Include the late fee with your premium remittance. After a late fee has been assessed, the amount owed in late fees will be automatically applied from a payment that is received. Payments are applied first to any late charges, second to any interest charges, third to premium, and last to unapplied. If you do not include the amount owed in late fees in your remittance, it will be subtracted from the amount that is applied to your premium. You may face additional penalties based on the unpaid premium.
Interest is assessed after the last day of the month in which the premium is due.
Assessed interest will appear in the next bill. Interest charges are calculated monthly and assessed on unpaid premium after the last day of the month in which the premium is due. Interest charges are calculated using the Treasury Value of Funds Rate . Interest is assessed on each full month that premium is unpaid. You will no longer remit a separate interest payment.