How COVID Has Affected The Insurance Industry and What You Need to Know About Your Policies

The pandemic our country has been thrown into in 2020 is unprecedented, and COVID-19 has certainly left a mark on every aspect of our society. Aside from the obvious health ramifications, our education system, commerce, socialization, religious practices, and even holidays have been greatly affected and it will definitely take time to recover. The insurance industry hasn’t been immune to the changes in our world, and even the various providers here in Florida have been forced to make changes to some of their policies, alter how they do work in their own offices, and figure out how to best support their customers while keeping their companies going. These companies recognize that people are either without work entirely thanks to being laid off, or aren’t allowed to open their businesses to work and make income, so their various bills and financial obligations are going to suffer.

There are several ways insurance companies are working with customers to make sure they are taken care of and supported during this time without losing their coverage. These include:

• Removing late fees from payment plans for a set period of time. Many providers have said they will not be charging late fees until June (or later) for bills not paid on time.
• Removing their “cancellation of coverage” policy when a bill is paid late or skipped. In other words, your insurance bill is still due, but if you can’t pay on time you won’t lose your benefits.
• Offering payment options for their customers. For some, this meant setting up payments for a different day of the month to help “stretch” time a bit more, and for others, it means giving customers a one or two payment grace period that allows them to skip two payments without being penalized. The payments are still due of course, but are simply stalled for those weeks until the customer can begin paying again.