The Premium amount of a health insurance plan is a deciding factor of the compensation you get in your emergency. What if you stop paying the Premium? The result is nothing but your insurer will you’re your plan. Can you afford this? Health insurance plan is that necessary amount you save for the time of your medical emergency. Cancelling a plan means you make your future uncertain. Bankruptcy is a predictable situation that haunts you lifelong. So, don’t fail to pay the premium amount to keep your health insurance active, and this leads you to a better future.
Things to keep in mind for the Premium amount
The insurer will give you a waiting period for payment
In case you forget to pay the amount, you no need to be worried since Insurers will give you a room to pay the amount on exceeding the date of payment.
Generally, state’s insurance market place gives you 90 days waiting period before dropping your name from the policy. If you purchase insurance under the government-run market places, then the period will be 30 to 60 days.
Policies are not reinstated at any term
Once insurers cancel your plan, they will close all the rooms to reinstate your policy. So if you think about restoring your plan after it expires, you are making mistakes. No company will provide you with the advantage you are looking for. This is why it is always better to pay your Premium as per the date stated by the company.
The periodicity of the Premium
The periodicity of the Premium is related to how many times you pay the Premium in a year. Generally, a policyholder can choose annually, half yearly, quarterly or monthly basis pay. The periods are divided as per the cash flow of a policy holder. Generally, insurers get benefits on the annual payment since they can reduce the service charge to process the Premium payment. The higher the periods of the payment is, the greater the processing charge will be.
The premium amount should be paid within the given time. Once you fail to follow the rules related the payment, your plan will also be dismissed by insurers.