What is the grace period in health insurance plans?

What Is the Waiting Period in Health Insurance?

Health insurance grace period is basically the time or the number of days that you can take to make your payment towards the premium for health insurance plans even after the due date has got over. Companies usually have a grace period for health insurance till 15 days from the due date for paying the renewal payment. Some providers have 30 days as their grace period as well. Post the grace period, if the premium has not been paid, the insurance company may reject the policy renewal application of the customer even if he/she wishes to make the payment then. The grace period does not come with coverage benefits as well so this is another factor that you will have to keep in mind. Also, waiting periods for specific illnesses will re-start again and this necessitates making premium payments on time.