If I am unable to pay my premium on time, how can I renew my health insurance policy?

If the insured does not pay the health insurance premium within the grace period, the insurance company has the authority to deny the health insurance renewal application, even if the client plans to pay at that time. It is also important to note that the insured cannot get coverage benefits during the grace period. A grace period in health insurance is the amount of time or number of days that an insured gets beyond the deadline to pay the premium for the health insurance policy that covers him or her. Insurance companies often provide the policyholder a 15-day grace period after the renewal payment is due. However, some insurance providers include a 30-day grace period for this. In addition, the grace period for certain specific instances, as mentioned in the policy agreement, will be reset, requiring quick payment of the health insurance premium. Continue reading to learn more about the renewal period of a health insurance policy.

What Is A Grace Period in Health Insurance?

You must make all past-due health insurance payments within the grace period in order to continue getting benefits under your health insurance policy. Insurance firms provide a grace period to guarantee that the insured does not fail to pay the premium even if the due date is missed. Assume your health insurance coverage terminated on August 10, 2020, and you did not make the necessary payment on time. After then, the insurance provider will give you a 15-day grace period to pay your amount. As a result, the new due date will be August 25, 2020, which will be the final day to pay the premium while still getting coverage benefits.
If you do not pay your health insurance premiums within the time limit, your coverage will lapse, and you will forfeit any collected advantages, such as the No Claim Bonus and waiting period perks. They will be rendered ineffective if you obtain a new health insurance coverage, and you will have to earn them all over again.

How Does One Resurrect Or Renew An Expired Health Insurance Policy?

There are two options. The first occurs if you fail to pay your premium before the due date, and the second occurs if you fail to pay your premium during the grace period. To resuscitate the insurance for the first time, you must pay the appropriate premium, as well as some interest and penalties, within the time frame specified. You have two alternatives for renewing an expired health insurance coverage with a time limit: online or offline. You must contact your insurance provider to complete the offline process.

What Happens If a Person Misses Their Health Insurance During the Grace Period?

Health insurance providers ensure that you have enough time to pay your renewal premium. They achieve this by allowing a grace period from the due date. Even if you pay late, you will still receive the benefits of the insurance, such as the waiting period, medical check-ups, inclusion of pre-existing diseases, NCB, and so on.

However, if the insurance provider does not provide a grace period in the policy, your health insurance coverage will expire since you missed the deadline or due date. In such a case, you will be unable to file a medi claim and get hospitalization under the policy. This is especially vital if you are unexpectedly hospitalized due to an accident.

Endnotes

Health insurance firms provide premium payment extensions to customers in order to ensure that coverage is maintained even if the premium is not paid on time. Policyholders can still make a claim if a medical emergency occurs during this time period. However, if you fail to renew on time, the insurance provider may refuse to renew your coverage owing to missed payments. Even if you pay the bill the following day, they will not be eligible for insurance benefits.

Also read - What Can I Do To Defend Myself Against COVID-19 Variants?

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.