Renew Health Insurance –  Buying a Health Insurance policy and renewing it every year is extremely important. If you don’t renew your health insurance policy you are likely to suffer a lot. Your policy will be expired and you will not able to file any claim. Moreover, you will lose other benefits such as no claim bonus and free medical checkup benefits. When you purchase a new policy you need to wait for claim filing. You cannot file a claim until the waiting period is over.

So, it is advisable to renew a health insurance policy on time. You can check the renewal date and put a reminder in your mobile to pay the premium and renew the policy.

It is very easy to renew a health insurance policy. You just need to pay a premium for a health insurance policy. Steps to renew health insurance policy online are given below.

How to renew Health Insurance Policy Online?

Follow the steps given below to renew the health insurance policy online.

(1) Visit the health insurance policy website. Login to the website with a given credential.

(2) You will find a link for the renewal of a policy. 

(3) Provide basic detail of your policy such as policy number and expiry date.

(4) Make premium payments via debit card/credit card or net banking. 

(5) On receipt of payment, the policy will be renewed and the policy document copy will be sent to you via email. You can take print and keep a hard copy.  

The process of renewal remains the same for all health insurance companies. Here is image showing health insurance renewal process of HDFC ERGO.

You should consider the following points while renewing the health insurance policy.

10 Points to Consider while renewing a health insurance policy 

#1 Renewal Date

The first important point is the renewal date. You should note down the renewal date and put up a reminder on your phone as well as the diary. Make sure to renew the policy before the renewal date. We have already discussed the impact of missing renewal date.

#2 Health Insurance Amount – Top Up

At the time of renewal of health insurance, you can opt for additional insurance. The additional insurance amount is called as Top Up. Suppose you have health insurance of 2 Lakh and you have requirement of increasing health insurance you can Top up at the time of renewal. You may need to go for health checkup for higher Top Up amount.

Also Read – Health Insurance – Section 80D Income Tax Benefits

#3 Change in Insured Numbers

Renewal is correct time to increase additional family member in the policy. You can add your child or parents in your policy for tax benefits. Instead of buying a separate health insurance policy for family member, it is good idea to include them in existing policy.

#4 Higher Sum Assured Amount  

The next important point to consider is your health insurance requirement. Medical expenses are increasing if you feel that health insurance amount is less you can increase it at the time of renewal. You need to pay higher premium amount for the higher sum assured.

#5 Check Terms and Condition of your policy

You should carefully check terms and condition of your insurance policy. It may be possible that terms and condition of your policy changed. You have to accept terms and condition of your policy. In case you do not accept the change you need to opt for portability.

#6 Check additional features offered

You should check additional features offered by health insurance company. Your health insurance company might have introduced new features. Relook at additional features offered by health insurance.

#7 Disclosure of New Illness

If you or your family member is diagnosed with any new illness you should inform your health insurance company. You can do that at the time of renewal. Your health insurance premium will not be increased but it is considered as your credibility.

#8 Evaluate option of Health Insurance Portability 

At the time of renewing a policy, you can evaluate the option of health insurance portability. This option turns out to be a good option when you are dissatisfied with the existing insurer. This may be due to higher premium costs, higher waiting periods, sub-limits, etc. You will not lose any policy benefits including no claim bonus if you opt for health insurance portability.  

#9 Tax Benefits

It is a good idea to consider the tax benefits offered on the health insurance plan. You can plan to change the policyholder at the time of renewal. This is to ensure better tax benefits to the policyholder.

#10 Inform your family member

Once you are done with renewal of health insurance you should inform your family member about renewal and claim procedure. This will help your family member about filing the claim on your behalf.

Conclusion

As the cost of medical expenses is growing you should buy an adequate health insurance plan. In addition to buying a policy, you should renew it by the due date. Keeping policy alive will help you as well as your family in case of hospitalization or medical expenses.