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Life happens, and while you should make every effort to pay your health insurance premium on time, health insurance plans generally have grace periods. Your bill due date will vary by insurance company, but usually 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.
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.
If you do not make your payment during your grace period, then your health insurance policy is canceled retroactive to the last date your plan was paid for. In other words, if you miss your July, August and September payments and your policy is canceled, then no medical expenses incurred since the end of June are covered.
It is important to note that if you want to keep your health insurance beyond the grace period, you must completely catch up on payments. You cannot just stay three months behind on payments and maintain your coverage.
If your health insurance plan was terminated due to non-payment, then you will have the opportunity to re-enroll in a health insurance plan only during the next “Open Enrollment” which is usually November 1st through January 15th of each year. There is a catch, though. According to market stabilization rules that were finalized in 2017, health insurance companies may be able to recoup past-due premiums.
If you enroll in a plan offered by the same health insurance company within 12 months of your policy having been canceled, then the health insurance company can require that you pay the past-due amount before your coverage is in effect. This may be either one month or three months of premiums, depending on the length of the grace period. Alternately, if you are re-enrolling within the grace period, the health insurance company may require you to pay your past-due premiums.
The grace period does not reset at the end of the policy term if it auto-renews. This means that if you miss November and December payments and your plan auto-renews in January, you still need to catch up on payments to keep your coverage.
Your monthly health insurance premium does not need to be a burden. At Nevada Insurance Enrollment, our licensed health insurance agents can help you understand the breakdown of your health insurance premium or get you signed up for affordable health insurance. Call anytime of the year for options.
The majority of health insurance companies have a contract with a network of hospitals and other providers. In this contract, there are negotiated rates for different services. This negotiated rate is generally lower and sometimes significantly lower than what a provider would charge someone who is paying out of pocket.
To help customers avoid buyer’s remorse, health insurance policies are required to offer a free-look period. If at any time during this period you find that you’re dissatisfied with your policy, you can cancel it and get your money back.
In most cases, when someone is talking about state-based health insurance, they’re referring to a health insurance plan that is regulated by the Department of Insurance in that state. These plans are sold through state health insurance exchanges.
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Car seats are designed to accommodate your household’s youngest passengers, making sure that they are as safe as possible while on the road. However, did you know that just like helmets and other safety equipment, car seats have a shelf life?
Top ranking Insurance Agency, Nevada Insurance Enrollment, seeks full-time licensed and successful insurance agents.
Even if it’s been determined that you definitely are not responsible for the accident, you can file a claim under your own comprehensive coverage and pay your deductible. Then, because it’s the financial responsibility of the at-fault driver and their insurer to get you back to pre-accident condition, your insurance company would use subrogation to file a claim with the other insurance company. This will allow them to get back any money paid out for repairs, including your deductible.
Nevada Health Coop will NO LONGER be offering insurance after 2015. They will continue to be operational throughout 2015, so if you happen to have Nevada Health CO-OP as your insurance company, your claims will still be paid. You can still go to doctors, however, you’ll need to select a new plan for 2016