What Happens If You Fall Behind on Your Insurance Premiums?

While premiums for health insurance coverage under the Affordable Care Act are considerably reduced, you still have to pay them. If you miss a payment, your coverage is likely to be canceled, and you will have to apply all over again. You won't be able to get coverage until the 1st or 15th of the month nearest to your application date, and the healthcare.gov site does not necessarily transmit your appliation to the insurance company the same day you are approved.

However, there are also cutoff dates for any enrollment at all. The open season for health insurance applicatons ends March 31, 2014. After that date, for the next six months, you can only get new coverage if:

• You or a family member qualifies for Medicaid or CHIP (children's Medicaid, which usually has more lenient enrollment requirements than adult Medicaid).
• You change your state of residence.
• You have a baby.
• You adopt a baby.
• You or your family's income falls below certain levels specified on the healthcare.gov site.
• You have a qualifying life event, such as getting married, getting divorced, or losing your spouse.

If you become eligible for Medicaid or CHIP under your state's rules, you can apply for health insurance (with no premium cost) at any time. 

But what happens if you just can't find the money to pay your monthly premium after you get signed up? Or if you can't afford your part of the premium for your employer's health insurance plan?

It's a little easier if the problem is you just can't afford your part of the premium on the plan your employer offers. If health insurance would take more than 9.5% out of your check, you are eligible to shop for insurance on healthcare.gov even if your employer offers insurance. And if you could afford the premium for yourself but not for the rest of your family, you may be able to sign them up for health insurance at a more affordable rate.

You may also be able to sign up for a policy offered at a lower cost if your employment status changes from full-time to part-time during the year and your employer does not offer coverage to part-time employees.

Read More: Why Silver May Be Better Than Gold (Or Platinum) For Obamacare

But if there's any possibility at all that you might encounter a situation in which you simply could not make your health care insurance payments, try to choose a plan that you absolutely, positively can pay for every month. If your income is under $45,000 a year if you are single or under $90,000 a year for a family of four, you may be able to find a higher-deductible Bronze plan that costs $0 a month and may even pay you money back as a tax credit in 2015. But remember, if you want to get assistance with your deductible costs (that's also offered under the Affordable Care Act), you will have to enroll in a Silver (not Bronze, Gold, or Platinum) plan. For most lower- and middle-income Americans, Silver plans offer the best value.