A health insurance policy can truly protect your savings during a medical crisis. However, to fully benefit from health insurance, it is imperative that you select the right coverage. Now, even if you feel you skipped out on a few aspects while buying health insurance the first time, you can always revise your decision when your policy is due for renewal. To that effect, here are 5 common mistakes to avoid when you renew your health insurance policy.
- Forgetting to update policy details
When you renew your health policy, do remember to revise all the information provided when you first signed up for the plan. For instance, you may have recently got married and wish to add your spouse’s name as the nominee on your health insurance plan. Make sure to revise every detail of the policy before renewing it so that the claims happen smoothly when needed.
- Not considering other insurance providers
When your health insurance policy is about to lapse, do consider comparing plans from other insurance companies with your existing one. Doing this will help you understand whether you are truly getting value on your current coverage or if you can receive a better plan for the same premium. Afterall, a penny saved is a penny earned.
- Allowing the policy to lapse beyond the grace period
Your health insurance policy should ideally be renewed before it expires. However, after it crosses the expiry date, you still get a grace period within which to renew the policy without losing out on your benefits. Allowing your policy to go unrenewed beyond this grace period will see you lose out on major aspects such as the no-claim bonus (NCB).
- Failing to revise health coverage
As you age, your policy may need to get updated to be attuned to your current health needs. Keeping the same coverage year after year may see you fall short when you need to make a claim. Therefore, it makes sense to revise – and increase – your health insurance each time the policy is due for renewal.
- Skipping the online option
Many people often see their health policies lapse as they fail to make time to renew their plans in the middle of a busy week. Yet, they forget that their health policies can be conveniently renewed online. All leading health insurance providers offer the facility of online renewal where customers can also conveniently upgrade their plans. Payments can be made via credit or debit car on a secure portal on the insurance provider’s website. Moreover, the soft copy of the policy is instantly emailed to you and stays safe in your inbox.
This was an overview of the 5 mistakes commonly made by people when renewing their health insurance policy. Make sure to avoid any of these errors as you take out medical coverage. Remember to spend enough time revising options when choosing the best health plan for you and your family.
