Best Ways to Save on Health Insurance Premiums at the Time of Renewal24 Nov, 2022
Timely renewal of your medical insurance will enable you to reap uninterrupted benefits without lapsing any provisions. Read more to understand how you can save on your health insurance premiums at the time of renewing your policy.
A health insurance policy is usually valid for a year and requires renewal before its expiration date. A health insurance provider must send a notice to the policyholder to remind them of the upcoming renewal of the insurance. The mandated laws in the UAE make medical insurance renewals relatively straightforward. For a seamless renewal process, it is vital to understand the terms and conditions of your existing medical insurance. Carefully examining the terms of your ongoing policy will enable you to make desired changes that suit your future requirements. Best health insurance allows you to reanalyse and tweak your policy terms to reap maximum benefits that align with your future needs. The timely renewal of your medical insurance will enable you to reap uninterrupted benefits without lapsing any provisions.
Quick Read Section:
- A simple process of determining the validity and time of renewal of your medical insurance is to visit the website or mobile app of your insurance provider. You can enter your policy number on the portal and check the policy renewal details.
- Employers or sponsors must give a month’s notice to their medical insurance companies before the expiration of a policy.
- Policyholders can renew the policy even after expiry of the policy up to a grace period of 30 days. However, a continuity certificate might be required to renew the policy.
- The insurer must renew your policy if you are diagnosed with a fatal illness after purchasing a policy.
- Many insurance companies calculate their premiums based on the frequency of your claims. If you have claimed your insurance multiple times in a year, your premium is subject to increase if there is any new health condition.
Important Steps during the Medical Insurance Renewal
- The premium tends to increase with each passing year, subjecting to inflation, new advances, and medical costs. At the time of renewal, the insurer will re-evaluate the premium for the new year.
- After the evaluation of premiums, the insurer will provide you with the best health insurance. You can choose the best policy that covers all your requirements, that offer maximum coverage and proves to be true value for money.
- Carefully assess all the suggested changes. Make sure you negotiate your terms before reaching a final decision. Open discussions with your health insurance broker will help you get the best medical insurance quotes and choose a plan that meet your needs.
- For a hassle-free renewal process, provide all the necessary documents to your broker and fill out the required paperwork to ensure the proper disposition of your policy.
However, if you wish for a medical insurance renewal with a new insurance provider, be mindful that the renewal will take longer than the renewal with your existing insurance provider. Following these steps will help you to avail all the benefits of your medical insurance during the renewal of your policy.
Criteria to Consider during Medical Insurance Renewal Process
- Evaluate Renewal Terms: All policyholders receive a renewal reminder from their insurance providers at least 45 days before the renewal due date. This reminder entails details about the policy, like assured sum, the kinds and number of claims, etc. A policyholder must thoroughly read these terms and inform the insurance provider in case of any alterations or discrepancies in the reminder.
- Assess Your Needs: The rise in premiums is subject to inflation, advancement in technology, and medical costs. As a result of this rise, your existing policy may be insufficient in offering the best coverage for your medical expenses. Hence, it becomes even more critical for policyholders to evaluate their present and future medical insurance needs. Based on your requirements, you can choose a higher insured sum or include add-ons in your policy.
- Explore Your Options: An individual has a choice to transfer their policy from one health insurance broker to another. An insurance holder may be unsatisfied with the benefits or high premium costs, compelling them to change their insurance provider. The transferring of a policy is commonly called medical insurance portability. In UAE, a policyholder can still avail similar policy benefits while transferring their policy with the help of a broker with an appointment letter.
Medical insurance is the first step towards securing your future. Be mindful of renewing your medical insurance to avoid overwhelming medical expenses which can cause a financial crisis. Our expert health insurance brokers will suggest you the best medical insurance with maximum coverage according to your needs. Health insurance is a wise investment for securing the health of your loved ones and yourself.
Contact us today for all your health insurance needs.