What happens if I sign up for insurance but find later in the year that I cannot afford the premiums?

Your health insurance is essential for you and your family’s well-being, so maintaining your coverage is always a top financial priority. But what happens if your financial circumstances change, or an emergency means you have no money to afford the premiums? If you’re concerned about the implications of not being able to afford your premiums, read on to learn more and how a health insurance agent in Jacksonville can help.

Missing one payment

If you fall behind on your health insurance premiums, your insurance company can cancel your policy, which will be retroactive to when you made your last payment. This means they will not pay out for any claim you file after the date of your last payment. However, under Florida law, your health insurance company must give you a grace period of no less than 30 days, although insurance companies often offer up to 90 days. If you get your payments up to date within this period, there is no problem, and your coverage continues as usual. But once the grace period is over, the health insurance company will have no option but to cancel your policy.

What happens when your insurance company cancels your policy?

If your health insurance policy is canceled for any reason and you believe it was canceled wrongly, you have the right to appeal the decision. Suppose this happens outside of the Open Enrolment Period. In that case, you won’t qualify for a Special Enrolment Period because of simple non-payment of your premiums unless you meet criteria that include:

  • Moving
  • Getting married or divorced
  • Having a baby
  • Adopting a child
  • Loss of group coverage
  • Your household income falls below a certain threshold

If you wish to enroll in Medicaid or start a Children’s Health Insurance Program (CHIP), you can do this anytime. If you want to re-enroll on the same plan, your insurance company may require you to pay any outstanding premiums first. This should be clearly stated in the paperwork for your plan.

Get a plan that suits you and your financial situation

Personal circumstances change, and you can’t always predict how your financial situation might change in the future. However, if you’re looking for health insurance in Jacksonville, help is available. Thomas & Associates has extensive experience finding Florida residents’ best health insurance policies. Our team performs exhaustive research to match a plan to your needs, always keeping the three “Rs” as our top priority — the RIght Doctors and the Right Coverage at the Right Price.

So, if you’re looking for a top health insurance agent in Jacksonville today or have any questions about health insurance coverage, get in touch through our website or call us at (904)-730-3900.