Annual Health Insurance Renewal: English Vocabulary, Phrases and Dialogue

Key words and phrases

renewal datethe date by which an insurance policy must be renewed to stay activeHis renewal date was only a week away.

premiumthe amount paid, usually yearly, to keep an insurance policy activeThe premium increased slightly this year.

coverage amountthe maximum amount an insurance policy will pay for a claimHe wanted to check if his coverage amount was still enough.

policy lapsewhen a policy stops being active because it wasn't renewed in timeA policy lapse means you'd have to reapply from scratch.

grace periodextra time given after the due date to renew without losing benefitsThe company offers a 15-day grace period after the renewal date.

add-on coveran optional extra benefit added to a base insurance policyHe considered an add-on cover for dental treatment.

pre-existing conditiona health condition a person had before buying the insurance policyHis pre-existing condition was already covered after the waiting period.

waiting periodthe time before certain benefits of a policy become activeNew add-ons usually come with their own waiting period.

network hospitala hospital that has a direct tie-up with the insurance company for cashless treatmentHe checked if his preferred hospital was still a network hospital.

cashless treatmentmedical treatment where the insurer pays the hospital directlyCashless treatment saves you from paying large bills upfront.

no-claim bonusa discount or benefit earned for not filing any claims during the policy yearHe earned a no-claim bonus for staying healthy last year.

family floater plana single policy that covers an entire family under one combined amountThey switched to a family floater plan to cover both of them together.

sum insuredthe total amount the insurance company agrees to pay in a policy yearHe decided to raise his sum insured given rising medical costs.

port the policyto switch from one insurance company to another while keeping earned benefitsHe asked whether he could port the policy without losing his no-claim bonus.

co-paymentthe portion of a medical bill the policyholder must pay themselvesThe policy included a 10% co-payment on hospital bills.

review the policyto go through the terms and coverage of an insurance plan carefullyHe reviewed the policy every year before renewing.

compare plansto check the differences between multiple insurance options before choosingIt's worth taking time to compare plans before renewing.

upgrade the coverageto increase the benefits or sum insured of an existing policyHe upgraded the coverage after his last hospital stay was expensive.

Useful sentences

Ask When exactly is my policy's renewal date?
Answer It's next Friday, so we should finish this before then.
Ask Has my premium gone up this year?
Answer Slightly, but your coverage amount also increased.
Ask What happens if I miss the renewal date?
Answer You'll have a short grace period, but after that the policy could lapse.
Ask Should I add any extra cover this year?
Answer An add-on cover for dental care might be worth considering.
Ask Is my regular hospital still part of the network?
Answer Yes, it's still a network hospital, so cashless treatment will work there.
Ask Do I still get a no-claim bonus this year?
Answer Yes, since you didn't file any claims last year.
Ask Should Priya and I switch to a family floater plan?
Answer It could be cheaper than two separate policies — let's compare plans.
Ask Can I switch companies without losing my benefits?
Answer Yes, you can port the policy and keep your no-claim bonus.

Dialogue

RahulMy renewal date is coming up. Can we go over the policy together?

Insurance agentSure. Your premium has gone up a little, but so has your coverage amount.

RahulIs the sum insured still enough for a major hospitalization?

Insurance agentIt's on the lower side now. I'd suggest we upgrade the coverage this year.

RahulWhat if I miss the renewal date by a few days?

Insurance agentThere's a grace period, but I'd rather not risk a policy lapse.

RahulPriya and I have separate policies right now. Should we combine them?

Insurance agentA family floater plan could save you money — let's compare plans quickly.

RahulWill I keep my no-claim bonus if I switch companies later?

Insurance agentYes, you can port the policy and carry the bonus forward.

Common mistakes

Saying "renew my insurance date" instead of "my renewal date."
Saying "pay premium" instead of "pay the premium."
Saying "policy is expire" instead of "the policy is expiring" or "has expired."
Saying "hospital is cashless" instead of "the hospital offers cashless treatment."
Saying "I have no claim last year" instead of "I didn't file any claims last year."
Saying "port my company" instead of "port my policy" to another company.

Quick quiz

1. What is a "grace period"?

2. What is a "no-claim bonus"?

3. What does "cashless treatment" mean?

4. What is a "family floater plan"?

5. What does "port the policy" mean?

6. What is "co-payment"?

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