In this uncertain world, having an appropriate health insurance policy is necessary. It is one of the important investments that you can make to manage your expense while availing of medical treatments. But due to many busy schedules in life, it is common for one to forget about Health insurance renewal. You should understand the importance of renewing health insurance on time. If you fail to renew on time, then you will find a lot of difficulties. If your health insurance policy expired at the time of medical treatment, then you have to bear all the expenses. The insurance companies offer you a grace period, but you will not have any coverage during this period.
Also, if you fail to renew the policy in this grace period, then you have to buy the health insurance policy and work from the scratch. It is a lengthy process and you will also find changes in the premium. The below points explain you the need for renewing the insurance on time.
When you renew the health insurance policy on time, then you can enjoy the biggest benefit of uninterrupted cover. If you fail to renew on time, then you will have the risk of gaps in your coverage. You need to understand that medical emergency is unpredictable and if they come in this gaps, then you will find it hard to pay your medical bills on own.
No waiting periods:
Another thing about a health insurance policy is that it will come with a waiting period. So, you will not able to use the coverage in the waiting period. If you do not renew the policy on time, then you may have to buy a new plan. So, you have to get into the waiting period again. Because all the waiting period of your previous policy becomes null and you have to start from scratch.
You may aware of the No claim bonus benefit offered by the insurance companies. So, you will get an increase in value every year if you go without making a claim. However, if you do not renew the plan before the expiration, then you might not enjoy these benefits. Thus, understand the importance of Health insurance renewal and renew on time to avoid the hassles.