Understanding the Grace Period in Health Insurance
19 April, 2023
1 Shares
3071 Reads
Share
Have you ever been in a case where you failed to make a payment for your health insurance? It's easy for life to get in the way of our everyday tasks, and we occasionally forget to do crucial things like pay our bills. So, what happens if you fail to pay your healthcare premiums on time? Is your insurance instantly cancelled?
This article will go through the ins and outs of the grace period in health insurance, so you have peace of mind about having a safety net in case you need it. So buckle up, and let's get started!
What is the Grace Period?
Your health insurance grace period is the additional time you are provided if you fail to pay your policy renewal payment by the due date. Failure to pay during the grace period may result in the cancellation of medical coverage or fines. You can utilise a family health insurance premium calculator to calculate your grace period.
How does Grace's Period for HealthCare Work?
The grace period for a health insurance policy is a reasonable opportunity to make premium payments if you cannot do so due to unforeseen circumstances. Most health insurance companies offer a grace period of 30 days. However, the length of the health insurance grace period for payment may vary based on the insurer and medical insurance plan you select. To understand the grace period your insurance provider grants, consult the policy terms.
How can Grace Period Impact Your Claims?
Health insurance firms provide consumers a grace period for paying their premiums to guarantee their coverage continues even if not paid on time. If a policyholder has a medical emergency within this time, they can still make a claim. If the renewal deadline is met, the insurer may only cover you if the premium is paid. Even if you pay the premium the next day, you will not be entitled to any benefits. A health insurance premium calculator can assist you in determining the cost of your health insurance plan based on characteristics such as age, region, and coverage requirements. To use a health insurance premium calculator, enter some basic information about yourself and your health insurance requirements, and the calculator will estimate your premium cost. Using a critical illness premium calculator can help you determine the cost of coverage for potentially life-threatening illnesses.
Drawbacks of not Making Renewing Payment on Time
Health insurance, like other insurance, has drawbacks if renewal payments are not made on time. Following are some of the pivotal disadvantages:
1. Nil Coverage Benefits
Because you have not paid the premium, the coverage will be regarded as worthless once you do, and any claims filed during that time will be considered invalid.
2. Loss of Pre-Existing Coverage
Some plans and insurers exclude pre-existing conditions. As a result, you may have to repeat the waiting time specified in the policy's terms and conditions.
3. Loss of No Claim Bonus (NCB)
All health insurance policies include a discount or bonus for not filing any claims throughout the policy period. You lose the NCB if you do not renew your coverage.
4. Lapse of Medical Check-ups
Some insurers provide medical check-ups after completing the required waiting time. You may lose the medical check-up benefit if you let your health insurance expire and do not pay the renewal premium. You may have to wait till it is offered again.
5. Loss of Portability
You can switch health insurance providers by moving your existing policy to the new carrier. Nevertheless, if your current policy expires, you can no longer migrate the policy to a better insurance carrier.
Paying health insurance premiums on time is critical for continuous coverage. Due to unanticipated situations, the grace period gives users more time to pay premiums. A family health insurance premium calculator can help you estimate the cost of coverage for your loved ones. Coverage may lapse if the insurance is not renewed during the grace period, resulting in hefty medical bills. So, use a critical illness premium calculator, select the appropriate plan and renew it on time.
If you're in the market for health insurance, consider Niva Bupa, a leading health insurance provider with various options to fit your needs and budget. Don't wait until it's too late – protect yourself and your family with the right health insurance coverage today. Visit Niva Bupa's website to learn more and get a quote.
Secure your Health with comprehensive insurance plans from Niva Bupa
You may also like
Health Insurance - Health Insurance | Medical Insurance | Best Health Insurance Plans | Health Insurance Plans | Health Insurance Policy | Best Health Insurance Plans | Best Family Health Insurance | Best Mediclaim Policy | Best Health Insurance In India | Best Medical Insurance In India | Best Health Insurance Plans In India | Best Health Insurance Policy In India | Mediclaim | Best Health Insurance For Senior Citizens In India | Best Health Insurance | Health Insurance With Opd Cover | Mediclaim Insurance | Medical Insurance Plans | Best Health Insurance Company in India | Critical Illness Insurance | Personal Accident Insurance | Mediclaim Policy | Individual Health Insurance | Pregnancy Insurance | Maternity Insurance | Best Family Health Insurance plans in India | Best Health Insurance company | Family Health Insurance | Best Health Insurance plans for Senior Citizens | Mediclaim Policy for Family
Health Insurance Schemes - Chief Ministers Comprehensive Health Insurance Scheme | Employee State Insurance Scheme | Swasthya Sathi Scheme | Pradhan Mantri Matru Vandana Yojna | Government Health Insurance Scheme | Dr. YSR Aarogyasri Scheme | Pradhan Mantri Suraksha Bima Yojna | Health Insurance Deductible | West Bengal Hcovealth Scheme | Third Party Administrator | Rashtriya Swasthya Bima Yojana | In Patient Vs Out Patient Hospitalization | Mukhyamantri Chiranjeevi Yojna | Arogya Sanjeevani Health Insurance | Copay Health Insurance | Cashless Health Insurance Scheme | Mukhyamantri Amrutum Yojna
