Oscar COVID-19 Update: Premium Grace Period Policy

See below from Oscar regarding their New York Premium Grace Period Policy

Extended grace period for small groups and non-subsidized individuals.
For clients who are fully paid as of March and can demonstrate financial hardship as a result of COVID-19, the grace period will be extended to 11:59pm on June 1, 2020 or the expiration of the applicable contractual grace period, whichever is later. We will continue paying claims during this period.

Extended grace period for Individual and Family Plans.
The grace period has been extended for an additional 30 days, meaning that your subsidized Individual and Family Plan clients now have an extended period where their claims will be paid before termination. We will continue paying claims for the first 60 days of this period. This only applies to Individual and Family Plan subsidized members who entered the grace period as of April 1st (i.e., client was fully paid as of March). Those who entered prior to that date will be held to regular grace period conditions.

Future eligibility for Individual and Family Plans.
Clients who do not pay all premiums in full during the entire 120 day period will not be eligible to re-enroll in a QHP unless they have an existing QLE.

Documentation requirements for subsidized individuals.
While Oscar is not requiring proof of COVID-19 financial hardship for premium payment and grace period flexibilities for subsidized on-exchange individuals, everyone seeking to extend their grace period must call Concierge and request to do so.

Our commitment.
We will not retroactively terminate policies for non-payment during this period. We will continue our practice of not imposing late fees for failure to pay premium on time. We will not report the policyholder or contract holder to a credit reporting agency or debt collection agency for failure to pay premium on time.

Lastly, since all brokers are required to share this information with their clients, we’ve included a few user-friendly talking points below that you can copy/paste as you reach out to clients.

  • If you are facing financial hardship because of COVID-19, Oscar is extending the deadline for premium payments. This means you may take extra time to pay your premium payment with no interest and no penalty. To be eligible for this extension, you must be paid in-full through March 2020 (subsidized members must be paid through April to defer your May premium payment.)
  • This is a payment deferment, meaning your bill will still be due in full – Oscar is just giving you a little bit longer to pay it. Please remember that Oscar never charges late fees.
    For subsidized members, if no payments are made by the end of the grace period, your coverage will be cancelled, and you will be responsible for paying claims you incurred during the 61-120th days of the grace period.
  • Please reach out to me or Oscar’s Concierge team at 855-672-2755 for more details.