Grace period What are they?

<>

Every time a person contracts any type of insurance, one of the aspects to consider is the Grace period. No obstante, muchas persons no disponen idea de qué se trata el período de gracia, lo cual es muy importante considerar al comprar un seguro.

What is the grace period?

In general terms, the grace period is the time that must elapse from the entry into force of the insurance contracted and until the person can benefit from the use of this service that has been contracted with said clause. It seems that it does not make much sense to take out insurance and have to wait a certain time to use its services.

However, in some insurance, such as For health insurance, it is common for this grace period clause to be used on a number of covered services. In general they are health insurance with 8-month waiting periods for delivery care.. In this way, this means that from the start of the contracted medical insurance, until after the 8-month grace period, you cannot receive medical care for the delivery.

Be more precise, the grace period is the period of time that is calculated by months elapsed from the date of registration in the policy, throughout which some of the coverages included in said policy are not effective. It is therefore the period that must elapse from the start date of the contract, so that the insured can enter all the services offered in the health policy.

As already stated, grace periods are calculated by months and they can vary significantly depending not only on the service, but also on the product that has been contracted. Along with the waiting period for delivery already mentioned, there is also a 6-month waiting period for certain diagnostic tests, outpatient surgeries, as well as treatment methods.

Sea cual sea el caso, es fundamental que el asegurado consulte las condiciones generales y particulares de la póliza de seguro que se contrate para conocer cuáles son los periodos de carencia que se incluyen en el seguro médico.

What is the purpose of grace periods?

The main reason has to do with insurers trying to prevent people from buying insurance. only to receive care about a pathology that they suffer at the time of contracting the policy. What they want is to take out insurance thinking about what may happen in the future, which is decidedly unknown.

It is also a way that insurers use so that they can receive payments that allow them to cover the expenses that they will have to cover later, once that grace period ends.

What insurance does the grace period include?

Something important to understand grace periods, is that they may be different depending on the insurance company. Waiting periods generally include dental insurance, life insurance, health insurance, sick leave insurance, and death insurance. And even though the terms can vary significantly from one insurer to another, in general in some cases these waiting periods coincide, as is the case as an example of the waiting period for delivery, which is usually between 8 and 10 months.

Can waiting periods be avoided?

In any case for people it does not make much sense to have to wait a certain time to be able to benefit from the services they have contracted. If you do not want to have these waiting periods, the most common thing is that you must first have a history of a previous insurance in which you have contracted simulated coverages that you wish to contract, at the same time of an antiquity of at least 1 year.

At the same time, it frequently happens that those who wish take out insurance without grace periodsThey must answer a health questionnaire to demonstrate to the insurer that they do not have any previous pathology that is not accepted by the insurer. These are generally easy forms to fill out and can even be done over the phone. In the event that the insured has suffered from a physical or mental illness in the past, medical reports will be requested to be evaluated by the insurer's doctors.

Yes the information provided in the form is favorable and the above requirements are met, the insurer will proceed to remove the grace periods or, where appropriate, will inform the insured to what extent they can remove or decrease such periods. On the contrary, if the form is not favorable, then the insurance company will not only not eliminate the waiting periods, but it is also very feasible for them to refuse to cancel the insurance.

It is also essential to mention that in practically all Health insurance forms are generally included, los cuales disponen el target de establecer que la persona que solicita el seguro está sana. Estos formularios son obligatorios y deben ser contestados con total sinceridad para evitar cualquier inconveniente en el futuro. Hay que prestar atención que la empresa de seguros exige todos los informes necesarios para establecer que el asegurado está diciendo la verdad en caso de que algo suceda después.

What happens when you had a previous pathology?

If this is the case, it is best to think carefully if it is really a good idea to switch insurance. It is very common that insurers add exclusions in the sense that although they accept the insurance, in fact they will not cover anything that has to do with the pathology that was previously had. In the event that no exclusions are established and all grace periods for having other insurance are eliminated, then it is advisable to consider switching to another insurer.

However, it is very important to make sure that this is the case, since once the person changes insurance, it is very difficult to have those same conditions again. In other words, this must be stated in the particular conditions of the policy and when it is received it is essential to check that it is in writing that the grace periods have been or are going to be eliminated.

If it is not expressed in writing, it is most likely that insurance includes grace periodsThus, it is very important to ensure that the overall condition does not include these grace periods.

Can grace periods be negotiated?

This is also one of the most common doubts when it comes to grace periods. In this regard, it is essential to mention that when the insurance policy has several policyholders, the insurer may consider negotiating grace periods.. What they will do is establish how profitable it is for the company to guarantee all those people with all the conditions if only one of the insured does not meet the requirements.

After all Insurers operate on the principles of any company, so it is simply a matter of convenience. It is true that not all insurance companies are willing to negotiate grace periods, but it may be the case that even the grace period is eliminated.

There is also a grace period for loans.

Not only are there grace periods on insurance, They are also frequently applied in the financial sector. For loans with a grace period, this means that he client está exento de sus obligaciones con la entidad financiera o banco, to pay your fees or a portion of them. Loan grace periods tend to occur primarily when it comes to large loans.

Specifically in the early stages of the loan. After signing, as an example, a mortgage contract, because the economic situation of the client at that time is not usually the best as a result of the expenses that he has to pay, including taxes, purchase of furniture, coverage of expenses administration, etc.

It should be said that grace periods are not so common in microcredits since the low amount of said financing system in fact means that the deficiency does not have much logic.

Whatever the case, be it For health insurance or a personal loan, it is essential to inquire about grace periods. People often overlook these types of issues, despite everything, it is essential to ensure that these grace periods do not affect their needs. Whatever the case, it is necessary to seek advice and research on this topic to avoid possible complications in the future.