Health Insurance Articles

What To Do If You Miss A Health Coverage Payment

2010-11-18

Making payments towards your health insurance premium on time is extremely important. A missed insurance payment could mean cancellation of your current health insurance policy. This, in turn, can make it very tough for you to get health insurance coverage quotes from other insurance companies.

A health insurance policy provides coverage against loss due to ill health. It can cover several medical procedures and treatments, and it will pay for all the expenses. If you do not have a health insurance policy, it is important that you start looking for health insurance coverage quotes immediately. With some research, it is possible to find a health insurance policy that is affordable and provides all the required benefits.

For your health insurance policy to remain active, you must ensure to make the payments towards the premium on or before the due date. In the event you are unable to pay the premium amount on time, your health insurance policy can be terminated.

Most insurance companies will have a grace period during which you can make the payment. Depending on the insurance company that you are using, the due date could be anywhere from a few days to a month. During the grace period, you are allowed to make the payment towards the premium, without any penalty. However, if you miss making the payment during the grace period, the outcome may not be very pleasant. Again, depending on your insurance company, you might have to pay a penalty plus the remaining insurance premium amount for your health insurance policy to be active again.

Some insurance companies may send you a cancellation notice. If you make the payment before the effective cancellation date, your health insurance coverage will be reinstated and it will remain in force. With some insurance companies, it might be possible to reinstate your health insurance coverage after the cancellation date by paying all the dues, late fees and an additional sum. However, you will not be covered against illnesses and other medical emergencies between the effective date of cancellation and the date of reinstatement.

In some cases, your health insurance policy will be terminated after the due date. This will depend on state laws. You should also check your health insurance policy for information about how, when and for what reasons health coverage can be terminated.

Most insurance companies take missed insurance payments rather seriously. It could end up with your policy being terminated. Finding health insurance coverage quotes that are similar or better than your previous policy could be a difficult task. It's important that you make payments towards your health insurance premium on time. This will allow you to take full advantage of your health insurance policy.