Obamacare Enrollment: What to Do If You Miss a Premium Payment
Recent reports have shown that Obamacare enrollment has dropped slightly as some individuals have missed their premium payments. If you’re in this situation, don’t panic. There are still options available to you.
What Happens If You Miss a Premium Payment?
If you miss a premium payment, your health insurance company will send you a notice giving you a grace period, usually 30 days, to make the payment. If you don’t make the payment within the grace period, your coverage will be canceled.
What to Do If You Miss a Premium Payment
If you miss a premium payment, it’s important to act quickly to avoid losing your coverage. Here are the steps to take:
1. Contact your health insurance company immediately. They may be able to help you make a payment arrangement or reinstate your coverage if you’ve only missed one payment.
2. If you can’t afford your premiums, you may be eligible for financial assistance. Visit HealthCare.gov to see if you qualify for subsidies or Medicaid.
3. If you’re not eligible for financial assistance, you may need to find a cheaper health insurance plan. You can shop for plans on HealthCare.gov or through a licensed agent.
Don’t Give Up on Health Insurance
Losing health insurance is a serious matter. If you miss a premium payment, don’t give up on getting coverage. Contact your health insurance company or a licensed agent to learn about your options.
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