One of the questions we get asked oftentimes at 316 Health Insurance is, Jason, what happens if I miss a payment?
One of the questions we get asked oftentimes at 316 Health Insurance is, Jason, what happens if I miss a payment? If I don't make my monthly health insurance payment, what happens? Well, by law, there is what we call a grace period. And that grace period, depending on the policy that you own, could be 30 days, could be 60 days, but it's this period of time in which if you were to make that payment, the policy doesn't lapse.
It stays in force, you don't miss a beat. However, if you go beyond the grace period and you don't make that payment in that 30 or 60 day window, based on whatever policy you own, now all of a sudden the policy lapses and goes back to the point where the last payment ended. So understanding that if you miss a payment, you've got a little bit of a grace period in which you can make up for lost time is important to know so that way you can keep your coverage current month after month. And if for whatever reason you allow a policy to lapse, don't feel like you can't get it reinstated, it just may require a few extra steps and there will be a period of time in which you went uninsured.
A grace period is the time frame, depending on your policy, that could be 30 or 60 days, during which if you make your payment, the policy doesn't lapse and stays in force.
If you go beyond the grace period and don't make your payment, the policy lapses and goes back to the point where the last payment ended.
Yes, if you allow a policy to lapse, you can still get it reinstated, but it may require a few extra steps and there will be a period of time in which you went uninsured.
Understanding that you have a grace period to make up for lost time is important so that you can keep your coverage current month after month.
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