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Grace Period in Health Insurance

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In recent years, there has been a significant increase in the number of health ailments such as cancer and cardiovascular conditions and their cost of treatment. According to the Indian Council of Medical Research (ICMR), it is estimated that by 2020, the number of new cancer cases in the country will rise to 17 lakhs, while the number of cancer-related deaths will increase up to 8 lakh. At the same time, the treatment costs of cancer are growing exponentially and can cost you up to 6.5 lakhs or more. Therefore, you need some form of financial security to help you cover the costs of treatment for life-threatening ailments, over and above your savings. It is advisable to buy health insurance, which will secure you financially in the time of need.

When it comes to health insurance, you receive a large sum of money from taking care of medical expenses in exchange for regular premium payments. However, in case you miss out on the premium payment deadlines, you may risk losing the health coverage. Reputable insurers help you stay on top of your premium payments by offering a grace period under their health insurance plans. 

What Is Grace Period in Health Insurance?

The grace period in health insurance is defined as the additional time given to the policyholder to pay the premium after the due date. This spare time will allow the policyholder to make their premium payment without risking their coverage.

Generally, the grace period in health insurance can vary and depends on the insurer and policy type. Most insurers offer a grace period of up to 30 days under their health insurance plans. The amount of time granted in a health insurance grace period is indicated in the policy contract.

Higher the grace period in health insurance plan, better are your chances of missing out on payment deadlines.   

What Happens When Your Grace Period in Health Insurance Ends?

In case you are unable to pay the premium after the expiration of the grace period, your insurance provider has the right to end your coverage. Remember that, after the completion of a grace period in health insurance, your insurance provider can also refuse to renew your health insurance policy even if you are willing to make the payment.

Subsequently, you have no option but to forfeit all previous payments and policy benefits and start afresh with a new health plan. So, it is advisable to pay the premiums on time. As you will grow older, you may find it challenging to purchase a brand-new health insurance cover that offers cost-effective rates of premium.

Overall, the grace period in health insurance is there to help you handle any medical emergencies without hurting your pocket. Take advantage of the grace period and make sure that your health plan is there to wade you clear of the turbulent waters.

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