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90 Day Grace Period for Exchange Policies

clockStarting in 2014, if you don’t already have qualifying health coverage, you have to buy health insurance or you’ll be taxed. Under the Affordable Care Act (Obamacare), there will be a 90-day grace period with health insurance policies that are purchased inside the exchange/marketplace.

What does a 90 grace period mean?

An exchange policy holder would have 90 days to pay their premiums before the policy would lapse or terminate. The 90-day grace period protects low-income Hoosiers who wish to purchase health insurance through the exchange, but may experience a temporary delay in paying premiums, giving them an opportunity to catch up.

Currently, most insurance contracts have a 60-day grace period on premiums. The 90-day grace period is another positive point, along with subsidies, inside the federal facilitated exchange in Indiana.