An important part of any insurance plan is the renewal process. International health insurance plans are typically annual policies that provide protection for 12 months at a time. This means that after a year of coverage, you will have the option to continue the plan for an additional year, or to seek coverage with a new insurance company. International health insurance plans are typically guaranteed renewable. With an international health insurance plan, even if you have developed a chronic condition while on the plan you are guaranteed the option to renew the plan.
International health insurance plans will always calculate premiums based on a policyholder's age and their geographical area of coverage, never on an individual's claims history, this is known as a community rating. This means that as an international health insurance policyholder you have the assurance that your claims history will never factor into the premium that you will pay when you renew your plan. No matter how much medical treatment you receive in the previous policy year you will always pay the same premium as everyone else in your age group. It is important that you identify whether your plan is community rated or individually rated prior to the initial purchase. If the plan is individually rated then your premiums are likely to increase with the amount of medical treatment that you claim.
Approximately one month before your plans renewal date, you will be sent a notification with the renewal terms. This notification will include any changes in your policy such as coverage levels and premiums. The exact terms and conditions for the plan will be outlined in this notification and will give you time to decide if you would like to renew the plan that you are on. If you decide to renew the policy then it is a simple question of signing and dating the renewal notice and sending it back to the insurer. In many cases an international health insurance plan will offer you an "auto renewal" option, which automatically renews your coverage for the next policy year. In the event that you have chosen to "auto renew" your plan you will be sent a notice confirming that the coverage has been renewed.
For many people renewing a plan can be confusing, we can help by keeping track of your policy administration and liaising with both you and the insurance company to ensure that everything is handled in a prompt and efficient manner. Our years of experience throughout the Greater China region mean that we are in a unique position to offer you the dedicated help and service that you deserve.
For more information about renewing your international health insurance plan please contact one of our expert advisers.