Health Insurance are annual contracts which means you can terminate or renew your Health Insurance plan.
In Cambodia, SAFETYNET noted that many -Individual plans- in 2021 were not being renewed with naive arguments such as “I did not use my Health Insurance so I realized I do not need one, I am sorry I will not renew it”…
The confusion lies in the fact that Insurance is not a product we should get financial return at all costs, it is a product that protects oneself when we need it the most.
A wiser choice is to renew because protecting yourself and loved ones from medical expenses is worth all the time.
Moreover, you will face some negative impacts if you wish to subscribe again in the future:
- Obviously, you will not be covered during the gap period if you get an Accident or any unexpected events…
- You will lose some benefits such “Waiting period” that you will need to start over to be protected for some medical conditions
- In some cases, such as due to Ageing, you will not be able to join a new Insurance plan in the future or at a very high cost
- You can lose discounts thanks to some plans with a loyalty “mechanism”
Secure yourself financially by subscribing yearly to a Health Insurance plan.