No, it’s not a flippant tackle Shakespeare. When it involves medical insurance, this query is nearly as troubling as the unique.
There are two time limits after we ponder this query. Before taking medical insurance for the primary time and when, at renewal, the premium goes up sharply for varied causes.
What if one fails or forgets to resume medical insurance? The technique of getting protection begins over again. Depending on age, medical exams must be submitted, any previous credit are erased. That is, your ready interval for pre-existing circumstances and sure specified procedures begin over again.
To high this, the insurer could load your premium for pre-existing ailments and even decline protection!
Eternal penalties
When one thing proves too tough, it’s only human to strive up to some extent after which quit and dwell with the results.
A buddy in his late sixties missed his renewal and finds that he can’t get environment friendly and fairly priced insurance coverage. Being clear about their monetary place he and his spouse are contemplating going with out insurance coverage.
He is making an evaluation of some commonplace hospitalisation bills so he can earmark investments to fulfill them. With this clear image, he says, he can go with out insurance coverage. It is a thought course of price going by if renewing medical insurance is that this fraught.
The regulator has ironed out some wrinkles for continued protection prior to now. For instance, a hospitalisation coverage is eligible for lifelong renewal supplied it’s saved legitimate and there’s no misrepresentation and so forth.
This was mandated for a cause in order that corporations don’t deny cowl as soon as a declare happens or after a sure age. Having paid premium for years collectively, being bereft of canopy in older years, which is when protection is significant and crucial, is a tragedy.
But failure to resume by oversight or clerical error even, would not have an answer.
Companies appear to be okay with letting renewals go as an ageing buyer represents a higher danger.
The irony is that my buddy could uncover that his projection of bills could match, and even be lower than, the cumulative premium he has paid through the years!
That is the tipping level when the thought of insurance coverage will change into much less related and insurers can’t sit again considering it’s a vendor’s market.
(The author is a enterprise journalist specialising in insurance coverage & company historical past)
Source: www.thehindu.com