90 day grace period for Obamacare!!

grace periodThis is completely insane!  Learned about this today reading this article in the Propublica.

“Under the rule interpreting the law, insurers offering plans on the exchanges must provide a three-month grace period to individuals”

Typically insures only give you 30 days.  Giving individuals 90 day grace period is a disaster. Let me explain:

  • January 1st: Sign up through the Exchange and pay one month premium.
  • February-March-April: Don’t pay premiums unless you have a claim. You will get cancelled at the end of April.
  • May: Go back into the exchange sign up with another company pay one month premium.
  • July– July-August: Don’t pay premium unless you have a premium.  You will get cancelled at the end of September.
  • September: Go back to Exchange pay one month premium.
  • October-November-December: Don’t pay premiums unless you have a claim. You will get cancelled at the end of December.

An individual can theoretically receive 12 months of coverage and only pay for 3 months of premiums.    Grace period needs to be reduced to 30 days!

Affordable Care Act, Obamacare

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