Health Insurance
January 12, 2024

Do Health Insurance Companies Accept Credit Cards for Premium Payment?

Love racking up reward points? These health insurance carriers let you pay by credit card.
Ellen Decareau
A hand holding up a credit card.

Key takeaways

For those who enjoy earning credit card rewards, some health insurance companies will let you pay the monthly premiums on your individual marketplace using a credit card. But, not all health insurance providers are created equal.

Let’s take a closer look at some of the major health insurance carriers that offer the option and the pluses and minuses of paying your premiums this way.

First thing’s first — payment rules on the marketplace

Health insurance carriers on the marketplace must accept money orders and pre-paid debit cards. They do not, however, have to accept credit card payments unless the state makes that a requirement. Many insurers do, though. But keep in mind that rules vary from state to state and between insurers, and, well, companies can also change their mind.

Why would you want to pay by credit card?

Paying health insurance premiums with a credit card has advantages like additional flexibility in managing monthly cash flow. Many credit cards also offer rewards and loyalty points for the cardholder for every dollar spent, including health insurance premiums! If you’re not paying your monthly balance though, accruing credit card debt on one or more unpaid premiums of even a few hundred dollars can make your health insurance plan much more expensive.

Health insurance companies that allow credit card payments

Please note that this is not an exhaustive list. (There are a lot of carriers all over the U.S.!) Also, the terms may have changed by the time you read this article.

Health insurance companies that do NOT allow credit card payments

Banner ad for StretchDollar that reads "affordable, instant health benefits for SMBs"

How the marketplace creates more choice for small business employees

Group health plans called ICHRAs, like the one StretchDollar offers, allow employers to give pre-tax, fixed funds to their employees for health insurance plans they pick and buy from the marketplace. These plans are ACA-compliant, meaning they have to follow certain regulations and safeguards mandated by the federal government. (That gives a lot of assurance to small business owners who want to make sure their employees are taken care of.)

Most regions of the U.S. offer several health insurance carriers in the marketplace and several types of health plans from each carrier, giving employees lots of choices over what type of plan (and budget) fits their needs. As evident by this article, choice also extends to how they want to pay for their health plan.

Interested in a pre-tax, fixed benefit for your small business? Contact StretchDollar here to learn more.

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