KBenefits Insurance Services
Insurance - Medicare - Retirement

Premium payments, Grace periods & Terminations

Paying monthly insurance premiums.  It’s important for premiums to be paid by the due date.  If you are late, you do have a “grace-period”.    Carriers allow members a short grace period to pay after the due date.   After the grace-period, the policy will be terminated for non-payment.
 

*  For Individuals and Small Groups, the grace-period is 30 days
*  For those enrolled with Healthcare.gov and receiving a tax credit, there is a 90 days grace period.


 

 

If your Individual health insurance is terminated due to non-payment:

  • You have the right to appeal your health insurance company’s decision if you believe your coverage was wrongly terminated which I’ll help you with.
  • Outside Open Enrollment, you don't qualify for a Special Enrollment Period if you lose coverage due to non-payment.
  • No coverage until Jan 1st.  Open Enrollment starts in November for plans starting Jan 1st.
  • While you have no coverage, you are responsible for all medical and prescription costs.
  • New Jersey does enforce the Individual Healthcare Mandate and will impose a tax penalty for each month not having health insurance.

 

 

 

If your Small Group health insurance is terminated due to non-payment:

  • You have the right to appeal your health insurance company’s decision if you believe your coverage was wrongly terminated which I’ll help you with.
  • With Small Group/Employer-sponsored health plans, you will be terminated and you'll have to enroll in another carrier health plan.
  • While you have no coverage, you and the employees are responsible for all medical and prescription costs until new coverage is secured.
  • New Jersey does enforce the Individual Healthcare Mandate and will impose a tax penalty for each month not having health insurance.  Those not covered will incur a tax penalty for each month not having health insurance.

 

 

 

KBenefits, LLC
Christopher S. Kudryk

Call:  732-333-1976
Fax:   732-444-5971
chris@kbenefits.com
 

 

Healthcare.gov
Broker/Agent Info:
NPN: #7990501

 

KBenefits insurance services provide solutions for small business owners and individuals in New Jersey & New York.  Contact KBenefits today and see how we can benefit you.

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