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Renewal Date

The renewal date is the day on which an insurance policy is scheduled to be reviewed and extended for another term. It marks the end of the current coverage period and the start of a new one, during which updated premiums, benefits, or policy terms may take effect. Renewal dates ensure that insurance coverage continues seamlessly as long as the policyholder meets all conditions, such as paying premiums and maintaining eligibility.

In individual insurance, policies typically renew automatically each year unless the policyholder cancels or the insurer discontinues the plan. In group insurance, the renewal date applies to the entire plan, and the employer or plan sponsor reviews the policy with the insurer to adjust rates or benefits based on claims experience and plan usage. Renewal provides an opportunity to confirm that the plan remains aligned with current needs and budgets.

Example:

If your individual health insurance policy began on September 1, 2024, and renews annually, the renewal date is September 1, 2025. Your coverage continues automatically, and any premium or benefit changes outlined by the insurer take effect on that date.

What to Watch For:

Check your renewal notice for changes to premiums, benefits, or plan terms. Some plans require you to confirm renewal or update information before coverage continues. For group benefits, your employer will usually communicate any updates to your plan following the renewal. If you plan to make changes, such as upgrading coverage or switching insurers, do so before the renewal date to avoid a lapse in protection.

Related Terms

Reasonable & Customary

Reasonable and customary refers to the typical fee charged for a particular service in your geographic area. Insurers use this standard to determine how much they will reimburse for eligible expenses. If a provider charges more than the reasonable and customary rate, you must pay the difference.

Recall Interval (Dental)

A recall interval specifies how often you can claim preventive dental services such as cleanings and exams. Common intervals are every six or nine months. Insurers use recall intervals to encourage regular maintenance while controlling unnecessary repeat treatments.

Reimbursement / Coinsurance

Reimbursement is the amount an insurance company pays back to the insured person or directly to a healthcare provider for eligible expenses covered under a policy. Coinsurance is the portion of the cost that the insurer agrees to pay, expressed as a percentage, with the remaining balance paid by the insured. Together, these terms describe how healthcare costs are shared between you and your insurer once a claim is approved.

Reinstating a Policy

Reinstating a policy refers to the process of restoring insurance coverage after it has lapsed due to non-payment of premiums or other policy violations. When a policy is reinstated, it becomes active again with the same or similar terms as before the lapse, subject to approval by the insurer. Most insurers allow reinstatement within a specific timeframe, typically up to one year after the lapse date, although the exact period depends on the policy type and the insurer’s rules.

Restorative (Minor/Major)

Restorative dental care repairs and replaces damaged or missing teeth. It is divided into two categories: minor restorative, which includes fillings and simple repairs, and major restorative, which covers crowns, bridges, dentures, and complex work.

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