Many individuals and employers seem to be confused about when to pay their health insurance premiums.
Let’s be clear.
Although there is a 30 day grace period, health insurance premiums are due on or before the first of the coverage month; e.g., your March premium was due March 1st, NOT March 31st.
Note to individuals. Take your credit cards out of your wallet and check the “Good Thru” dates. If you set up premium payments using a credit card that has expired, so too will your coverage!
Note to employers. If you routinely delay payment until well after the due date, knock it off! Checks mailed late in the month may not arrive or get posted by your insurer on time. If coverage is cancelled retroactive to the first of the month, guess who’s on the hook for claims incurred?
Stern words, I know. But really, we’re just trying to help!