Travel Insurance - Travel Insurance | International Travel Insurance | Student Travel Insurance | Travel Insurance USA | Travel Insurance Canada | Travel Insurance Thailand | Travel Insurance Germany | Travel Insurance Dubai | Travel Insurance Bali | Travel Insurance Australia | Travel Insurance Schengen | Travel Insurance Singapore | Travel Insurance UK | Travel Insurance Vietnam | Malaysia Tourist Places | Thailand Visa for Indians | Canada Visa for Indians | Bali Visa for Indians | ECR and Non ECR Passport | Qatar Visa Status | USA Visa | Vietnam Visa | USA H1B Work Visa
Become an agent - Insurance Agent | Insurance Advisor | Licensed Insurance Agent | Health Insurance Consultant | POSP Insurance Agent
Group Health Insurance - Startup Health Insurance | Commercial Health Insurance | Corporate insurance vs personal insurance | Group Personal Accident Insurance
Top Hospitals - Best Hospitals in Chennai | Top Hospitals in Delhi | Best Hospitals in Gurgaon | Best Hospitals in India | Top 10 Hospitals in India | Best Hospitals in Hyderabad | Best Hospitals in Kolkata | Best cancer hospitals in Bangalore | Best cancer hospitals in Hyderabad | Best cancer hospitals in Mumbai | Best cancer hospitals in India | Top 10 cancer hospitals in India | Top 10 cancer hospital in Delhi | Multi Speciality Hospitals in Mumbai | Multi Speciality Hospitals in Chennai | Multi Speciality Hospitals in Hyderabad | Super Speciality Hospitals in Delhi | Best Liver Hospitals in Delhi | Best Liver Hospitals in India | Best Kidney Hospitals in India | Best Heart hospitals in Bangalore | Best Heart hospitals in India | Best Heart hospitals in Kolkata | Best Heart hospitals in Delhi
Others - Top Up Health Insurance Policy | Corporate Health Insurance | Health Card | Section 80d of Income Tax Act | Ayushman Bharat | Health Insurance Portability | GoActive Family Floater Plan | Health Companion Family Floater Plan | Health Premia Family Floater Plan | Health Pulse Family Floater Plan | Health Recharge Family Floater Plan | Heartbeat Family Floater Plan | Money Saver Family Floater Plan | Saral Suraksha Bima Family Floater Plan | Senior Citizen Family Floater Plan | Super Saver Family Floater Plan | Corona Kavach Family Floater Plan | Hospital Cash Insurance | Cashless Health Insurance | Health Companion Price revision | Heartbeat Price revision | ReAssure Price revision
Health & Wellness - PCOD | PCOD Problems Symptoms | Stomach Infection | Stomach Infection symptoms | Home remedies for Stomach Infection | Hypertension definition | How to Control Sugar | Typhoid in Hindi | Blood sugar symptoms | Typhoid symptoms in hindi | Low sugar symptoms | ब्लड शुगर के लक्षण | pregnancy me kya kare | Open heart surgery cost | Blood infection symptoms in hindi | BP badhne ke karan | Khansi ka gharelu upay | Omicron | Coronavirus Health Insurance | Covid XE Variant | Norovirus
www.nivabupa.com
+91 11 41743397
1860-500-8888
3rd Floor, Capital Cyberscape, Sector 59, Gurgaon
- Insurance is a subject matter of solicitation. Niva Bupa Health Insurance Company Limited (formerly known as Max Bupa Health Insurance Company Limited) (IRDAI Registration Number 145, Category:Health), 'Bupa' and 'HEARTBEAT' logo are registered trademarks of their respective owners and are being used by Niva Bupa Health Insurance Company Limited (formerly known as Max Bupa Health Insurance Company Limited) under license. CIN: U66000DL2008PLC182918
- 1 Niva Bupa processes pre-authorisation requests within 30 minutes for all active policies, subject to receiving all documents and information(s) up to Niva Bupa’s satisfaction. The above commitment does not include pre-authorisation settlement at the time of discharge or system outage.
- 2 Since Inception refers to claim data from 2010 till December 2023.
- 3 ReAssure 2.0 Premium: The premium is including taxes and for Bronze Variant, for a 25-year-old individual living in Delhi.
- 4 Aspire Premium: The premium is including taxes and for Gold+ Variant, for a 25-year-old individual living in Delhi.
- 5 Senior First Premium: The premium is including taxes and for Gold Variant, for a 65-year-old individual living in Delhi.
- 6 Health Premia Premium: The premium is including taxes and for Silver Variant, for a 25-year-old individual living in Delhi.
- 7 SmartHealth + Disease Management Premium: The premium is including taxes and for Disease Management Gold Variant rider when bought with ReAssure 2.0 Bronze variant with Base Sum Insured of 5 lacs, for a 25-year-old individual living in Delhi.
- Beware of spurious / fraud phone calls! Do not share your confidential information like Debit / credit card number, Internet Banking User ID/Password, Pin, CVV, OTP, etc. with anyone. Avoid clicking on attachments / payment link received in mails / message from unknown sources. IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment or premium. Public receiving such phone calls are requested to lodge a police complaint. Do not respond to unsolicited and attractive offers received through unidentified calls, emails, SMSs, and other social media platforms. Beware of misleading telephone calls from people posing as Niva Bupa officials, agents, IRDAI Officials, Officials from ECI (Office of the Executive Council of Insurers) etc. and offering alluring benefits or sharing false information on your policy or on Niva Bupa. Niva Bupa shall not be responsible for any loss or damages whatsoever for any acts or omissions arising out of such spurious calls, and all customers are advised to contact our customer care at 1860-500-8888 and verify any representations or promises made by any such spurious callers before acting upon the same.