Coverfox.com
  • Insurance
    • Car
      • Car Insurance
      • Companies
      • Third party car insurance
      • Comprehensive car insurance
      • Car insurance calculator
      • New car insurance
      • Zero Dep Car Insurance
      • Buy Car Insurance
      • Compare Car Insurance
      • Car Insurance Articles
      • Cashless Garages
    • Bike
      • Two Wheeler Insurance
      • Two Wheeler Insurance Companies
      • Two Wheeler Insurance Claim
      • Two Wheeler premium Calculator
      • Third party Bike insurance
      • Multiyear Bike Insurance
      • Bike Insurance Articles
    • Health
      • Health Insurance
      • Companies
      • Mediclaim Policy
      • Individual Health Insurance plans
      • Critical illness insurance
      • Senior citizen health insurance
      • Arogya sanjeevani policy
      • Coronavirus Health insurance
      • Health Insurance Articles
      • Network Hospitals
    • Term
      • Term Insurance
      • Companies
      • Life insurance
      • Life Insurance calculator
      • Term Insurance calculator
      • Life Insurance Plans
      • 1 crore term insurance
      • Compare Term Insurance
      • Buy Term Insurance
      • Term Insurance Renewals
      • Term Insurance Articles
      • Life Insurance Articles
    • Investment
      • Investment Plans
      • Companies
      • Buy Investment Plans
      • Child Plans
      • Pension Plans
      • ULIP
      • Endowment Policy
      • Tax saving investment
      • Buy ULIP
      • Best ULIP
  • About Coverfox
    • About us
    • Insurance Blog
  • Claims
  • Contact us
  • Login
Get Lowest Rates for Health Insurance

Mediclaim Plans starting @ Rs 250* / month

+91
Please enter a valid 10 digit mobile number
Thank you for scheduling a call with us! One of our Health Insurance experts will call you shortly.
I hereby authorize Coverfox to communicate with me on the given number for my Insurance needs. I am aware that this authorization will override my registry under NDNC.
50+ Lakhs Happy Customers
50+ Lakhs
Happy
Customers
Save Upto ₹75k Under 80D
Save Upto ₹75k
Under
80D*
4.4/5 stars Customer Rating
4.4/5⭐
Customer
Rating
icon Health Insurance icon Grace Period
  • Top Health Plans
  • What is Grace Period
  • Grace Period Work
  • How to Renew Expired Policy
  • Grace Period & Waiting Periods
  • Disadvantages
  • List of Companies
  • Premium Price
  • Plan As Per Need

Grace Period in Health Insurance

When you sign up for health insurance, you may be given a grace period. This is a set period of time (usually between 3 and 6 months) during which you can still receive coverage even if you miss a payment.

Top Health Insurance Plans

Tab 1
Tab 2
Carousel plan image
tag
Reliance General Insurer
Amount Covered: ₹ 1 Lakh
Deal Price: ₹ 2,094 / Year
Waiting period: 4 yrs

What is the Grace Period in Health Insurance?

If you're shopping for a medical insurance policy, you may come across the term "grace period." But what is a grace period in health insurance?

A grace period is a set amount of time (usually 30 days) after your health insurance policy's deadline so that you can still make a payment and have your coverage remain active. Grace periods exist to help people who may have missed a payment deadline for reasons beyond their control, like an unexpected medical bill or a change in income.

How Does Grace Period in Health Insurance Work?

In most cases, the grace period lasts for 30 days. If you miss the deadline to enroll in coverage during the initial enrollment period, you may still be able to do so during the grace period.

However, there are some important things to keep in mind about grace periods. First, not all health insurance plans offer them. Second, if your plan does offer a grace period, it may come with conditions such as having to pay a late enrollment penalty.

So, if you're considering enrolling in a health insurance plan with a grace period, be sure to read the fine print carefully to understand all the details and conditions of the offer.

How to Renew Expired Health Insurance Policy?

Assuming you have a plan through the marketplace, you can renew your health insurance policy up to 60 days after it expires. If your coverage has lapsed for more than 60 days, you will have to apply for a new plan.

To renew your health insurance policy, log in to your Marketplace account and select the option to renew your current plan or enroll in a new one. You will be asked to update your information and confirm your eligibility for subsidies. Once you have submitted your application, you will be able to review and compare plans before selecting one.

If you do not have a Marketplace plan, contact your insurer directly to inquire about renewal options.

Is Grace Periods and Waiting Periods the Same in Health Insurance?

When you first enroll in a health insurance plan, there is usually a waiting period before your coverage begins. During this time, you may still have to pay for some of your medical expenses out of pocket. However, most plans also have a grace period, which is a set amount of time after your coverage starts during which you will not be required to pay your deductible or copayments. After the grace period ends, you will be responsible for paying these costs again.

It's important to note that the grace period and the waiting period are not the same things. The waiting period is the time between when you first enroll in a plan and when your coverage actually begins. The grace period is a specific type of temporary reprieve from having to make certain payments under your plan.

