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

The amount of time or number of days that an insured has to pay the premium for the health insurance policy that covers him or her is referred to as a grace period in health insurance. Even after the deadline has passed. After the renewal payment is due, most insurance companies provide the policyholder a 15-day grace period. Some insurance providers, on the other hand, offer a 30-day grace period. Even if the insured expects to pay the health insurance payment within the grace period, the insurance company has the right to deny the health insurance renewal application. It's also worth noting that during the grace period, the insured is not eligible for coverage benefits. Furthermore, the grace period for specific defined instances will be reset, requiring quick payment of the health insurance premium, as indicated in the policy agreement. Continue reading to learn more about the health insurance policy renewal time.

What Exactly Is A Health Insurance Grace Period?

You must make all past-due health insurance payments during the grace period to continue getting coverage benefits under your health insurance policy. Insurance firms provide a grace period to guarantee that the insured does not default on their premium payment even if they forget the due date. Assume your health insurance coverage ran out on August 10, 2020, and you didn't pay your premium on time. After then, the insurance provider will give you a 15-day grace period to pay your amount. As a result, the premium payment deadline has been extended to August 25, 2020, which will be the last day to pay the premium while still getting coverage benefits. You will forfeit any collected advantages, such as the No Claim Bonus and waiting period perks if you do not pay your health insurance payment within the time restriction and your coverage lapses. They'll be meaningless if you acquire a new health insurance coverage, and you'll have to earn them all over again.

How Can An Expired Health Insurance Policy Be Revived Or Renewed?

There are two options available. The first is if you do not pay your premium by the due date, and the second is if you do not pay by the grace period. To resuscitate the policy in the first place, you must pay the needed premium, as well as some interest and penalties, within the specified time frame. 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 You Don't Pay Your Health Insurance Premiums During the Grace Period?

Companies that provide health insurance make ensuring that you have enough time to pay your renewal premium. They do so by allowing a grace period after the due date. Even if you pay late, you will still obtain the benefits of the policy, such as the waiting period, medical check-ups, pre-existing condition coverage, NCB, and so on, if you pay during the grace period. If the insurance company does not offer a grace period, your health insurance coverage will cease since you missed the deadline or due date. You will be unable to file a medical and receive hospitalization under the coverage in this situation. This is especially critical if you are admitted to the hospital unexpectedly, such as after an accident.

Take Away

Consumers can get premium payment extensions from health insurance providers to guarantee that they keep their coverage even if they pay late. Policyholders can still claim if a medical emergency occurs during this time. However, if you fail to renew your policy, the insurance provider may refuse to cover you because of unpaid premiums.

Do read - Understanding The Star Health And Allied Insurance Claim Process