What happens if you let your health insurance coverage expire?

If you let your health insurance coverage expire, it can have several consequences. Here are some things to consider:

• Loss of coverage: When your health insurance coverage expires, you will no longer have access to the benefits provided by the policy. This means that you will be responsible for paying for any medical expenses out of pocket, which can be expensive.
• Penalty fees: Depending on your specific circumstances, you may also be subject to penalty fees if you let your health insurance coverage expire. For example, if you are enrolled in a Marketplace plan and let your coverage lapse, you may be subject to a penalty fee when you re-enroll.
• Limited enrollment options: If you let your health insurance coverage expire outside of the open enrollment period, you may have limited options for re-enrolling in coverage. This could mean that you have to wait until the next open enrollment period to enroll in a new policy, which could leave you without coverage for an extended period of time.
• Pre-existing conditions: If you let your health insurance coverage expire and then try to enroll in a new policy, you may be subject to exclusions for pre-existing conditions. This means that any medical conditions that you had before enrolling in the new policy may not be covered.
• Medical debt: If you are unable to pay for medical expenses out of pocket, you may accumulate medical debt. This can have long-term financial consequences, as medical debt can be difficult to pay off and may affect your credit score.

In summary, if you let your health insurance coverage expire, you may lose access to important benefits, be subject to penalty fees, have limited enrollment options, and be at risk of accumulating medical debt. It's important to make sure that you maintain continuous coverage to ensure that you are protected in the event of a medical emergency or unexpected illness.