Disadvantages of not Renewing Health Insurance Policy on Time

Here are some of the disadvantages

1) No coverage Benefits
First, you will likely still be responsible for any medical bills that you incur during the grace period. Secondly, your coverage may be limited during the grace period; for example, you may only be able to see in-network providers or have access to basic services. Finally, if you do not pay your premiums after the grace period ends, you may be subject to a lapse in coverage or an increase in premiums when you do decide to restart your policy.
2) Loss of critical illness coverage
If you're like most people, you probably have health insurance through your employer. But what happens if you lose your job? If you have a pre-existing condition, it may be difficult to find affordable coverage.
3) Pre-existing coverage
If you have pre-existing health coverage, you may be able to enrol in a new plan during the grace period. The grace period is the time between when your old plan ends and your new plan begins. During this time, you may be able to keep your old plan or enroll in a new one.
4) Loss of NCB
There are a few things to keep in mind with regard to grace periods, though. First, not all health insurance policies have them. Second, even if your policy does have a grace period, it may not be for the full 30 days. And finally, if you do have a lapse in coverage due to non-payment, you may lose your accumulated National Claim Based (NCB) discount.
5) Lapse in medical check-ups
If you're like most people, you probably don't have a crystal ball that tells you when you'll need medical care. Life happens and sometimes people find themselves without health insurance for a brief period of time.
6) High premium amount
A grace period is a set amount of time that your health insurance company gives you to make a premium payment before cancelling your policy. Most grace periods are between 10 and 30 days. If you miss a payment during the grace period, your coverage will be suspended until you make the payment.
7) Loss of portability
Losing health insurance coverage can be a major setback, especially if you have a pre-existing condition. Losing your job or getting divorced are both common reasons why people lose their health insurance. If you're lucky, you may be able to remain on your spouse's health insurance plan for a period of time. However, this is not always an option, and it can be expensive.

List of Health Insurance Companies

HDFC ERGO
HDFC ERGO Health Insurance
Reliance
Reliance Health Insurance
Oriental
Oriental Health Insurance
Royal Sundaram
Royal Sundaram Health Insurance
National
National Health Insurance
SBI
SBI Health Insurance
Liberty General
Liberty Health Insurance
Universal Sompo
Universal Health Insurance
ICICI Lombard
ICICI Lombard Health Insurance
United India
United India Health Insurance
Bajaj Allianz
Bajaj Allianz Health Insurance
IFFCO TOKIO
IFFCO TOKIO Health Insurance
LIC
LIC Health Insurance
Care
Care Health Insurance
Raheja
Raheja QBE Health Insurance
Niva Bupa
Niva Bupa Health Insurance
New India Insurance
New India Health Insurance
TATA AIG Insurance
TATA AIG Health Insurance
Aditya Birla
Aditya Birla Health Insurance
Star
Star Health Insurance
ManipalCigna
ManipalCigna Health Insurance

Premium Price During Grace Period

A grace period is a time after you become eligible for health insurance coverage (usually when you first enroll in a plan) during which your insurer will not cancel your coverage if you miss a premium payment.

In most cases, you have a 30-day grace period to make up a missed payment before your coverage is terminated. However, some insurers may give you a longer grace period of 60 days or more.

If you do have a lapse in coverage due to missing a premium payment, any claims you try to submit during that time period will likely be denied. That’s because most health insurers won’t pay claims for services received during a coverage lapse.

Buy Health Insurance Plans as Per Your Need

5 Lakh Health Insurance Cover 10 Lakh Health Insurance Cover 20 Lakh Health Insurance Cover 1 Cr Health Insurance Cover
Close
×

Get Lowest Rates for health Insurance

With Upto 60% Discount

  • Secure
  • Licensed By
  • Payment Options
  • Car Insurance
  • Bike Insurance
  • Motor Insurance
  • Commercial Vehicle Insurance
  • Car Insurance Premium Calculator
  • Family Health Insurance
  • Senior Citizens Insurance
  • Group Insurance
  • Corona Rakshak Policy
  • Corona Kavach Policy
  • Super Topup Plan
  • Term Insurance
  • ULIP
  • e-Term Plan
  • 1 Cr Term Insurance
  • कार इन्शुरन्स
  • टू व्हीलर इंश्योरेंस
  • टर्म इंश्योरेंस
  • हेल्थ इंश्योरेंस
  • मेडिक्लेम पॉलिसी
  • Learn About Insurance
  • Network Hospitals
  • Cashless Garages
  • Get Android App
  • Get iOS App
  • Learn
  • About Us
  • Contact Us
  • Careers
  • Sitemap
  • FAQs
Connect with us
Become a Partner
Become a Coverdrive POS Agent

Coverfox Insurance Broking Pvt. Ltd. : C Wing, 6111-6118, 6th Floor, Oberoi Garden Estate, Chandivali Farm Road, Chandivali, Andheri (East), Mumbai - 400072

Licence No. 478 , IRDA Direct Broker Code: IRDA/ DB 556/ 13 , Valid till: 26/12/2022, CIN: U66000MH2013PTC243810

  • Shipping & Delivery Policy
  • Privacy Policy
  • Cancellation & Refund
  • Terms & Conditions
Copyright © 2023 Coverfox.com. All Rights Reserved