Health Insurance Policy Renewal
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A Health insurance policy protects you against health emergencies and offers financial security against soaring medical expenses. However, the Policy has a definite validity period and lapses when this period expires. You can no longer enjoy the protection if the Policy becomes inactive. You may also lose out on other accumulated benefits, such as the no-claim bonus, if you do not renew health insurance on time.
How to Renew Health Insurance Online & Offline?
A health insurance policy can be renewed through either of two methods, i.e., online and offline.
For health insurance policy renewal online, visit the official website of your health insurance provider. Enter a few basic details and the details of your existing policy by choosing the renewal option.
Check the premium quotes and policy details provided by the insurance provider.
Make the payment online using a debit card/credit card/net banking. The Policy will be renewed, and the new policy documents shall be sent to your registered e-mail address.
You can either visit the local office of your insurance provider or contact the executives to assist you in the policy documentation process. You can make the renewal payment using a cheque or a demand draft. The Policy will be renewed, and the new policy documents shall be sent to your registered address.
Things to Remember While Renewing Medical Insurance
Re-evaluating the Needs
The existing coverage level of your Policy may not be sufficient due to rising medical inflation and family requirements. It is imperative to consider these changes before deciding upon a coverage amount. You can also add riders to your existing policy or even take up a new policy to enhance coverage.
Examine the Renewal Terms
The insurer notifies the policyholder about the renewal at least 45 days before the due date. Please check the details, such as the policy type, sum insured, number of claims made, etc. Contact the insurance provider if you find any discrepancy on any of these issues.
Check Out Other Options
Renewal is the right time to look for better options available in the market for lower premiums, higher benefits, or superior customer service. Health insurance portability in the UAE allows you to shift to another insurance provider without losing your existing policy benefits.
What Happens If You Fail to Renew a Health Insurance Policy?
Loss of Protection
If the Policy is inactive, you can no longer enjoy its coverage benefits. Any medical emergency in the family can lead to huge bills and out-of-pocket expenses.
Loss of Accumulated Benefits
The insurer rewards you with a no-claim bonus in health insurance (NCB) for every claim-free year. This bonus may be offered in the form of a higher sum insured or a discount on renewal premiums. This benefit is not available if you fail to renew the policy on time.
Longer Waiting Period
Once your policy lapses, you cannot renew it. A new policy has to be purchased if you want insurance coverage. The waiting period that you served on the earlier Policy (for pre-existing diseases) also lapses, and you have to begin from scratch on the new policy.
Need for Medical Examination
Periodic medical insurance renewal avoids the need for frequent medical checkups. However, the insurer may demand a fresh medical examination if the Policy has lapsed and a new policy has to be issued when the insured person’s age is more than 60 years. This leads to needless hassles and undue delays in getting health insurance.
Best Tips to Renew Your Health Insurance Policy
The following tips are helpful for policyholders while renewing their health insurance policies
Renew the Policy Before the Due Date
Health insurance companies in the UAE typically provide a grace period of 30 days to renew your policy. You do not get any insurance coverage during this period, and the policy lapses after this period. So, it is always better to renew the Policy well before the due date.
Review the Policy Terms & Conditions
Study the policy documents carefully. Note if there are any changes in the exclusions, claim procedure, premium payable, and policy renewal clause. If the revised features are not acceptable, you can either buy another plan from the same insurer or port the Policy to a different insurance provider.
Disclose New Details
There may be several developments over the past year, primarily with regard to your health profile. It is advisable to make a complete disclosure of all material facts to avoid the risk of rejection later. Further, if there is a new addition to your family, you can also extend the health insurance coverage.
Assess Health Insurance Requirements
You may have to review the coverage based on factors such as rising medical costs, change of job, more dependents, or a new health condition. Policy renewal is the right time to adjust your health coverage to suit these changes.
Benefits of Renewing a Health Insurance Policy
The benefits of health insurance policy renewal are listed below:
Renewing the Policy before expiry ensures that you get uninterrupted insurance coverage. If the Policy is not renewed, you may find it difficult to get a new one in your advanced years when health insurance is critical.
Retain No-Claim Bonus (NCB) Benefits
Timely renewal of your health insurance makes you eligible for additional benefits such as the NCB. The sum insured is increased, or the premium is reduced by a fixed percentage due to this benefit.
Lower Waiting Period
The waiting period served in the previous years shall be considered when you renew the Policy. If the policy lapses, you may have to serve the waiting period all over again in the new policy.
Avoiding Other Risks
There may be additional risks, such as policy rejection or higher premiums, when the policy lapses and you need a new policy later. This may arise due to age or health-related conditions and can be avoided by renewing the Policy on time.
When Can You Consider Porting Your Health Insurance Policy?
Policyholders can port health insurance under any of the following situations:
Policyholders can choose to shift to another insurance company if they are not satisfied with the quality of service provided by the existing company.
Policyholders may find another insurance company offering better coverage, lower premiums, or both at the time of renewal.
Tardy Claim Settlement
A slow and lengthy claim settlement procedure causes huge distress when people are facing medical emergencies. They may later opt for porting their health insurance.
Hidden Conditions or Clauses
Policyholders may realize that their claims are rejected due to certain hidden clauses that they were not aware of at the time of buying the Policy.
If people require some specialized services that are not offered by the existing Policy, they may opt to port to another insurer that provides them with what they want.
Frequently Asked Questions on Health Insurance Renewal
Health insurance policy renewal should be ideally done well before the Policy expires. However, most health insurance providers in the UAE offer a grace period of 15-30 days after the due date to renew your policy. The Policy shall lapse after this period.
You are not eligible to claim any insurance benefit if the Policy becomes inactive. Insurance companies typically do not offer coverage during the grace period. If the Policy is not renewed within the grace period, it shall lapse, and you also lose all the accrued benefits.
No. A request for health insurance policy renewal online cannot be denied by insurers unless there is a valid reason, such as fraud, misrepresentation, or suppression of material facts.
You can apply for health insurance portability only at the time of policy renewal and not during the policy period. Ideally, you should apply for portability at least 45 days before the Policy expires.
No. One of the greatest advantages of porting your health insurance policy is that the waiting period credit will be carried over to the new policy. If the waiting period for any specific disease is one year and you have already completed six months, you need to complete only the balance of six months with the new insurance provider.
Disclaimer: The health insurance policy or plan may have limitations, exclusions, and other terms and conditions that may affect coverage. It is important to carefully review the policy wording before making any decision.