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What does it mean by grace period regarding health insurance? It is nothing but the extra time that you are provided with in case you miss your due date for premium renewal. Failing to clear the payment even after your grace period gets over might result in cancellation of your medical insurance. In addition to it, they may also add some penalties. Therefore, when one is opting to compare health insurance plans, they should check the insurance providers as well as the policy documents regarding the concerned plans whether they provide the benefits of grace period or not. Also, there is a successive difference between the grace period and waiting period of the insurance.

During the waiting period, there is a certain time period that one has to wait for before filing an insurance claim whereas grace period refers to the duration that gets offered when the passing of one’s due date for premium payment is over. Thus, to enjoy the benefits of your health plan, be sure that you do your policy renewal and premium payments in time.

Payment procedures during Grace period

If one’s due date for premium payment gets expired, certain health insurance providers opt for a procedure called late payment charge. In such situations, where the policyholder keeps missing on the renewal dates, the insurance providers might opt for a large sum of money at the time of renewal.

What happens if you fail to make premium payment during the Grace period?

On the contrary, if someone fails to make premium payments within the grace period, the medical insurance might result in cancellation. The reason will be due to non-payment. This might also result in deprivation of coverage benefits during hospitalization or health emergencies. However, you can opt to buy a plan from other insurance providers.  In the worst case scenario, one might get refused by other insurance providers due to previous records.

Also, if your plan lapses, certain health insurance companies prefer to ask you if you would like to for a pre-medical test before the issue of medical insurance plan. This might result in putting you at a higher risk regarding your coverage value getting rejected or having to pay higher premium value for a new plan.

Grace Period Impacts Over Health insurance Plan

Health Insurance provides an extension of time with the help of grace period. The aim is that your health cover remains unharmed even at the time of late payments so that you can still file for an insurance claim at times of emergency. In case one misses the initial renewal date or the grace time period, the insurance provider might opt to reject the coverage due to late payments and therefore resulting in unable to file a claim even if the date of premium payment gets over.

Not only this but also if the insurance provider rejects the coverage until the treatment gets over, the only option that one has is the purchasing of a health insurance plan at a higher premium price and starting up of other terms and conditions that are applicable once again. Hence, it is indeed needed to ensure that you make the renewal of your medical insurance plan on time if you do not wish to take risks on your coverage. Therefore, even with the grace period option, delaying payment till the time there is an emergency is not advisable.

What are the benefits of health insurance policies from Policy House?

Policy House is a health insurance service provider with 35+ insurance partners. Our primary objective is to provide the best possible health insurance policies to families. This guarantees for – i) worriless treatment and expenses at the hospital, ii) our policies help for s speedy recovery, iii) all you need is to look for the hospital that has a tie-up with us regarding insurance.

The benefits of using our health insurance in UAE lies in free medical treatment. Other than that we also provide cashless treatment that helps to liberate you from daily hospital bills, no claim bonus which is provided to the policyholder in case they do not claim for any treatment in their previous insurance years. Our insurance service also provides ambulance services if the insured needs to get transported to the hospital, regular medical checkup which are unique and suitable according to your plan, room rents, third party administrators that helps to avail wide range of services like enrolment, claim settlement, premium collection and related services.

Conclusion

With regards to everything that’s been mentioned above, make sure that when you opt to make payment for your policy premium, you do it in time. Thus this will help you to get benefits of continuous coverage benefits without any interruptions. With increasing age, the health issues get piled up, and if one suffers from pre-existing illness, purchasing a new health insurance plan will never be simpler. This will result in comparing health insurance plans ultimately resulting in higher premium value.