Nobody wants to get sick, yet we have no control over that. Most people eventually require medical care; thus, they must rely on their health insurance. Therefore, it is crucial to maintain coverage at all times and to renew your insurance on time or earlier. The majority of health insurance plans are valid for a year only, and at the end of the policy period, the policyholder must renew the policy for another year.
There is a second opportunity offered by health insurance companies to people who don’t renew their Medicaid or health insurance policies on time, called a grace period. Therefore, the Medicaid renewal grace period is the additional time that policyholders are given to pay the premium or past payments and keep receiving the advantages of their coverage without interruption or getting it terminated. It’s good to be in touch with your insurance agent in Santa Fe if you don’t want to miss the enrolment or renewal date for your Medicare or Medicaid Plans.
The grace period for renewing health insurance often ranges from 30 to 90 days. The health insurance policy’s grace period should be treated like a lifeline. Your policy expires, and you lose all the benefits, including the loyalty points you must have accrued over time if the premium is not paid during the grace period.
Benefits and privileges you might forfeit:
You are without health coverage
You lose coverage, which is the biggest drawback of failing to renew your health insurance within the grace period for health insurance. You are not covered by any insurance under the expired policy, and even if you apply for new coverage, it can take days before you receive one. It is not advisable to go even one day without insurance given the price of medical care and hospitalization.
A no-claim bonus will be forfeited
One of the best aspects of health insurance policy is the no-claims bonus. It is a perk that insurance companies offer to clients who avoid filing claims for a full year. It might be received as a premium discount or a cumulative bonus. If you receive a cumulative bonus, your coverage amount for the following year will rise in proportion to the bonus while your premium stays the same.
Longer waiting period
Certain pre-existing diseases and maternity benefits are subject to a 24- to the 48-month waiting period under health insurance plans. According to the new plan, you will need to wait a few more years before accessing these facilities.
Another health examination
To qualify for the new coverage, you might need to undergo a thorough health examination. It takes a lot of time to complete this medical exam, and what if you don’t pass it? For the renewal of a health insurance policy, there is no need to have a medical examination again.
There is no choice but to have insurance. Even for one day, it is not advisable to go without health insurance. Furthermore, because the price of health insurance keeps going up, new coverage will cost you more. Additionally, you would be a year older, which is another factor that increases premiums. So, if you are looking to renew your existing policy or want to enroll in a new Medicare Plan, contact us at Insurance Connection USA and talk to our certified insurance agent in Santa, FE, to discuss your situation regarding health insurance policies.