The administration fee is a one-time charge associated with the initiating or maintaining a GradGuard policy. It is a separate, non-refundable charge from the standard policy cost and will appear as a separate line item on your invoice.
Here are a few things to know:
Cost: The standard fee is $3.50 for members. But for our Nevada residents, it is $5. The fee is charged at the time of policy initiation. Remember, it is a non-refundable, one-time fee! It will not occur on subsequent renewals.
Statement Description: Seeing a charge appear as “GradGuard Policy Administration Fee”? That’s from us! Having a separate charge ensures the overall cost of premium remains the same across all months your policy is active.
Fee Consistency: The administration fee is tied to policies, not accounts. The fee will remain consistent, even if the member has multiple policies. For example, if a parent or legal guardian has two separate policies for two students, they will be charged the administration fee twice.
With that being said, let’s discuss what happens if one student cancels/rewrite or pauses their coverage. The second charge associated with these actions will be waived.