How Can I Renew My Health Insurance Policy If I Was Not Able To Pay Premium On The Due Date?
Updated On Feb 01, 2022
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A grace period in health insurance is the length of time or number of days that an insured has to pay the premium for the health insurance policy that covers him or her. Even after the deadline. Typically, insurance companies provide the insured a 15-day grace period after the renewal payment is due. Some insurance companies, however, give a 30-day grace period for this.
If the insured fails to pay the health insurance premium during the grace period, the insurance company has the power to decline the health insurance renewal application, even if the customer intends to pay at that time. It's also worth mentioning that the insured cannot get coverage benefits during the grace period. Furthermore, the grace period for certain defined situations, as stated in the policy agreement, will be reset, demanding prompt payment of the health insurance premium. To know more about the renewal period of health insurance policy, read on.
What Is Exactly Grace Period In Health Insurance?
To keep receiving coverage benefits underneath your health insurance policy, you must make all past-due health insurance payments during the grace period. Insurance companies offer a grace period to ensure that perhaps the insured does not fail to pay the premium even if they forget the due date. Assume your health insurance coverage expired on August 10, 2020, and you failed to make the required payment on time. The insurance company will then grant you a 15-day grace period to settle your bill. As a result, the extended due date will be August 25, 2020, which will become the last day to pay the premium while still receiving coverage benefits.
If you do not pick up the tab on your health insurance premium during the time limit and your policy lapses, you will lose any accumulated benefits, like the No Claim Bonus and waiting period perks. If you get a new health insurance policy, they will be useless and you'll have to earn them all over again.
How Can A Person Revive Or Renew Expired Health Insurance Policy?
There are two alternatives. The first is if you do not pay your premium before the due date, and the second is if you do not pay your premium during the grace period. To resurrect the policy in the first instance, you must pay the required premium, as well as some interest and penalties, within the time range indicated. If you want to renew an expired health insurance policy with a time limit, you have two options: online or offline. To finish the offline process, you must contact your insurance provider.
What Happens If A Person Misses the Health Insurance Grace Period?
Health insurance companies make certain that you have adequate time to pay your renewal payment. They accomplish this by providing a grace period from the due date. Even if you pay late, within the grace period, you will continue to get the advantages of the policy, such as the waiting period, medical check-ups, inclusion of pre-existing conditions, NCB, and so on.
However, if the insurance provider does not provide a grace period on the policy, the health insurance coverage would lapse since you missed the deadline or due date. In such a circumstance, you will be unable to file a mediclaim and get hospitalisation under the coverage. This is especially important in the event of an unexpected hospitalisation, such as an accident.
Health insurance companies provide premium payment extensions to consumers to ensure that coverage is retained even if the price is paid late. If a medical emergency arises within this period, policyholders can still file a claim. However, if you skip the renewal date, the insurance company may stop covering you due to unpaid payments. Even if you pay the bill the next day, they will not be entitled for any insurance benefits.
Also read - Benefits Of Women Health Insurance Policy
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.