Grace period

Life gets busy, and sometimes, in the midst of the chaos, you drop the ball. If you happen to miss an insurance premium (opens in new tab) payment, don’t panic. There’s a grace period – a period of time after you miss a payment when you can catch up on your bills.

How long your grace period lasts depends on your insurance company’s policies. Check out your Certificate of Coverage (opens in new tab) (or call your insurance company) if you have questions.

If you don’t catch up on your missed payment during the grace period, your insurance company may cancel or terminate your plan. This is bad news, because you won’t be able to sign up for a new plan until the next Open Enrollment (opens in new tab) period or until you experience a qualifying life event (opens in new tab). You’ll also owe a tax penalty (opens in new tab) for being uninsured. Don’t let this happen to you!

Word to the wise: If you have the option, set up autopayments for your monthly premium bills so you never have to worry about missing a payment.