10 Reasons Why You Should Never ever let your health insurance policy lapse

0
1164

Most people put in a lot of time and effort to buy health insurance. They research to find the best policy at the best price. When you have spent your time and money to get your health insured, it is important to continue insurance coverage by renewing it regularly. A medical insurance policy is valid for a year and you need to renew. Some people forget to either renew or do not understand the implications of not renewing on time.

There are many reasons why you should never allow your health insurance policy to lapse. 10 key reasons are listed below.

1) You lose your health coverage if you the policy lapses. In case you do not renew on time, then there is a grace period. If you do not renew even within this time, your policy lapses.In case you fall ill, you will not be covered by insurance.

2) The advantage of cashless health insurance is that you can be treated at designated hospitals without having to pay the bills. The insurer will take care of it. The moment your policy lapses, you lose this privilege.

3) You are entitled to a free medical checkup every year. If your policy lapses, you will lose this important benefit.

4) When your policy lapses, reviving it is a complicated process. It is better to renew on time than go through the cumbersome procedures involved in reviving a lapsed policy.

5) Insurers may insist on medical checks before reviving a lapsed policy.

6) Some people feel that if their policy lapses, they can go to a new insurer. Yes, but then you are treated as a new customer and you lose all the benefits you had with your existing insurer.

7) If your health insurance lapses, you lose the benefit of the no claim bonus you had earned. Renewing on time would have helped you retain the bonus that could have reduced your premium.

8) Your policy covers pre-existing diseases after a certain number of years. If your policy lapses, the count resets and you need to wait again to get coverage for pre-existing diseases. This can be a very costly mistake.

9) Some health covers have a waiting period of 90 days or even more. If your policy lapses, your waiting period begins again and if you fall ill, you need to bear the expenses yourself.

10) Reviving a lapsed policy is expensive. Getting a new one is equally expensive and will cost more than what you have paid had your renewed your policy on time.

The reasons listed explain why it is a huge mistake allowing your insurance policy to lapse. It hardly takes a few minutes to complete your policy renewal. Ensure that you renew your policy on time to continue enjoying its benefits. Don’t make the blunder of allowing your health insurance to lapse.

Comments are closed.