{"id":1638,"date":"2018-06-05T14:14:43","date_gmt":"2018-06-05T06:14:43","guid":{"rendered":"https:\/\/www.pacificprime.hk\/blog\/?p=1638"},"modified":"2018-06-05T14:14:43","modified_gmt":"2018-06-05T06:14:43","slug":"helpful-tips-for-renewing-your-medical-insurance-policy","status":"publish","type":"post","link":"https:\/\/www.pacificprime.hk\/blog\/helpful-tips-for-renewing-your-medical-insurance-policy\/","title":{"rendered":"Helpful tips for renewing your medical insurance policy"},"content":{"rendered":"

Health insurance plans are almost always one-year contracts. Before the year is up, policyholders are generally contacted by the insurer, or broker, to remind them that their coverage is about to expire and begin discussions about renewing the plan. Missing the renewal deadline can see you without medical coverage, so it\u2019s important to be mindful of your policy expiry date. This is also the best time for you to consider your benefits, plan, or insurer if you\u2019ve had a change in circumstance. <\/span><\/p>\n

Renewing your medical insurance policy is usually an easy process that can be handled by your insurer or broker, but the following tips in this Pacific Prime Hong Kong article can help you be better prepared when renewal time comes. <\/span><\/p>\n

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\"Individual<\/a><\/p><\/div>\n<\/span><\/p>\n

What generally happens around renewal time?<\/span><\/h2>\n

There are two ways <\/span>renewals<\/span><\/a> can take place: You can opt for an auto-renewal or choose to review your coverage before you renew. <\/span><\/p>\n

Auto-renewals<\/span><\/h3>\n

Auto-renewal is where you agree in advance to recommit to your health insurance plan at the end of the contract. This renewal method is easy and convenient: Your insurance provider or broker will simply issue you a letter of confirmation as proof that your coverage will continue for another annual period, and your selected method of payment (usually credit card) will be billed. <\/span><\/p>\n

One important thing to be aware of here is that due to the nature of insurance, it\u2019s highly likely that your insurance premium will increase upon renewal. It would therefore be a good idea to review your premium before your plan is automatically renewed. <\/span><\/p>\n

Manual review at renewal time<\/span><\/h3>\n

If you opt to review your plan before renewing your medical insurance policy, you\u2019ll be contacted ahead of the renewal date (the day at which your coverage will lapse) that your coverage is coming to an end. The exact length of time before the date that renewals must be submitted varies by insurer or broker, however Pacific Prime Hong Kong sends renewal notification at least one month before a plan\u2019s renewal date to give you enough time to consider your options. <\/span><\/p>\n

A manual review generally involves discussing your satisfaction with the plan and provider, your budget moving forward, and considering alternatives should your needs or wants call for a change. If you\u2019re going direct through an insurer, you\u2019ll need to be aware that they\u2019ll only offer you advice and options for their own products – considering alternative providers will be something you\u2019ll need to do on your own. <\/span><\/p>\n

The renewals process<\/span><\/h3>\n

In a nutshell, here\u2019s what you can expect when you opt not to auto-renew your policy: <\/span><\/p>\n

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  1. You\u2019ll be notified in advance that your current health insurance coverage is about to end<\/span><\/li>\n
  2. Your provider or broker will make direct contact to ask if you wish to renew your current plan<\/span><\/li>\n
  3. If you opt to renew, you\u2019ll have the plan benefits and new premium confirmed with you before you make payment<\/span>\n
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    1. If you wish to make changes to your plan or provider, you will go through a similar process to purchasing a new plan: Assessing needs, weighing up options, and negotiating the benefits and price of a new policy<\/span><\/li>\n<\/ol>\n<\/li>\n
    2. Once your plan is renewed, you\u2019ll have your policy confirmation documents sent to you<\/span><\/li>\n<\/ol>\n

      How simple or complex the process ends up being largely depends upon you – if you\u2019re happy to continue with your existing plan or only have some minor changes to make, it can be done quickly and easily. Where there are some significant issues or changes to be made, it may pay to begin the renewal process as quickly as possible to ensure that you have enough time to source a new plan or provider before your coverage lapses. <\/span><\/p>\n

      Handy tips to know before renewing your medical insurance policy<\/span><\/h2>\n

      Whatever your decision will be when it comes to renewing your medical insurance policy, it is beneficial to think about how your past year has been and what your future needs are before you commit to another year. Here are some key questions that our own Pacific Prime Hong Kong advisors ask when we contact clients about renewals: <\/span><\/p>\n

      1. Are you happy with your current benefits?<\/span><\/h3>\n

      When you sign up for a health insurance plan, you\u2019re agreeing to exchange money for coverage of a set of benefits and annual limits. You might have a basic inpatient and outpatient plan, or you might have chosen a comprehensive insurance plan that includes vision, dental, and\/or maternity benefits. Before you agree to renew a plan, you should always consider whether or not the types of benefits you have and the level to which they cover you for has been sufficient. <\/span><\/p>\n

      Some clients find that, after their first year, the level of coverage was too high (the amount of claims they made under a particular benefit might have been much lower than their annual limit allows for). This can be a place for introducing premium savings by reducing either benefits or the limits for the coming year. Others might have found that their plan was insufficient and may want to increase benefits for the coming year. <\/span><\/p>\n

      2. Is your current plan still within your budget?<\/span><\/h3>\n

      Health insurance plans increase in cost year-on-year, as is evident in our yearly report on the rate of <\/span>international insurance inflation<\/span><\/a>. What\u2019s a big concern for insurance consumers at renewal time is by just how much more their coverage will cost. Prices of health insurance policies can change for a number of reasons, and some or all of these might apply to your plan: <\/span><\/p>\n