Starting 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.