Your first premium payment due date will vary but it can be due as early as your coverage start date. You will have at least 2 weeks from the date of your invoice to make your first premium payment. Your first premium payment is also known as a “binder 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 wait until the next open enrollment period.