When you buy your insurance, you pay a set monthly fee, called a premium, to make sure it’s there for you when you need it. But for your insurance to actually work, you have to pay that premium on time.
If you don’t, you could be responsible for paying your entire health care bill out of your own pocket. Not paying your premiums on time also means you could miss out on other financial help for your medical bills. See “What are the subsidies?”
Signing up for an insurance plan is step one. And having a marketplace insurance ID card does not necessarily mean you have active insurance coverage unless you are paying your premiums. Once you sign up, your insurance company will tell you when your payment is due. It will usually be the same time each month, depending on when you first signed up. Most health plans also offer different ways to pay your premiums, like by check or by money order, or by mail or by automatic payments.
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Last Updated On
December 18, 2014