If you currently enjoy private health insurance, you might be like most people and automatically renew every year with the same provider. It can seem easy and hassle-free, knowing that you have a good amount of protection.
But, you should be aware that automatically renewing your health insurance is not always the best policy. You might be missing out on a lot of perks by simply accepting the new policy you are given. Here is a guide on why you should be cautious when it is time to renew.
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Reasons Why You Should Not Automatically Renew Your Policy
Most policyholders will receive an email or text when their health insurance policy is coming to an end. Indeed, this can also include a message about the policy being automated removed, and you do not have to do anything. Unfortunately, many people skip the email, skim over the information and do not review the attachments. This can lead to a variety of problems. Here are some reasons why you should not automatically renew the policy.
The Coverage Could Have Changed
The danger with automatic renewal is that the coverage you get could change. If you simply accept the new policy and not check for any changes, you might find that you signed up for a policy with less coverage than you had before. Small changes can make a big difference. In addition, you could end up with extras you do not need, which can hike up the price. So, something to watch out for is the coverage. Usay Compare has private healthcare plans you can explore when you get a quote. This can make sure you get the coverage you need if you do not renew.
This Price Might Have Increased
If you have made a claim on your health insurance, it is normal for the premium to increase for the following year. However, if you have not made any claims, you should always check the price of your policy. You might find that the price has increased without you realising it. This can happen for a variety of reasons. But, you might miss it if you do not check your policy and the renewal. So, always make sure you do not automatically renew your policy to avoid paying more when you do not have to.
Claims Process May Have Been Modified
Many people renew their policy because they like the reassurance. In other words, they think they know what is going on, and they feel confident about it. But, this might not be the case when you renew the policy. There could be big changes to the way the claims process operates. You might assume everything is the same, but this is not the case. You will not find out until later on if you choose to automatically renew the policy. Then, you are stuck with it for 12 months.
Customer Service is Not Good
If you have previously made a claim on your health insurance, you are going to know what customer service is like. If you do not like the process of claiming and think that there was bad service by representatives, renewing your policy is going to mean you have the same experience next time.
When To Renew a Policy
Of course, there are going to be some circumstances where you do want to renew your health insurance policy with your current provider. The most important thing here is that you read the new terms and conditions of your policy carefully before agreeing. Always know when your policy is going to finish so that you are prepared. Then, you can decide what you want to do.
Always Shop Around for Health Insurance
Hopefully, you now understand why you do not want to automatically renew your health insurance policy. You should make a note of when your current policy ends and ensure the company does not restart it for you. Instead, you want to weigh up all your options. Sure, you might choose to remain with the current providers. But, you may also select another provider that can offer you something better.
The rule to remember here is that you should always shop around when it comes to health insurance. You need to explore the options and really see what the best policy is for you. You might find that being loyal to the same provider does not gain you anything. You could get a better price and more coverage elsewhere. Work out your budget, what you want from coverage and the conditions you will accept.
