Your Money: Don’t let your health plan lapse

financialexpress.com:

By Siddharth Singhal

Timely renewal of your health policy ensures continuous coverage, irrespective of your age or changing health status. The waiting period is covered and you do not have to face the risk of rejection because of age, medical history, lifestyle habits, etc.

Let us look at the key benefits that make timely renewals essential for your health insurance:

One of the significant perils of not having continued health insurance is that it leaves the person vulnerable to medical emergencies that may strike at any moment. This situation can lead to tremendous financial strain, especially with rising medical inflation. Thus, having continued coverage eliminates this possibility as it covers medical bills, essential illnesses, etc. More importantly, it also dismisses the likelihood of receiving inadequate medical care.

Waiting periods are not new to health insurance. Depending on one’s degree of pre-existing condition or the type of plan purchased, the waiting period can range anywhere from 30 to 90 days or two to four years. However, with timely renewals, you can comfortably manage this part and ensure that your health policy has you covered when you need it the most. So, renew your policy in time so that you are not without coverage in case an emergency strikes during this period.

Increasing age doesn’t come without the perils of health issues. If you happen to miss renewing your policy on time, you can expect to pay a higher premium for it and, in some cases, even be required to undergo the medical check-up again. Furthermore, you may even face the risk of rejection owing to factors like age, medical history, lifestyle habits, etc.

There might be a period where your policy remains untouched. This is rewarded