The process of renewal can be cumbersome owing to the fact that it requires filling up renewal forms so as to provide relevant current information and to give consent to the health insurance company. Going through a stretched out renewal process can be especially troublesome for students who are short on time. There are three ways through which student medical insurance policies can be renewed. Medical insurance can be renewed by already having the auto renewal option active, getting it done from the insurance agent or the company and renewing the student medical insurance online.
Usually, the health insurance policy renewal process consists of the health insurance company informing the insurer that his or her policy is about to expire. Although the time span varies, in majority of cases the alert arrives with a month to spare. Subsequent to this, the insured is required to update all relevant information with the health insurance company by filling up and mailing a document known as the renewal form. After this, as per the legal contract that was signed with the original policy document, the company can either approve the renewal or reject it. In rare occasions there are chances of the renewal request being rejected. The cause can be anything from changes in the insured’s lifestyle or the status of his or her health.
Renewing a student medical insurance online can have other advantages, apart from just the elimination of paperwork and reducing the time period involved. When a student renews his or her student medical insurance online there are possibilities of some discounts such as loyalty reductions or renewal discounts.
While renewing student medical insurance online insurance companies require a certain period of time between the date of renewal and the date of expiry. According to the requirements of many websites, the expiry date of the health insurance policy should be at least 15 days away.
Therefore, the student needs to keep a track of when his or her student medical insurance policy is about to expire.
At the time of fresh purchase, many prospective clients are also given the option of having their health insurance policy being renewed automatically without requiring information update or formal assent.
Herein, the insurance policy gets renewed automatically as soon as the first premium of the new term is submitted. Needless to say, this is the ideal way for a policy to be renewed. Although this option makes the whole process very convenient, it is practical to add that the prospective consumer must be very sure with respect to the health insurance company and the coverage that his or her policy provides.