How we pay our Insurance premiums is something that most consumers rarely think about. If you have any kind of Individual Insurance, that is outside of an Employer Group, you have to select a payment mode. Some carriers will accept payments by mail, on a monthly, quarterly, or semi-annual basis. A lot of people will choose one of these options, when they are available, because they don’t like “bank drafts”. Unfortunately, while this sounds like a good idea, it may not always work out for you. When illness or injury occur, it is not always easy to stay on top of sending in a payment. When you miss a payment, depending on the type of Insurance, you may have a Grace Period, but if that runs out, you can lose your Insurance at the worst possible time. We just talked to one of our customers today that had this happen to them. They have been going through some health issues this year, and travelling and had missed the payment on their Medicare Prescription Drug Plan. This caused the plan to terminate due to non-payment. For this type of coverage, it will require an appeal to Medicare, due to medical hardship, to request re-instatement of the plan. Hopefully we caught this in time, and can help this member keep their coverage. If Medicare denies the appeal, the member will have to wait until next year, and will be assessed a penalty for the time they went without coverage. Do yourself a favor, and give bank draft a try. If you have questions on any of your Individual Health, Life, or Disability Insurance, please give us a call at 877-740-8683, or visit us online at www.freedomfreequote.com .