We are switching companies and I'm wondering how this all works.
Say you allow a policy to lapse, do they retroactively deny claims or is there a grace period? My agent once said there is a 90 day window but that was years ago.
We are switching to another carrier and I really don't want to make the next payment with my old one at the new 55% higher rate if I can help it.
So lets say an invoice is due for April 1 and you allow coverage to lapse (at 30 days late). Do they then deny all claims during the month of April? Or are you actually covered for a grace period?
What is the actual product being purchased on the bill due April 1st? Is the bill due April 1st a real time bill for coverage during the month of April or is it an advance bill to cover May?
Also, am I correct that my old insurance is on the hook for any treatment that began under the policy period? Say a broken hand at the end of March but surgery scheduled for May or something.
I hope that made an ounce of sense
Thanks in advance.