you think?
Pre-Existing Disease Cover Goes Poof
We buy health insurance for different needs. Some of us have to to cover a pre-existing disease with a health policy. This is where timely health insurance becomes important. Every health insurance you buy has a waiting period. After this waiting period lapses, you can make a claim. So, in case you have a pre-existing disease, missing our your health insurance renewal date is not advised. Since you are signing up to become healthy again, why miss out on timely health insurance renewal?
Waiting Period on Additional Benefits
Health insurance policies offer more benefits than one. For example, your health insurance may cover the maternity expenses of your wife. However, they start after you have had the policy for a certain time. Some policies let you avail such benefits after a few years of having subscribed to their services. If your health insurance is not renewed on time, you stand to lose this benefit. It does not matter how long have you been subscribing to the same policy. A break means start all over again. So, while you need to do due diligence before buying a health policy, its renewal is something you cannot miss.
A quick read of the points above can help you avoid grave situations caused by non-timely health insurance renewal. Please take these seriously for you and your family’s sake. Please let us know what you feel about health insurance, in general, in the comments below.