Wednesday, September 24, 2014

If I Fall Behind on my Health Insurance Premiums What Happens?

If you’re having financial difficulties it may be that you’re in danger of falling behind on your health insurance premiums. This can obviously be a worrying time for you but it needn't be major problem unless you let it.

The most important thing to note is that you should always take out a plan that you feel as though you can keep up with. That way you can avoid many problems. But many of us have unexpected changes in our lives that mean are financial circumstances are different. There is always a chance you will experience difficulties in paying your premiums, but finding an affordable plan at the outset is still the best option. Keep reading at the HBF health insurance site, where you can learn more about the coverage available & ask questions relevant to your situation.

Can I get help with health insurance from the outset?

If you’re looking at the health insurance marketplace you’ll be able to view a lot of different plans with different provisions and costs. You will probably be able to find a plan that is suitable for your budget. However, there are tax credits available if you are really struggling to afford your health insurance.

You have access to these tax credits straight away and they are intended to take some of the pressure off you financially by enabling you to afford a health insurance plan. You don’t have to buy a plan through the marketplace but it does give you a wide range of choice and it does give you the option of applying for tax credit help. 

If I experience problems after purchase what happens if I miss payments?

If you get a plan that you can afford then hopefully you won’t have any difficulties but life doesn’t always work that way. We have all experienced unexpected events in our life and one of these may lead to you having problems with continuing to pay your premiums.

There are rules that apply under the Affordable Care Act to allow for issues that people may have meeting payment requirements. The one thing you should always remember is to let your insurer know as soon as you are aware that you will be having difficulties; there is no point trying to hide the issue as this will not help. The rules of the Affordable Care Act mean that you have three months within which to catch up with payments you have missed.

Of course this doesn’t mean you should take the whole three months, the sooner you can get back on track with your payments the better. There‘s a very good reason for this as your insurer will only accept claims from you for thirty days after you miss a payment. If you don’t catch up by this time you stand the chance of being faced with a large bill if you have the misfortune of falling ill.

This isn’t going to help you financially and may lead to you missing further premium payments. This is a potentially serious situation as if you don’t pay all of the premiums due by the end of the three months your insurance will be cancelled.

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