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Glossary
Reinstatement is what happens when you make up missed premium payments after your plan has been terminated by your insurance company.
If you dropped the ball and missed a premium (opens in new tab) payment, and then also forgot to pay your balance before the end of your grace period (opens in new tab), then you may have to reinstate your plan. If it’s your first offense, you’ll receive an extension to catch up on premium payments after your plan is terminated, which is offered by your insurer as a courtesy. If you pay your premiums during this time, you’ll be officially reinstated.
Word to the wise: Reinstatement is a one-time-only deal per year, and it’s not always guaranteed, so make sure to stay on top of your payments!