If you fail to pay your premiums and exhaust the grace period for plans offered in a health insurance Marketplace, you will lose your insurance coverage. The grace period is either one month or three months long, depending on whether or not you're receiving subsidies and whether or not you've paid at least one health insurance premium so far , The following FAQ explains marketplace policies on premium payments, grace periods for people who do not pay premiums on time, and termination of coverage for failure to pay premium amounts owed at the end of a grace period. ↓ Download PDF, Most policies include a grace period—a short timeframe after a missed premium payment during which coverage remains active. This period typically lasts 30 days for individual plans purchased through the federal marketplace and 60 days for those receiving advance premium tax credits., If your health insurance policy is being canceled, you'll receive a written notice with details on why the cancellation is happening. The notice period varies by state, but it's usually between 30 to 90 days., What to do if your health insurance was cancelled due to nonpayment: Contact your insurer and ask if there’s a grace period. If you can afford your premium, work out a repayment plan and get up to date as soon as possible., Grace periods in health insurance serve as a critical safety net for policyholders. These periods provide additional time to make necessary premium payments without losing coverage, ensuring that individuals remain protected during financial strains or unexpected circumstances..