Ensure that Your Health Coverage Doesn’t Lapse

You have likely heard that the Affordable Care Act (ACA) requires most Americans to have health insurance.

You can buy private coverage through the federal or state health care marketplaces. You can also get coverage from your employer or through a private plan from an insurance company.

In most cases, if you fail to carry health insurance, you could face trouble. Under the Affordable Care Act, you could pay penalties if you don’t have insurance. There are certain exclusions from the requirement to have insurance. Yet, it is up to you to determine if you meet those exclusions.

Sometimes, it can be easy to let your health insurance lapse. This is especially true if you don’t use your insurance often or don’t have a lot of health care needs. Nonetheless, it is the law to have insurance. You should make sure that your insurance never lapses. Take these steps to make sure that your coverage is always in place.

Make your Payments on Time

You often have options to pay your health insurance premiums. You can sometimes pay monthly, quarterly, semi-annually or yearly. Always know when you have a payment due. If you have automatic payments, make sure your provider deducts the payments on time.

Know Grace Periods

Note how long you have to make a premium payment. This will help you plan your financial calendar. Even though there is often a grace period, some plans can lapse as soon as you miss a payment. It is usually best to make your payments immediately rather than close to deadlines.

If you Lose Your Insurance, Get New Insurance

Sometimes you change jobs or have other life events that cause you to temporarily not have health insurance. If you are without insurance, you typically have sixty days to sign up for new coverage. You should make sure you sign up by the deadlines.

Don’t Miss Open Enrollment

Insurance companies offer open enrollment periods during the year.  During open enrollment, people can purchase, change or renew their plans. You should renew your policies during open enrollment. You could face late enrollment fees or penalties if you don’t.

It is now the law for most Americans that they have to carry health insurance. You should make sure that you know the process for getting and keeping health insurance.