Prestige Insurance Group, Inc.

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Prestige Insurance Group, Inc.

Health Insurance BuzzwordsWhen buying health insurance from the Affordable Care Act (ACA) marketplace, you might wonder how to make your payments.

Paying your health insurance premium on time should be your priority as a buyer. If you don't pay your premium regularly, then you could lose your health insurance coverage.

However, it can be confusing about who you should pay for your insurance — as the Affordable Care Act is managed a confusing myriad of state-run and federal marketplaces.

You should find out early in the enrollment process how to pay for your insurance. Depending on where you live, you may have different options to pay your premium.

Keep these guidelines in mind when learning about your payment options. The Affordable Care Act is different in each state. Payment methods are different as well.

Pay the Insurance Company

Private insurance companies offer ACA plans. You will likely make your premium payments directly to your insurance company.

Pay With the State Marketplace

Some states let you pay your premium on their state ACA marketplace. The payment then goes to your insurance company. You might have this option depending on where you live.

Pay With the Federal Marketplace

Some states that use the federal exchange allow you to pay directly through the exchange as well. These states do not have their own marketplaces.

You Have Choices

If you have the option to pay through an exchange, the ACA also requires that you have the option of paying your insurer directly.

You Might Pay Online When You Sign Up

You might pay your first bill when you sign up for coverage. Afterwards, your insurance company will likely bill you directly.

If you lose your health insurance because you fail to pay your premium, you are putting yourself at risk. No health insurance generally means large out-of-pocket costs should you get sick or injured. Not only that, failure to carry health insurance can cost you in other ways. The Affordable Care Act can charge you penalties for not having health insurance.

Need a new health insurance policy? Call Prestige Insurance Group, Inc. at (888) 969-8778 for a free Florida health insurance quote.
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