Missed payments—they happen to everyone. For any number of reasons, you may have failed to pay your monthly premium on time. So what happens next? Will you lose coverage?

Well, not automatically. You’ll enter a grace period, giving you a brief period of time to catch up on your payments. During that time, you’ll have coverage, but you’ll still be responsible for the full overdue amount plus any additional payments that are due. If you’ve not paid in full by the end of the grace period, you’ll lose your coverage.

Watch this video to learn more about how grace periods work and what you can expect if you fall behind.