Better Avoid Policy Lapses on GF/Non GF Plans

[Yagents]

I was just going through some clients with LATE payments on GF and Non GF plans, and got to thinking that if they let these policies lapse, there is no turning back as non payment does not create an SEP.

They can't reinstate at the lower plan price.
AND
They can't buy an ACA plan until Jan 1st

It puts a whole new meaning in "LAPSE".

 

[RayNY]

You're correct, termination due to the insured's fault (non-pay, rescission due to false information, client requested cancellation, etc.) is explicitly not a Qualifying Event.

I'm crossing my fingers carriers will still let us retroactively reinstate (with full payment of past-due premium, of course.) Otherwise, there will be a ton of angry uninsured.

The new clients at least get a 90-day window before they're termed, GF'd clients are still subject to the old guidelines as far as I know.