IMPORTANT REMINDER: Ensure clients pay their first premium by Dec 31
Agents – Remember, if your ACA client fails to pay their first premium (also known as a “binding payment”) enrollment is not effectuated. The carrier will cancel coverage due to non-payment, and your client will not qualify for re-enrollment. The deadline to make the binder payment is December 31, 2020.
Don’t let all your hard work go to waste.
Paying the first month’s premium is the final step in completing an enrollment. Right now, Agents should focus on:
- Verify which clients have not yet paid the first premium on each carrier agent portal.
- Call these clients. Remind them to make their first premium payment by December 31 or coverage is canceled by the carrier, and they will not be eligible to re-enroll.
- Offer to help the client make their first premium payment on HealthSherpa. After the initial payment, the client will make future payments with the carrier directly.
Best Practice Tip: There can be many reasons why someone has not paid a premium. They might have changed their mind, while some did not receive an invoice from the insurance company. Enrollment also falls around the holidays when people have less time and money. Improve your effectuation rate and get in the habit of walking clients through their first payment when you sign them up. HealthSherpa makes this easy.
Need More Help?
Contact our Product Specialist with your ACA questions.
We hope this information on ensuring clients pay their first premium by Dec 31 is helpful to you. Empower Brokerage is dedicated to helping you educate your clients on the insurance they need and staying on top of their health. Whether it’s through webinar training, one-on-one calls, seminars, or marketing plans. We want you to be successful. Give us a call if you have any questions at 888-539-1633.