Know what is Health Insuance Renewal and Grace Period

Ralph Waldo Emerson once said, “The first wealth is health”. We believe, to keep this wealth secured, one must also look at Health Insurance as a Brahmastra in life.

Health insurance plays an important role in securing our life and well being. It provides financial protection in times of medical emergencies. If you are reading this, you definetly have a wealthy mindset and have a health insurance policy. But what if your health insurance policy expires? How can you renew it after it has expired? 

In this article, we will look into the important aspects of health insurance renewal and explore topics such as grace periods, penalties for late renewals and what to do if medicaid coverage has expired.

A Closer Look at Health Insurance Renewal

When your health insurance policy expires, you may wonder if you can extend or renew the insurance coverage. The good news is that in most cases, you can renew your health insurance even after it has expired. Depending on the insurance provider and the type of policy, your renewal option may vary. Hence, it is important to be aware of the renewal process and timelines to ensure that you can maintain continuous coverage of your health needs.

Grace Period for Health Insurance Renewal

Most of the health insurance policies come with a grace period that allows the policyholders to renew their coverage even after the renewal date has expired. This grace period typically ranges from 15 days to 30 days for the expired health insurance. Hence, it is important to read specific terms and conditions of your policy when applying for health insurance. The terms and conditions would determine the duration of the grace period and other requirements associated for renewal.

What to Expect as Renewal Penalties?

You ought to pay renewal penalties or disruption coverage on missing the grace period of renewing your health insurance. The penalties may vary as per the length of time since your policy has lapsed, as well as your health insurance company. These could range from paying higher premiums to waiting periods for coverage to become effective or additional requirements for reinstating your health insurance policy. Do not forget to contact your insurance provider, be it by offline or online channels, and discuss your options, if you have missed the renewal deadline.

Steps to be taken for late renewal of health insurance policy

First and foremost, there is no need to panic if you have missed your date to renew your health insurance policy. Nothing is impossible and everything can be resolved. You still have an option to reclaim your coverage, but with allocated penalties or limitations.

Check out the below steps to renew your health insurance policy from InsuranceDekho:

Renew your policy either through InsuranceDekho by following the steps mentioned below;

Step 1: Visit www.insurancedekho.com 

Step 2: Go to  the "Support" tab listed in the header

Step 3: Click on the "Renew Policy" option 

Step 4: Enter your mobile number and login with OTP"

Step 5: After logging in, access your health policy details

Step 6: Click on the "Renew" button to proceed with the renewal process

Step 7: Complete the payment and your policy is renewed

Similarly, you may opt to renew your policy from your health insurance provider.

What to Do if Your Medicaid Has Expired?

As you must know, Medicaid is a medical insurance joint program between the central and the state, that is issued for people with low income to help cover their medical expenses. If your medicaid has expired, you have to responsibly contact your state’s medicaid office to get more information about renewing your coverage or enrolling into a new plan.

The procedure to renew your medicaid varies from state to state. Hence, it is important to learn the requirements and procedures along with the deadlines to ensure hassle free access to healthcare services. You need to keep in mind that delays in renewing your Medicaid coverage could result in temporary gaps in health insurance, impacting your ability to receive necessary medical care when needed.

Please note that renewing your health insurance post expiry is quite possible, but it will require timely action and adherence to the guidelines set forth by your insurance provider, to renew your policy even after the date has lapsed. This means, once you have applied for your health insurance policy, you need to set timely reminders before the policy gets lapsed. If by any chance you miss the date of renewal, you must be extremely alert to avoid missing the grace period. 

Remember, your good health is your real wealth. Therefore, you must take proactive steps and make it a habit to renew your health insurance policy and attain peace of mind, knowing that you are prepared for whatever health challenges may arise.

Stay Healthy!