“The health insurance industry says companies will give consumers more time to pay January’s premiums under President Barack Obama’s health care law.
The move is an attempt to head off potential problems as the Obama administration renews millions of current customers, while trying to accommodate new ones as well.
Renewing coverage each year is standard operating procedure for private insurance plans.
But 2015 is the first renewal year for the health law, and the process involves a massive electronic data transfer from the government to insurers, happening right around the holidays. Last year, many files had errors.”
The grace period was just announced after health insurance enrollment ended Monday, December 15th. Insurers are also aware for the potential problem of “double billing” from a consumer who switched plans, and will work to rectify any issues in a swift manner. So, if you purchased an Obamacare plan this year, you’ll have a little extra time to be certain that you were billed correctly, and only once.