HELP PLEASE!!If a payment is due on Jan 1 and you are given a 31 day grace period to pay?

Question

what is the date the payment must be postmarkedor received by? If i dont get this right I may lose my health insurance...Is it Jan 31 or Feb 1 or 2nd?

And Steve, I completely disagree about your advice to call the insurance comnpany!!! It is a Cobra plan. They are just complying with state law and would take any available opportunity to cancel my policy. I had a serious illness last year and the Third Party administrator paid out about 50,000 in claims. They are a small company and calling them would only bring attention to the fact that the payment has not been received. Thanks for your advice but you are kidding yourself if honestly think the health insurance company is going to do me any favors!!

Here is the Exact Rule: The payment is due on Jan 1st. There is a 31 day grace period. That means postmarked or received...The office is a few blocks away but if I were to drop if off and it was actually due yesterday I think the default would be more obvious to them. Who are you Kidding? There are NO EXCEPTIONS!! They are just following the state insurance laws to the letter!

Answer 1

jan 31

Answer 2

I'm really not sure how it works with COBRA... but part of my job at the insurance company I work for (Life and Disability insurance) is reinstating policies. Which means after the grace period is over, and THEN someone tries to pay their policy... we get the option to decide whether we still want to cover them or not. We have them fill out an application answering health questions and we sometimes check their medical records, and then we decide whether to reinstate the coverage or not. I'd say that most of the time we reinstate the coverage. And, sometimes it's reinstated just with an exclusion on certain health issues the policyholder may have had since the policy was in force.

Unfortunately, I came across a policy today that was needing to be reinstated, and they have just submitted a claim... unfortunately it won't be paid because he let his policy lapse.

Best advice I can give you: Pay your premium when it's due unless you want to risk losing your coverage.

Answer 3

Hate to tell you, but depending on the laws of your state, they do not have to honor a post mark. The 31-day grace period can and sometimes does mean IN there office by that date. As to when it expired, the grace period would have expired yesterday which was the 31st. If you pay it monthly, than as of today, you are two payments past due.

ADDITIONAL
Who are YOU kidding? If you drop it off they'll figure out it's late? My friend, I assure you the day it was DUE and it wasn't there it is flagged by their computer as LATE, grace period or no grace period. Don't fool yourself that you can "sneak" it too them and not have them notice.
you're just getting all pissy at us because we are answering but not giving the answer you want which is "hey, no problem, no one will notice and there will be no consequences" If you're in such a pinch, call Legal Aid and ask them what the rules are before a health insurance policy in YOUR STATE can be canceled. And believe me, it is your STATE law that is the key.

Answer 4

If you have a 31 day grace period, then payment must be received and processed by the end of the 31st day. Anything after that is solely at the discression of the company. Many will charge a late fee (like a mortgage or car payment), but more often than not it will be noted on your credit report as a 30-day late (if it is a revolving account).

Answer 5

I count it as payment due Feb 1, 2007. January 1 was the deadline. The last "regular" day for payment. January 2 was the first day of the grace period. 31 days takes you to February 1 which is today. Good luck.

Answer 6

31 days after January 1 would be Feb 1. If you're mailing it today though, I'd take it to the post office and get a confirmation slip that you really mailed it today, rather than risking losing health insurance. And depending on the rules, it might be "mailed by" or "received by".

Answer 7

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Answer 8

You will want them to have it in hand by the 31st. Its a 30 day grace period but they give you an added day not including the day it was really do!

Answer 9

received/postmarked by depends on policy, and also how they count their days. They may or may not include 1/1. Call them, or just be safe and send it early.

Answer 10

You're right, they probably wont do you any favors. My guess is that you have to have it postmarked by today. (That is, if they start counting from January 2nd.) Get it in the mail right now and dont sit here wondering what our responses will be!

Best of luck to you!

Answer 11

You are really pushing the envelope at Feb. 1. I suggest you overnight the payment to them.