Insurers to Allow Extra Time for Paying January 'Obamacare' Premiums

Health CareAssociated Press

The health insurance industry says companies will give consumers more time to pay January's premiums under President Barack Obama's health care law.

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The move is an attempt to head off potential problems as the Obama administration renews millions of current customers, while trying to accommodate new ones as well.

Renewing coverage each year is standard operating procedure for private insurance plans.

But 2015 is the first renewal year for the health law, and the process involves a massive electronic data transfer from the government to insurers, happening right around the holidays. Last year, many files had errors.

America's Health Insurance Plans — the industry trade group — plans to announce the grace period Tuesday.

Insurers say they'll also act promptly to clear up any double-billing of consumers who've switched plans.