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There is nothing that requires a private company to "grandfather" a membership or contract so the answer is "yes".
Many companies do allow you to keep your old plan even after it expires to that they keep you as a customer but it isn't required by the law. The "grandfather" laws really only apply to the government. This is due to the ex post facto rules of the Constitution. However, these don't apply to private companies.
The only other way that the company would be required to allow you to keep your old plan is if there is something in the contract that states they must do so.
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