My health insurance is due for renewal on 1st December. It's going to cost about €1,000 to renew my plan.
Is there any downside to this: it seems that one is given 14 weeks grace to pay the renewal fee. If I decide to hold off on paying, I can go through that period and 'play it by ear'. If I need to avail of the policy, I can just pay it and it will be activated retro from 1st December 2020.
However, if I decide to wait say 8 weeks, I could terminate my policy altogether and take out a new one, active from say 1st February. That would mean that I would have had two months with the comfort of knowing I had a plan (if I needed it) without actually paying for it, and then - come February - restart the clock with a new policy, so saving two months' worth of premium.
Is there a risk/flaw to this?
Is there any downside to this: it seems that one is given 14 weeks grace to pay the renewal fee. If I decide to hold off on paying, I can go through that period and 'play it by ear'. If I need to avail of the policy, I can just pay it and it will be activated retro from 1st December 2020.
However, if I decide to wait say 8 weeks, I could terminate my policy altogether and take out a new one, active from say 1st February. That would mean that I would have had two months with the comfort of knowing I had a plan (if I needed it) without actually paying for it, and then - come February - restart the clock with a new policy, so saving two months' worth of premium.
Is there a risk/flaw to this?