30 Second Insurance Tips©

Tip 198- Short by 30 Bucks

Many of us pay our monthly health insurance premiums using a credit card or automatic bank draft.

But if your premium is increasing January 1st, your payment may not have been updated to the higher amount.

Say for example your monthly premium for 2014 was $417. The new rate for 2015 is $447. If your insurer has been authorized to draw just $417, you could get a Late Payment Notice in January. Unless the extra $30 is paid before the end of the 30 day grace period, your policy could lapse.

You’ve been notified of your January 1 premium increase. In some cases you were also given instructions on how to update your payment method and amount.

This Tip is just one more warning to make sure you check with your insurance company customer service department to make sure the correct premiums for 2015 are set for payment.

Or, if you’re lucky enough to have one, call your agent.