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What do you need to consider before renewing your health insurance?

Most health insurance policies are renewed on an annual basis, but do you take the chance every year to evaluate whether the plan truly fits your needs and budget, or do you just blindly sign away another year’s worth? In this Pacific Prime Latin America article, our in-house specialists will share some insider tips when your next renewal time is just around the corner.

Individual health insurance blog

Health insurance renewal: What you need to know

It is important that you know you have the legal right to change your policy when your coverage expires. Here are a few things you should consider before renewing your medical insurance plan.

  1. Renewal date is different from renewability

Renewability means how many times you can renew your plan whereas the renewal date is yearly. Renewability is crucial in selecting the right medical plan because it determines whether you can renew your health policy for as long as you want. There are two types of renewability, namely age limit or life.

Age limit:

It means that you will be covered until you reach a certain age limit, say 60 or 70. 


It means that you will stay under the same policy for your whole life regardless of your health status. Every health condition you have declared before you join the plan will be covered until you decide to terminate the contract.

2. Beware of policy changes

When your broker contacts you before the renewal date, you can choose to continue with the policy or not. Remember to look out for the following changes in your new policy.


Premiums usually increase every year due to factors such as medical inflation, product inflation, and age. However, you should still check whether the premium increment is in line with market expectations.

Change in benefits:

Although changes in benefits are uncommon, it is best that you double-check for any potential changes in your policy. Some insurers may even add new benefits to your plan to make it more competitive in the market.

Change in limits:

A change in limits will affect the maximum amount the policyholder can claim from the insurer. 


Deductibles, aka excesses, are the amount you will need to pay out of pocket before the insurer pays the rest of your claim. While having a co-pay means you can pay fewer premiums, it also means you’ll have to pay a lot more for coverage.


Every health insurance plan comes with a list of medical service providers, such as doctors, clinics, pharmacies, and hospitals. Obtaining medical care within the network tends to be cheaper than seeking out-of-network healthcare. 

Product shelved:

Some insurers may stop selling an insurance product due to profitability or other reasons. The clients under these policies can stay under the same plan or migrate to another plan without underwriting.

3. Switch to another insurer if necessary

If you are unsatisfied with your current plan due to lower benefits or too many exclusions, you can engage the service of an insurance broker to help you find a new plan that better suits your budget and requirements. While a broker maintains close work relationships with multiple insurance providers, it works independently and can offer your impartial and professional insurance advice so that you can make an informed decision.

How to renew your health insurance policy

Your insurance advisor will reach out to you four to six weeks prior to the renewal date and inform you of any changes in premiums and benefits. Then, you are obliged to update the insurer with any changes in your situation, especially in regards to your employment or address. 

Your insurer will provide you with suitable plan options based on your feedback. Bear in mind that switching to a new plan or insurer may result in new underwriting, and any conditions you have declared under your old plan will be deemed as pre-existing conditions under the new policy, which will lead to a higher premium or exclusion.

Another key point to note is that, if you forget to renew your policy on time, most insurers will usually offer a grace period, which can range from 24 hours to 30 days, depending on the policy. If you fail to pay the premium within that period, your policy will expire.

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Get support from insurance experts

Here at Pacific Prime Latin America, we understand how cumbersome it is to review and renew a policy every year by yourself. So why not leave the hard work to specialists?

Our dedicated renewals team at Pacific Prime Latin America can compare different plans for you and turn your renewal into a fuss-free process. They will contact you in advance to let you know your renewal date, discuss any issues or changes you might need, and assist you throughout the process of renewing your existing plan or negotiating a new one.

Contact us today for impartial insurance advice, free quotes, and a plan comparison!

Senior Content Creator at Pacific Prime Latin America
With over 13 years of experience in bilingual content creation and digital marketing, Anthony Chan is a seasoned writer and editor for Pacific Prime and its subsidiary, Kwiksure. Leveraging his deep understanding of local and international insurance landscapes, he crafts a diverse range of online and offline articles, reports, e-newsletters, videos, and more.

His expertise encompasses a broad range of areas including international health insurance, employee benefits solutions, motor insurance, life insurance, and various other forms of general insurance. This breadth of knowledge enables him to distill an array of complex insurance concepts into a series of progressive, easily understandable articles.

Anthony earned his Bachelor of Arts degree from Lingnan University, majoring in Translation and minoring in English. He also studied at West Virginia University in the United States as an exchange student.

When he’s not working, Anthony can typically be found on the badminton court, in the gym, or at the theatre.
Anthony Chan