You can then set up monthly automatic payments. Once you pay your binder payment and it is processed by the insurance company, you are officially enrolled.
Find your insurance company below for specific instructions on how to make a binder payment. The specific due date varies by insurance company and state.īilling processes are unique to each health insurance company. In general, the binder payment is due on the start date of coverage. And if you're outside of the open enrollment period, you will not be able to purchase a new policy until next year's open enrollment unless you qualify for a special enrollment period.
In other words, you will lose your health insurance before you had it. If you fail to make your binder payment, your policy will not take effect ("effectuate") and you will not be enrolled in coverage. You must pay the first month’s premium ("binder payment") to complete the enrollment process. A binder payment is the first month's premium for a new individual health insurance policy you've agreed to purchase.
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