What is open enrollment?
Open enrollment is the time period at the end of each year, where anyone can sign up for health insurance. During this time,
Why does open enrollment happen?
Open enrollment was implemented to decrease and discourage adverse selection.
A health insurance company can only exist if it takes in more money in premiums each year than it pays out in claims. For this to happen, it needs more healthy members than sick members.
What is my responsibility during open enrollment as a consumer?
You as a consumer should know enough about your health insurance to make a decision about what you want to do for the upcoming year. In order to be prepared, review your policy each year and what coverage you may need for the upcoming year.
You may also contact your health insurance agent and let them know of any changes to income, household size, or if you would like to change policies. Your health insurance agent can help you navigate the health insurance world during open enrollment.
What if I miss open enrollment?
Luckily if you miss open enrollment, you have a few options.
There is one more option though if you miss open enrollment, it is called a special enrollment period.
Special enrollment period
What is a special enrollment period?
A special enrollment period is when an individual qualifies to sign up for a health insurance plan, outside of the open enrollment window. In order to qualify for a special enrollment period, you have to have a qualifying life event. These include, but aren’t necessarily limited to:
What do I do if I qualify for a special enrollment period?
There is a time frame in which you are qualified to sign up on the premise that you have a qualifying life event. You have 60 days before or after your qualifying life event to sign up for health insurance. During this time you can contact your health insurance agent and they will be able to help you with everything.
Why does any of this matter to me?
Health insurance can seem like a heavy topic. There’s a ton of information, which is why it is helpful to have a health insurance agent guide you through this process. However, as an individual, knowing the basics of health insurance and the enrollment periods will help you significantly in getting the best health insurance policy for you and your family.
Health insurance policies change yearly, along with prices and benefits. They also change depending on your situation, like household size, income, and zip code.
It is very important to review your options during open enrollment, and understand your options to optimize your benefits from your health insurance.
At our agency, we take your privacy seriously. Unlike big insurance agencies that sell your information to high-pressure agents, we only use it to connect with you personally. This way, we can ensure that you get a plan that's tailored specially for you.