What Happens If I Don’t Pay the Premium?
There is no one size fits all answer to this question. If you know you’re going to miss a premium payment, then it’s best to immediately call your insurer immediately.
You should find them to be extremely understanding if you are going to only be a few days late with your payment. The health insurance company will make a note that they should expect your payment to come in any day.
If this is your first time missing a payment, then don’t worry too much. You’re not going to get into any trouble or your coverage shouldn’t lapse. We’re only talking a couple of days here, and they understand that life sometimes can throw a wrench in your plans.
What do you do if you’re going to be a month or more late on your premium? This is where things change, and it’s mostly on a company by company basis. Some health insurance companies will allow you to be up to 90 days late on your premiums.
You will need to talk to them and be very upfront about how long you think it’ll take before they see any money from you. The only way they will be able to give you an accurate answer is if they are fully aware of the situation.
If you leave any room for misunderstanding, that could lead to a lapse in your coverage. State clearly how long you think it will be until the insurance company receives a payment and ask them what, if any, repercussions there will be because of it.