Summary
- Many health insurance and auto insurance companies are providing some type of financial relief due to COVID-19.
- Check to see what your insurance companies are offering.
- Reductions may be retroactive to March.
Some insurance companies, specifically health insurance and auto insurance companies, are providing some type of financial relief, such as reducing premiums, due to the COVID-19 pandemic.
As a result, we recommend you contact your insurance companies to determine what type of relief they may be offering. If it’s not enough, try to work out an individual payment plan with your insurer. It’s important to note that what one insurance company may be offering will not necessarily be standard throughout the country, so reaching out to your lenders directly is key to ensure you’re properly informed.
For example, California Insurance Commissioner ordered all insurance companies to “provide a premium credit, reduction, return of premium, or other appropriate premium adjustment as soon as possible. These reductions or other types of adjustment, ordered by the state, are retroactive to March of 2020.
America’s Health Insurance Plans (AHIP) has listed what major healthcare providers are doing to alleviate the financial burdens caused by COVID-19, such as waiving co-pays, removing deductibles, eliminating prior authorizations, and more, depending on the provider. See the list here.
Many auto insurance companies are providing discounts, credits, refunds, rebates, and more:
In the meantime, Smart Spending Tips is a free valuable resource to help you monitor and protect your credit and explore other credit options during these uncertain times.
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