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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.
Why the Switch Back To Nevada Health Link? There are several reasons for the transition away from HealthCare.gov. Ultimately, the goal is to provide Nevadans with more affordable health insurance coverage, easier access to plans that they need, cost the member and the State less money, and have our own State autonomy.
f you’re one of the many Nevadans who rely on health insurance coverage through the Marketplace, then you may have been impacted by some of the recent changes to Obamacare. While a majority of Obamacare has remained in place, 2019 brought a few changes to the program.
For many, auto insurance is a significant monthly expense. In some cases, you may be tempted to get rid of the payment entirely by foregoing auto insurance coverage. However, doing so can have some serious negative consequences.
By page visits (this month)
By page visits (this month)
The Nevada Exchange Board decided to terminate the account they have with Xerox, the company that was hired to build the Nevada Health Link’s website.
Make certain that you are paying for the correct account, and that the money is being withdrawn from your bank account in a timely manner.
Nevada has already spent approximately $84 Million dollars (that is NOT a typo folks) developing our Nevada Health Link.
The first “Open Enrollment” session under the Affordable Care Act closed on March 31st, so we’re taking a timeout to evaluate the law’s early progress in Nevada