Open enrollment is the time of year you sign up for your health insurance plan or make changes to it. It’s crucial to note open enrollment is not to be confused with Medicare enrollment; they are two separate enrollment types and periods.
Enrolling during this time guarantees you coverage for the following year if you are eligible to receive it. Unless you want to wait until the next enrollment period, it’s important to enroll as soon as you’re able during the enrollment period.
When Is Open Enrollment?
The time for open enrollment depends on which plan type you are enrolling in. There are three enrollment periods to be aware of for different plans:
- Private employers—This typically occurs between October and December for plans beginning in the following year, but can vary depending on your employer. The most important part to note is that enrollment needs to happen early enough for the employer and insurer to submit the appropriate paperwork so coverage can begin on Jan. 1 of the following year.
- Medicare—Medicare open enrollment happens from mid-October through mid-January. During this enrollment period, you may make changes to your current coverage or apply for coverage.
- Marketplace plans—Open enrollment for marketplace plans occurs from November through the following January. It’s important to apply before mid-December to be eligible for coverage beginning Jan. 1 of the following year.
What Qualifies As Special Enrollment Period?
There are some circumstances in which someone may qualify for enrollment outside the enrollment period known as a qualifying life event. The circumstances include:
- Involuntarily losing other health insurance coverage
- Moving out of your old plan’s service area
- Moving to an area where different health plans are available
- Getting married
- Having a new baby or adopting a child
If you lost your health insurance due to missing a premium payment or voluntarily canceled your coverage, you do not qualify for a special enrollment period.
Contact Us Today!
At LIA - Lalani Insurance Agency, LLC, we want to help you get the coverage you need most. Contact your agent today to get started on your open enrollment.