Health Insurance is an essential factor in our lives. Sadly, most health insurance plans, like Obamacare and employer-sponsored coverage, only allow new coverage during a special period called Open Enrollment.
So what is open enrollment? Open enrollment is the time of year health insurance providers allow new coverage to begin. The open enrollment period varies depending on the type of insurance and the state you live in. If you have employer-sponsored coverage, each company will likely have its own ‘open enrollment period’ in which you can elect to change your coverage or sign up for a new plan. For Obamacare, the open enrollment period typically starts in November and ends at the beginning of the new year. During this period, you can apply for low-cost plans on the marketplace.
What Happens If You Miss Open Enrollment?
If you miss open enrollment for your health insurance carrier, you can’t sign up for a new plan until next year’s enrollment period. However, there are some exceptions, like special enrollment periods. If you don’t qualify for a special enrollment period, you can still sign up for health insurance with private insurers or elect to get short-term coverage with a catastrophic plan.
What are the special enrollment periods?
With employer-sponsored coverage and the marketplace, there are exceptions to open enrollment called ‘special enrollment periods.’ This means you may qualify to sign-up if you qualify for a special life event, such as:
- Having a baby or adopting a child (including being placed in foster care).
- Moving to a new area where there’s no longer an eligible plan available through your job or current marketplace plan.
- Getting married or entering into a domestic partnership with someone who has employer-sponsored coverage.
- Losing your job.
You may qualify for Medicaid or CHIP.
If you’re low-income, you may be able to get Medicaid or CHIP.
Medicaid is free or low-cost health insurance for low-income people. To qualify, your household income must be a certain percentage below the federal poverty level. If you think you qualify, you can apply on Healthcare.gov or contact your state’s Medicaid office for more information.
CHIP stands for Children’s Health Insurance Program; it provides free or low-cost coverage for children from families who earn too much money to qualify for Medicaid but still can’t afford private health insurance plans that aren’t subsidized by tax credits or subsidies under Obamacare (i..e., “marketplace” plans).
You Can Consider Short-Term Coverage
Short-Term Coverage is also called ‘catastrophic’ coverage,’ meaning you pay just to be covered for major medical emergencies that could leave you in debt or even bankruptcy. These plans have more customization options to cover you for short periods of time while you wait for open enrollment. However, short-term plans have some disadvantages. They typically don’t cover pre-existing conditions and may not provide coverage for regular sick visits.
You Can Purchase A Private Plan
You can always buy a private plan from an A-rated carrier if you need full coverage. However, it’s much more costly than other types of health insurance, and similar to short-term coverage, pre-existing conditions aren’t always covered.
Insuraway Can Help You Find A Plan Year-Round
Regardless of when or why you need to purchase health insurance, the highly-trained agents at Insuraway can help you find a health insurance plan for every situation without going over budget. Call us at (888) 254-1267 to find out more.
