If you need to change your health insurance coverage, it can’t be done on a whim. Unless you have a major change in life circumstances (such as a new job or a new child), there’s a specific time to do it: open enrollment. It happens every year, and in most cases, you can’t make additional changes once it’s passed.
When is open enrollment?
In most states, open enrollment through the Health Insurance Marketplace begins annually in November and ends the following January. However, the dates differ if you’re signing up for these types of healthcare coverage:
- Medicare open enrollment runs from October 15 through December 7.
- Employer-sponsored healthcare plans usually offer open enrollment toward the end of the calendar year, but the dates may vary by employer.
- Medicaid has no open enrollment period. If your income drops below a specific threshold, you may qualify for coverage anytime.
What should you consider before open enrollment?
It’s a good idea to check in advance if you’ll need to make insurance plan changes for the upcoming year. Starting early may prevent you from scrambling to make changes on the final day of open enrollment. Some steps to take might include:
- Reviewing your insurance plan: Do you have the coverage you think you’ll need?
- Checking on premium costs and anticipating increases.
- Exploring alternatives, like coverage through a spouse or partner’s employer.
- Making sure your preferred providers are in-network.
What is a special enrollment period?
As mentioned, major life changes may prompt you to make changes in your health insurance coverage. That’s why there’s a special enrollment period for certain events, including these three common ones:
- Losing your health coverage.
- Getting married, having a baby or getting divorced.
- Moving.
Other life events might also necessitate a special enrollment period.
If you have questions or need help with open enrollment, special enrollment, health insurance or life insurance, reach out any time for help.