Health insurance can be a confusing and challenging market to navigate. If you are wondering where to start and what it is all about, this article will help you get all the answers.
What is the Annual Enrollment Period?
Annual enrollment, also called the open enrollment or open season in the US, is that time of the year when you can enroll in a health plan, either through a private insurer or the federal marketplace. Aptly described by its name, it usually occurs at a fixed time once a year (but there are exceptions).
During the enrollment period, you can switch to a new plan or make changes to the one you currently have. The rates of your plan are reassessed accordingly during this period, and prices are often altered for the forthcoming year.
When does the enrollment period start, and how long does it last?
What does the term “effective date” mean?
The open enrollment period in Florida starts from 24th October and ends on 7th November each year.
To put it simply, the “effective date” is the date on which your new health insurance comes into effect. If you buy your insurance plan in Florida by 7th December 2020, the coverage of your new plan will start on 1st January 2021.
Can you sign up for health insurance after the enrollment period?
You generally have to enroll for insurance only during the open enrollment period. Missing the deadline means that you will not be eligible for insurance coverage.
However, there are a few exceptions to the rule. Some events in your life can qualify you to enroll for health insurance even outside of the annual enrollment period. These are:
- If you get married
- If there is a birth in your family
- If you adopt a child
- If you get a divorce
- If you are named legal guardian to a child
- If you have a new foster child
- If the previous policyholder dies
- If you somehow lose your essential coverage
- If you lose your COBRA (Consolidated Omnibus Budget Reconciliation Act) benefits
- If you relocate permanently
- If you change your citizenship
- If you have just become eligible for government assistance.
Any of these qualifying life events (QLE) will allow you to change your health insurance any time during the year. However, you will also need proof of the event- like a marriage certificate or a birth certificate, etc.
Typically, you are only allowed 60 days from the day of your QLE to change or enroll in health insurance. If you miss the deadline for some reason, you may not have insurance coverage until the next annual enrollment period.
An unexpected injury or medical event is not a qualifier for the special enrollment period (SEP). Only a QLE allows you the chance to enroll during the SEP.
You should also know that you will not be eligible to apply during the SEP:
a) If you lost your previous health insurance because you failed to pay your monthly premiums
b) If you cancel your previous coverage voluntarily.
Which health insurance can you sign up for only during open enrollment periods?
Most types of health insurance have open enrollment periods for people to sign up. These include:
- Individual insurance
- Insurance offered by an employer
- Medicare (October 15th, 2020 to December 7th, 2020)
Which health insurance can you sign up for outside enrollment periods?
Some exceptions that do not limit enrollment to a particular time of year are:
- Medicaid - If you qualify for it, you can sign up for it anytime.
- CHIP (Children’s Health Insurance Program)
- Travel insurance
- Short-term health insurance (offered in some states).
- Some supplemental insurance plans.
To Conclude
If you want to make sure you have health insurance for the forthcoming year, you must apply in time.
Anyone can purchase insurance irrespective of age or health during the annual enrollment period. But once it ends, it can be challenging to get health insurance, unless you qualify for special enrollment.
Keep in mind that if you want your coverage to be available to you by 1st January 2021, you have to apply by 7th December 2020.
Though there have been extensions of enrollment periods even in state-run marketplaces, it is not wise to depend on extensions.
So, start evaluating your health insurance options early to give yourself and your family the protection they deserve. An early bird attitude can save you a lot of stress and provide complete peace of mind. After all, what can be more important than you and your family’s health!
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