Today due to the fast-paced lifestyle many people don’t keep an eye on health insurance renewal and many times, forget to renew it again before it expires. But many don’t know that they can still reinstate their insurance policy with their insurance provider and continue the same previous policy without losing out on any benefits. Here we are going to look at how reinstatement in insurance can be done by one and what are its benefits.
Reinstatement of health insurance is the process by which one can renew their lapsed or expired policy due to their neglect in renewing it on time or defaulting on their premium payments. Health insurance lapses can have a significant impact on one's health protection as one can lose on benefits such as hospital bill reimbursement, no claim bonus, and protection from any unfortunate accidents or any future health issues. One needs to immediately contact their insurance provider if they wish to renew their health insurance policy and get a reinstatement of policy. Reinstatement of health insurance policy can be costly as one would need to clear any pending outstanding that they have not paid along with agreeing to additional terms and conditions.
The following are the ways one can get reinstatement of health insurance for themselves:
The grace period is the time provided by the insurance provider to the policyholder for getting their reinstatement of policy to avoid losing their benefits under the current one. Policyholders can avoid paying extra premiums and charges if they choose to renew the health insurance policy in the grace period.
One can easily renew their lapsed or expired health insurance policy within 6 months if they wish to by directly contacting their insurance provider and informing them of their decision of reinstatement of policy. If the renewal of a health insurance policy is done within 6 months one only needs to pay the premium along with interest.
If one is trying to renew their health insurance policy after 6 months of it lapsing, then they may have to pay extra charges along with their premium. They also need to remember that it will completely depend upon the insurance provider to reinstate the policy as sometimes there may be a limit to renew.
One needs to get the following things done before renewing their health insurance policy:
The following are the benefits of getting reinstatement of health insurance:
Insurance lapse can be a serious problem if one is not careful. Many times, people forget to renew their insurance policy which can result in lapsing or cancellation of their insurance policy but one can avoid such issues by getting a reinstatement of health insurance from their insurance provider by paying any pending premium cost and charges that have been accumulated. Now, one can easily get their new health insurance policy or reinstate an old one in just a few easy steps from Quickinsure by visiting the official website and comparing various available plans and getting the one that meets their requirements.
Yes, one can continue to get the same benefits when reinstating their insurance policy.
One should always try to avoid the insurance lapse as it can be a big hassle to get it reinstated and avoid paying extra charges.
An average of 30 days is taken by the insurance company to reinstate the previous insurance policy of the customer.
One can easily get their insurance policy renewed or reinstated from Quickinsure by visiting their official website- https://quickinsure.co.in/ and comparing various available plans and getting the one that meets their requirements.