What Happens If You Do Not Pay Your Premium By The Due Date?

Nevada Insurance Enrollment Explains What Happens If You Don't Pay On Time

LAS VEGAS - nvtip -- Life happens, and while you should make every effort to pay your health insurance premium on time, health insurance plans generally will have grace periods. Your bill due date will vary by insurance company, but generally all insurance companies' premiums are due on the 1st. It is important to check with your insurance company. You may have a grace period of 30 days, or if your insurance plan is through Nevada Health Link (on-exchange), it may be up to 90 days. It is NOT a good idea to get behind, however. Most people that fall behind end up losing their coverage back to their last payment made, because coming up with 90 days of premium is not feasible for most. If it is a new policy, the premium usually needs to be paid before the policy starts. Also, insurance companies will consider you "late" on the 2nd of the month if the bill was due the 1st of the month. It is especially important that if you cannot make your premium payment on time, speak with your insurance broker/agent to see what flexibility your policy may have.

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What Is a Grace Period?
The grace period is a short period after a payment is due that is allotted to avoid cancellation/termination. In health insurance, as long as you make your payment during the grace period, you will avoid losing your coverage.

If you have a Marketplace plan through Nevada Health Link and you qualified for an advanced premium tax credit, then your grace period is usually 90 days seeing that you've paid at least one month for the benefit year. If you are behind on your payments, however, benefits may not be covered until the full payment has been caught up. If you do not qualify for a premium tax credit, your grace period may be different. Your health insurance agent can give you information on the grace period for your policy.

Read the full article: https://www.nevadainsuranceenrollment.com/paying-premium-due-date/

Learn more: https://www.nevadainsuranceenrollment.com/individual-family-health-insurance/

Nevada Insurance Enrollment
4260 W. Craig Road suite #150-A
North Las Vegas, NV 89032
(702) 898-0554
Website: NevadaInsuranceEnrollment.com

Nevada Insurance Enrollment
Shelly Rogers

Source: Nevada Insurance Enrollment

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