People cannot avoid falling sick despite the various precautions taken. The healthcare costs are a major hurdle in getting the right treatment after falling ill. However, everyone is trying to somehow cope with such expenses. Some people do so with the help of health insurance policies. The importance of having is good insurance policy to fall back on has now been realized by many. However, what most folks tend to forget is that, after buying the plan, the coverage also depends quite crucially on timely renewal of the plan.
Although people have understood the importance of medical coverage—benefits, rates, etc.—they do not understand the significance of renewing the plan in time. There are a lot of benefits linked with renewing a plan at the right time. Most health insurance policies have a grace period, after which the plan lapses. Most individuals think that because they need to pay the same premium, there is no difference in buying a plan or renew an old one.
On the contrary, the fact is that there is a HUGE difference.
Since a lot of people avoid health insurance mainly because of the waiting periods, renewing the plan becomes even more important. These ‘drawbacks’ are neutralized by renewing the plan in time. If the waiting period for any particular medical condition is 3 years, then renewal after the 1st year reduces the waiting period to just 2 years and so on. On the other hand, the waiting period of the plan would start over even if the policy holder purchased the same plan again after it has lapsed, instead of renewing it.
Most medical policies offer a ‘No Claim Bonus (NCB)’ or a ‘Cumulative Bonus (CB)’. This acts like an incentive for staying healthy. Renewal of the plan allows people to enhance the medical coverage given by the policy. The Cumulative Bonus in effect increases the cover amount protecting the policy holder. This does not mean that the premium amount rises in proportion. Premium for the plan is charged on the base insurance amount. Apollo Munich offers as much as 10% Cumulative Bonus on the plans. This would mean that the cover amount can increase by 10% each claim-free year (subject to policy terms and conditions), simply by renewing the plan timely.
To find out about more such benefits, customers can call the customer care helpline on 1800-102-0333. Apollo Munich offers online renewal to help people renew plans in time.