It’s important to pay your monthly health insurance premium in full to your insurance company — not the Health Insurance Marketplace® — by the due date. Show
If you miss a monthly premium paymentYour health insurance company could end your coverage if you fall behind on your monthly premiums. But before your insurance company can end your coverage, you have a short period of time to pay called a "grace period." The health insurance grace period is usually 90 days — if both of the following are true:
Note: If you don’t qualify for a premium tax credit, your grace period may be different. Contact your state Department of Insurance for information on grace periods in your state. If you reach the end of your grace periodIt's important to pay all outstanding insurance premiums during a grace period so your health insurance company doesn't end your coverage. The 90-day health insurance grace period starts the first month you fail to pay, even if you make payments for following months. For example:
If your health coverage is terminated due to non-paymentIf your health insurance company ends your coverage because you didn't pay all outstanding health insurance premium payments in full by the end of your grace period:
A short period — usually 90 days — after your monthly health insurance payment is due. If you haven't made your payment, you may do so during the grace period and avoid losing your health coverage. The grace period for health insurance is usually 90 days if both of the following are true:
Note: The length of your grace period may be different if you don’t qualify for a premium tax credit. Contact your State Department of Insurance (DOI) for information on grace periods in your state. Related content
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Mathematics with Business Applications6th EditionMcGraw-Hill Education 3,760 solutions What is the grace period of an insurance policy?What is an Insurance Grace Period? An insurance grace period is a defined amount of time after the premium is due in which a policyholder can make a premium payment without coverage lapsing. The insurance grace period can vary depending on the insurer and policy type.
What is the maximum amount of time after the premium due date during which the policy remains in force?According to the Mandatory Uniform Policy Provisions, the maximum amount of time after the premium due date during which the policy remains in force even though the premium has not been paid is 31 days.
What is the purpose of the time of payment of claims provision?A time of payment of claims provision states the number of days that the insurance company has to pay or deny a submitted claim. This provision is included to minimize the amount of time that a policyholder has to wait for his/her payment or for a decision about his/her claim.
What provision extends coverage beyond the premium due date?What provision in a insurance policy extends coverage beyond the premium due date? Grace period. Grace period is a mandatory provision found in all life and health insurance policies that provides coverage for a period of time after the premium becomes past due.
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