What If You Missed The Health Insurance Policy Renewal Date?
Failing in making the payment of renewal premiums duly, can make you go uncovered of health insurance. It means health coverage provided to a policyholder will be stopped. Therefore, it is quite necessary to pay the premium amount for renewal of policy before the due date. In short, if a policy is getting expired on 20th March, then the policyholder needs to pay the amount for renewal before 20th March to keep the health plan continue and avail its benefits.
However, worry not if you have missed the deadline of the health insurance policy renewal date as you can still make the payment. There exist many companies that allow a grace period of a maximum of 7 days, however, some insurance providing companies show leniency and do provide a grace period of maximum 15 days. However, this time period comprises working as well as non-working days. But, if somebody fails to pay the renewal amount after the grace period even, then your policy is undoubtedly going to lapse, and nothing can prevent it.
Consequences of getting the health insurance policy expired
The negligence and callousness of policyholders can make them face detrimental outcomes. It will lead them to go for a new health plan, which will take them again to the very beginning. In such situations, the insured individuals would not be able to avail the rewards of the previous policy like a no-claim bonus, etc., and will have to earn it again by starting from scratch.
Apart from losing the no claim bonus reward, the policyholders will again be required to pass the waiting period of 2 to 4 years. Even if they have spent the waiting period time in the previous policy, they again will have to wait to gain the health cover for critical diseases. It is considered as a huge sacrifice as an end-result of not paying the recharging premium on time.
Tips to evade lapse of Health Plan
A medical coverage plan plays an important role in our lives. It is the ideal method for arranging the future, especially when it comes to financial conditions. If you own a health insurance scheme equipped with a range of benefits, the accompanying tips might be useful for reviving the lapsed policy and preventing yourself from facing its consequences:
A) The ideal approach to avoid the health plan from getting expired is to maintain a strategic arrangement for monitoring the dates for your policy. Setting updates can assist you more in remembering when and what to pay.
B) Another option is to choose an automatic ECS. The ECS will deduct the renewal amount automatically from your provided bank account, on or before the due date, whichever comes first.
C) Numerous insurance-providing companies tend to send reminders of the payment of a premium installment when the due date begins to come closer. Still, if you miss the date of renewal, a grace period can save you by gifting additional time to make payment and availing the insurance benefits.
D) To offer convenience to policyholders, numerous insurance agencies have made associations with various banks. In such a case, insured individuals are given a choice to pay the installments or premiums via ATMs of the linked banks. This will not only save time and money but also avoid the probability of missing the deadlines and letting the policy go lapse.
E) In the present scenario, smartphones are ruling the world. Everybody is getting addicted to their cell phones 24x7, and this dependency can sometimes be helpful as well. This implies you can avail of the reminder facilities run by the insurance companies through calls, email, or SMS with the goal that you never miss your premium renewal date.
Tips to recover the health insurance plans after they get lapsed
You can resuscitate your expired health plan by paying the remaining amount of premium with interest. At times, you may need to go through one or more health checkups. Here are some tips through which you can restore your lapsed insurance policy-
- Normal Revival: The policyholders are not required to undergo any medical checkups if they choose to restore their plans within a half year from the date of expiration. In such conditions, they need to pay the outstanding premium sum in addition to the interest, as mentioned above. The interest amount depends on the date when the health plan came into existence.
- Restoration on non-medical terms: If an insured individual opts for reviving the insurance plan on non-medical terms, at such point the sum to be restored will be lower than that of the earlier promised limit of non-medical affirmation, which was actually bought by the policyholder.
- Restoration based on medical grounds: One can choose for the revival method on medical grounds only after getting rejected in normal recovery and recovery on non-medical terms. The whole amount to be resuscitated under this process will be chosen simply after the policyholder goes through a medical test.
Conclusion
However, it is always suggested to indulge in comprehensive discussions with the health insurance agents and discover the ideal way out. This health insurance renewal process is quite essential for every policy-holding individual. Although there are ways to revive the lapsed health plans, it is a wrong practice to follow. So, take this article as a solution, but try not to get into such situations, when you can easily avoid it.
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