by Guest » Fri May 18, 2012 01:41 pm
I had my health insurance under the employee group plan. It got terminated as the company cancelled the benefits. This was around 5 years back, and I got an individual policy for myself. Now, this one has lapsed for about 1 year and more. I can reinstate or get a new policy. Which will be better?
Posted: Tue Jun 05, 2012 12:26 pm Post Subject: Insurance reinstatement or new policy
What you can do is, contact your insurer right away and offer to reinstate the lapsed policy. He'll give you the rates for reinstatement. Then you can start shopping for a new policy with the intended coverage. Compare the offered rates and find out which one you can afford. After all, what's the point in having a health insurance which you cannot continue?
Posted: Tue Jun 05, 2012 11:48 pm Post Subject:
It is highly unlikely the policy will be reinstated after this length of time. Much more likely is that you'll have to buy (and qualify for) a new policy. This means new medical underwriting and current rates, if the policy is issued.
You'll essentially get nothing out of your prior coverage.
InsTeacher 8)
Posted: Wed Jun 06, 2012 11:40 am Post Subject:
If your policy has got lapsed over a period of one year, then may be some complications in reinstating the policy again. Other than that you also have a chance for the better insurance plan, just by shopping around and comparing the quotes of the insurance companies.
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