What is Open Enrollment
Insurance Open Enrollment
As October nears its close, we are reminded of a very important time of year for health care: open enrollment! It’s time, yet again, to wade through the list of insurance plans and find the best one for you. In case you aren’t used to open enrollment, or maybe have a younger family member who might not be familiar, let’s talk about it!
Open enrollment for the Health Insurance Marketplace is a specific time of year—from November 1st to January 15th—where the public can shop around for next year’s insurance plans. That includes singing up, changing, or renewing an existing plan.
So, why does open enrollment exist?
Why can’t I just sign up for a plan whenever I need to? The main reason is to prevent people from only getting insurance when they become sick. Health insurance depends on a balance of healthy and sick for it to work, after all! But it’s also helpful because our and our family’s health situations often change every year! Maybe you received a new diagnosis, switched to a different medication, or are planning a specific procedure in the next year—open enrollment gives everyone an opportunity to update their health insurance, so you’re covered where and when it matters!
Special Enrollment Period
If you miss signing up during your respective enrollment period, you’re out of luck unless you have a “qualifying life event.” These include a very short list of events like losing existing coverage, moving, changes to the family (marriage, having a baby/adopting), and a few others. If you qualify, you will have 60 days to enroll in a plan before the special enrollment closes.
It's important to note that these dates are applicable to most insurance situations, but not all of them. For example, Medicare has a different set of dates you’ll need to be aware of. We’ll talk about those next week!
Do you find all this insurance talk confusing? You’re not alone! Just give me a call and see how I can help—it’s what I’m here for!