It can be reassuring to choose health insurance that suits you, your lifestyle and your budget — because your health insurance will continue to be with you today, tomorrow and in the years to come. But life changes in so many ways. Make certain you keep your health insurance plan working its best for you by making changes when you need them.
Usually, any policy changes you request will come into effect on the first day of the month following the date the change is approved. Your insurer will notify you of any rate adjustments and of any additional premiums due as a result.
- Change in name – Notify your broker if there has been a change in name for any of the individuals covered under your policy, including the reason for the change and the date of the change.
- Change of address – If you change your address, it is very important that you notify your insurer or broker immediately. All communications are sent to your last address on file. If you don’t advise your broker of your change in address, they have no way of keeping you informed of important benefit or premium changes.
Plans provided by SBIS offer national protection – wherever you go in Canada, your plan goes with you.
- Change in status – It is important that you notify your insurer in writing within 30 days of a change in the status of any co-insured or dependant, including any change in your marital status that affects your coverage.
- Adding a co-insured to your plan – A co-insured or partner may be added to your coverage at any time by submitting a written application and having him or her fill out a medical questionnaire, if applicable.
- Adding a dependent to your plan – Each insurer defines dependents in your policy. You can add a qualified dependent to your coverage at any time by submitting a written application and filling out a medical questionnaire, if applicable. And if your dependent is a newborn, insurers do not require a medical questionnaire if notified in writing within 30 days of the birth (coverage will be effective the first day of the following month).
To avoid a lapse in your health insurance coverage, make sure your premium payment information is always correct! Advise your insurer by phone or fax or email a minimum of 10 business days beforehand to initiate any payment changes.
Report any change in banking information (e.g., bank branch, location or account number) if your monthly premium is automatically withdrawn from your account and enclose a new “VOID” cheque with your written notification of the change.
- Upgrade your coverage – You can usually apply at any time to upgrade your coverage by completing a written application. You may also be required to complete a medical questionnaire. Your new premiums will be based on the number of approved options you select.
- Downgrade your coverage – Typically, your plan must be in force for 12 months before you can apply to downgrade benefits by sending a signed and dated request letter to your insurer.
- Designation/change of a beneficiary – If your policy includes accidental death benefits, you should designate a beneficiary if you have not already done so. To change an existing designation, please complete a Beneficiary Designation Form and return it to your insurer.
- Cancel coverage – Remember, individual health insurance can work with group health insurance coverage to cover out-of-pocket expenses. If you cancel coverage, you will usually have to wait 36 months before you are eligible to re-apply for the same coverage (unless you have left for a group plan).
If you have any questions about changes to your health insurance plan, don’t hesitate to call us. We’ll take care of you like you’re family. After all, when you become a customer that’s how we think of you.