Do You Know You Have Options When You Miss Your ObamaCare Payments?
In this blog post, we will discuss what options you have if you miss your ObamaCare payments. We will also provide some tips on how to avoid missing your payments in the future.
What Happens if I Miss My ObamaCare Payments?
If you miss your ObamaCare payments, your coverage will be terminated. This means that you will no longer be covered for any medical expenses, and you may be subject to a penalty. The penalty for not having health insurance is $695 per adult and $347.50 per child, or 2.5% of your household income, whichever is greater.
What are my options if I miss my ObamaCare payments?
If you miss your ObamaCare payments, you have a few options. You can:
Reinstate your coverage. You can reinstate your coverage by paying the back premiums, plus a late payment fee. The late payment fee is $25 per month.
Enroll in a new plan. You can enroll in a new plan during the open enrollment period, which runs from November 1 to January 31.
Qualify for a special enrollment period. You may be eligible for a special enrollment period if you have a qualifying life event, such as losing your job, getting married, or having a baby.
How Can I avoid Missing my ObamaCare payments?
There are a few things you can do to avoid missing your ObamaCare payments.
Set up automatic payments. You can set up automatic payments from your bank account or credit card. This will ensure that your payments are made on time, even if you forget.
Use a payment reminder service. There are a number of payment reminder services available that can send you reminders when your payment is due.
Make a payment plan. If you are having trouble making your payments, you can contact your insurance company and ask about a payment plan.
If you have any questions about ObamaCare, please reach out to our licensed agents. We can answer any questions you have and help you find a plan that meets your needs.
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