Thursday, 4 January 2018

Easy Ways To Renew Your Health Insurance

With the cost of good healthcare being through the roof, it is not only necessary, but also essential to have a good health insurance policy, and it is even more important to make sure your plan is up to date and has not expired.

Why You Need Health Insurance

If your employer does not provide universal health insurance, you might think to yourself that you do not need to waste money on health insurance because you hardly ever need medical assistance, but it is always a good idea to invest in a reliable policy, for when you are off color. Health insurance generally covers the cost of surgery, hospital stay, doctors, laboratory reports, pharmacy bills, and most other things.

Health Insurance Renewals

Most healthcare agencies allow for online renewal of health insurance policies, not only saving your time, but also saving you money, as you can adjust your payment options, as you please. If you would like to switch your insurance provider, all insurance agencies have insurance portability, which allows you to switch over to a different insurance agency, without having to worry through the waiting period of filing for a new policy, all over again.

Factors To Consider Before Renewal

Health insurance policies usually last for a year, and it is important to stay updated on any new offers and continued benefits that the insurer may offer. Although the insurance agencies do send out messages notifying their clients about any change in plans, or even to remind them to renew their policies, it is also your responsibility to stay up to date.

Health Updates

Be sure to inform your insurance agency about any change in your health, as it can affect the policy and coverage. Ideally, it is best to notify the insurance agency at least 30 days in advance.

Payment of Premiums

You must pay the premiums of the policy on time, as the delay in payment could affect the coverage and validity of the premium. Continued payments are also a way the insurance agency makes sure the policyholder is still interested in utilizing the benefits of the policy.

Policy Portability

If you would like to switch policy providers, it is possible to do that. You can carry over all the same benefits, and the same policy, with with a different insurance provider, by opting for the policy portability option. However, if you do decide to choose for this service, make sure to contact both insurance providers at least 45 days in advance, so as to not lose any benefits or coverage of the policy.

Grace Period

If you forget to renew your policy, no need to fret, most insurance companies of a grace period of 15 days after the expiration of the plan, in which the insured can renew the policy. However, if the plan is not renewed within the 15 day grace period, the policy cannot be renewed, and a new policy has to be made.

Online Health Insurance Renewal

Online renewal of health insurance is perhaps easier than doing it offline. It saves not only times and effort, but also money, as some agencies offer discounts for online renewals. Not only that, but you can also adjust the premium charges yourself and see exactly what you are paying for.

The online process is a simple 5 step process, that is as easy as pie. The steps are:

  1. Fill in all the required details into the online form, including the necessary information of the previous policy, such as the policy number and expiration date.
  2. Adjust the policy coverage as you may wish to change it.
  3. Pay using a credit card, debit card or net banking.
  4. Once the payment is authorized, you will receive a digitally signed copy of the insurance policy, which you can print to keep a physical copy of, to yourself, any time you please.
  5. You will receive a login username and password, which you can use to sign into your account and monitor your policy, any time you please.

Before Making Online Renewals

It is essential to consider a few things before renewing your policy, whether online or offline, to consider getting the same benefits with the continued policy. These things are:

     Make sure to renew the policy at least 15 days before the expiration. Even though a 15 grace period is offered after the expiration of the policy, it is best to renew it in advance, so as to not lose any added benefits from the policy.
     If the policy expires, and a new policy has to be made, there will be no healthcare coverage in the period between the two policies.
     If the renewal request is denied, you, as the policyholder has all right to ask for an explanation as to why your renewal request was denied. It is usually rejected due to a change in your general health, because of a condition that your current policy may not cover.

     If you, as the policyholder, opt to choose policy portability, you are eligible to receive the same benefits as the previous policy, with the previous insurance agency.

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