Renewal Your Health Insurance Policy? Things To Keep In Mind Even if you do manage to secure coverage, it will likely come with extra restrictions and terms, and the premiums may be very exorbitant. Additionally, you would forfeit all the perks and bonuses you had accrued under your prior policy. Additionally, you would lose your waiting periods and be subject to extra waiting periods under your new coverage for pre-existing conditions or other medical issues. Consequently, set reminders, make advance plans, and renew your health insurance coverage on time.