Under the 2025 MIA Final Rule, Issuers may require the first premium payment (also known as a “binder payment"), be due as early as your coverage start date and no later than 30 calendar days after that date. There is no grace period for the initial payment.
Remember, your coverage does not go into effect until your first month’s premium has been paid. There are no late payment grace periods for binder payments. If you miss the deadline to make your first premium payment, your plan will be canceled, and you will not have coverage. You will then have to enroll in a new plan with a later coverage start date, if you qualify for a new shopping period. If you do not qualify for a new shopping period, you will need to wait until the next open enrollment period or experience a Qualifying Life Event (QLE).
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