Everything that You Must Know About the Grace Period in Health Insurance Plan
Nobody wants to get sick, but it is not in their hands. Every person in the country requires medical treatment at some point in their life. Nobody in the world is perfectly fit for their health. So, it is required to invest in various kinds of insurance, such as health insurance and accident insurance policies, and then renew the policy on or before the due date.
The grace period of the health insurance renewal usually ranges from a week to 30 days. The grace period is just like a lifeline. If you fail to pay the policy premium within the grace period, then the policy will expire, and the policyholder will lose all the benefits and allowances associated with it.
Benefits and Allowance you could Lose
It is a major drawback to not renewing the health policy during the grace period of the health insurance policy. It means you are without cover. We provide the costs of medical treatment or hospitalization, and it is not good to remain without the health policy, even for one day.
No Claim Bonus:
It is the most attractive feature of the health policy. It provides either a cumulative bonus or a discount on premiums. A cumulative bonus indicates the coverage amount for the next year will raise, based on the bonus, while the premium cost remains the same.
Probability of Policy:
If you permit your policy to lapse, you lose the sporting facilities to the new insurance provider. You have to request the porting plan for a minimum of 45- 60 days.
A new costly policy charges you more because of the rising cost of health insurance. Additionally, the more you will be a year older, the more the cost of the premium raise.
Long Waiting Period:
Most health policies have a waiting period for the 24-48 hours associated with pre-existing conditions and maternity benefits. Under the new plan, you will have to wait for a long time to start with the policy facilities.
Again, Health Check-Up:
You should go for a health check-up to receive the new information, but there the no specific requirements to go for the medical tests to renew the health policy. Some of the health policies offer you provisions for the long-time renewability, and if you permit your plan to lapse or to lose this privilege.
Remaining without a health insurance plan is not good. It has become more difficult to remain without a health insurance plan, even for one day. There are no drawbacks to buying a health insurance policy. If you are not satisfied with the policy services after buying it, you can easily switch off the plan without losing the benefits and any bonus points.
In simple words, you will be easily able to renew the policy without compromising the benefits, as the grace period in this policy for 30 days.