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What Happens if You Don’t Renew Your Health Insurance Policy on Time?

7 Disadvantages of Not Renewing Your Health Insurance on Time

Reasons to Renew Your Health Insurance on Time

What is the Grace Period in Health Insurance?

Ways to Avoid Lapsing the Health Insurance Policy

Ways to Avoid Description
Track the Renewal Dates Keeping track of the dates associated with your coverage is the best approach to preventing your health insurance from lapsing. Write down your dates somewhere and check frequently.
Set Reminders or Use Automated ECS To avoid losing your coverage, you can set reminders to help you remember when and what to pay. An alternative is automated ECS. On or before the due date, ECS will automatically take the premium out of your bank account.
Get Direct Reminders from Insurers As the due date draws near, many insurers issue reminders regarding premium payments. You have a grace period to make the required payment and keep the policy's benefits in effect if you miss the renewal deadline.
Pay Premium in ATMs For your convenience, many banks and insurance firms have partnered. You can use these banks' ATMs to pay the premium in such a situation. This will reduce the likelihood of the policy lapsing and save you time and money.
Set Reminder on a Smartphone Everyone in the modern world depends on smartphones, and this addiction may also benefit you. You can use the email or SMS reminder feature to attend your renewal date and always pay beforehand.

Things to Do Before Renewing Health Insurance

There are many things to consider before buying or renewing health insurance. Here are  a few things you can do before renewing your health insurance:

Things To Do Description
Recognise your Current Coverage You should know what coverage you currently have. This will help finish the next phase, identifying your needs. Awareness of your current coverage prepares you for emergencies and lowers claim denial.
Recognise Your Present Needs Your needs could alter as time goes on. You might not have considered purchasing maternity benefits when you were single. However, you might think about maternity coverage at this renewal.
Compare Policies When you purchase insurance online, you can examine the coverage options and select the one that most closely matches your needs and price range. Evaluate several policies in the same category before choosing the finest one.

What are the Ways to Revive Health Insurance Policies?

Revival Ways Description
Ordinary Revival The health examination is optional if you choose to renew your policy within six months of the policy's expiration date. All you need to do is pay the interest and the outstanding premium.
Revival on Non-Medical Grounds You can opt for revival on non-medical grounds and receive less than the promised guaranteed limit. Your claim will be processed after you’ve submitted proper documentation.
Revival on Medical Grounds If you cannot succeed in regular revival and revival on non-medical grounds, you can pursue revival on medical grounds. Once you've undergone a medical examination, the amount to be revived will be determined.

Even if you port your existing policy to a different provider, you must let your existing insurer know at least 45 days before expiry. If you do this afterward, you will not be able to transfer your waiting periods and no claim bonus. So, now that you know what happens if you don't renew health insurance, ensure you constantly renew it on time to get the best of its benefits.

FAQs about Disadvantages of Not Renewing Health Insurance on Time