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There are several reasons for individuals to renew their health insurance policy on time. Forgetting the due dates, busy with work, don't have the budget to pay the premium, family commitments, health issues, etc.

The Negative Consequences of Missing Health Insurance Premiums 

We often tend to forget that policy renewal is as important as buying a policy. Only a timely renewal can keep the health insurance coverage active. When you miss a renewal of a health insurance policy, it makes the coverage inactive, and you will have no other option but to pay for the medical expenses from your pocket.

If you miss out on the payment of renewing your health insurance policy on time, you will not be eligible to enjoy the coverage provided to you by the policy. If you wish to continue the existing coverage of a health insurance policy, then you have to pay the renewal premium before the due date.

The Solution

If you are consistent with premium payments before the due date, then you are on the safe side. However, if you have missed the renewal date, you still have the grace period. Insurance companies provide an extension of seven days to renew your policy after the due date. Some companies even offer a grace period of fifteen to thirty days. If you have missed the premiums by the due date, use the grace period to complete the payment and continue the benefits of the policy without any lapse.

However, if the payment is not made even after the grace period, the policy gets lapsed.

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