If you bought health insurance through the Affordable Care Act (ACA) marketplace, then your plan is likely in effect. If not, it should take effect very soon.
Now that your plan is active, it’s time to sit back and enjoy the benefits. You can now access a wide variety of health care treatments.
Like with all health insurance, you will likely pay premiums for this coverage. The ACA offers cost assistance and subsidies in a variety of ways. Some people qualify for free health care coverage. However, even with cost assistance, many Americans still have to pay some of the cost of their ACA plan.
You have probably begun to pay your health care premium for this year’s plan. If you haven’t already made a payment, then you likely will soon. It's still early in the season, and you still need to get used to the payment schedule.
Don’t let your health care payments fall behind. There are many different options to pay your health care premium.
Paying for an ACA Plan
Paying the Health Insurer Directly: You may have bought your health insurance through the ACA marketplace. But, you will pay your bill directly to your health insurance provider.
Paying the Health Care Marketplace: If you used the online Affordable Care Act marketplace to get coverage, you sometimes can pay the marketplace. The marketplace will forward the payment to your insurer. However, keep in mind, the marketplace varies from state to state. Some states have their own marketplaces. Others use the federal site.
Marketplace First, Insurer Later: You can sometimes make your first premium payment on the marketplace. You make this payment when you enroll in coverage. Afterwards, you will pay the insurer directly on all future payments.
ACA plans have monthly premium payments. Make sure that there is room in your budget to plan for a monthly health insurance payment.
If you don’t make your payment on time, you have a grace period to do so. This is usually around 90 days. After the grace period, you will likely lose coverage.
There are many different ways that you can choose to pay your health insurance premiums. Most ACA plans encourage online payment using a credit card or direct deposit. You can sometimes use traditional methods like checks or money orders to make payments.
You can often set up automatic payments for your health care premiums. Many insurance companies and the ACA marketplace encourage this. It is a way to make sure you always pay on time. But, always be vigilant. If your bank account information or payment plan changes, update your preferences. This will help make sure payments still process on time.
You have your ACA health insurance. Now you have to keep it. Simpson Financial Group can help you choose coverage and payment options. Call us today at (877) 727-7780 for more information.