Depending on your policy, this is the date when your medical costs that you pay, such as, co-pays, coinsurance, prescription drugs co-pays, or any money you spend on qualifying health care services, counts towards your deductible and annual out-of-pocket limit.

Types of Enrollment Periods

There are two types of enrollment periods. The period in which you sign up for coverage affects when coverage begins.

Open Enrollment Period

The Open Enrollment Period normally runs from November 1 through January 15^th each year but can change. When you enroll in November or December, your health insurance takes effect on January 1^st. If you apply on or after January 1^st through January 15^th (which is the last day to enroll during open enrollment) your coverage will begin February 1^st.  After January 15^th each year, you’ll need an “SEP” to enroll.

Special Enrollment Period (SEP)

If you sign up for a new policy outside of the yearly open enrollment period, you must have a qualifying life event. A “Qualifying Life Event” can be getting married, having a baby, moving into Nevada and losing your coverage, etc. You’ll have a Special Enrollment Period of 60 days to start a new plan. The coverage will be effective on the first day of the following month, regardless of when you signed up. For example, if you do not sign up until July 17, your coverage will take effect August 1. The exception to the rule is the birth/adoption of a baby. The baby’s coverage will be back dated to the birth/adoption.

If you apply within those 60 days and you purchase a health insurance policy prior to the end of the month, then you can expect your health insurance to take effect on the first day of the following month.

Waiting to Purchase Coverage Is a Gamble

The benefits of robust health insurance are easy to overlook, especially if you are young or enjoy generally good health. However, anyone can experience a sudden and serious injury or illness. Without health insurance coverage, you may be on the line for tens or even hundreds of thousands of dollars in medical debt. Because of the way health insurance enrollment periods and effective dates work, it is not a good idea to wait until you need coverage to purchase it. You will find yourself uninsured with large medical bills.

Finding Affordable Health Insurance with Nevada Insurance Enrollment

Understanding when your health insurance coverage goes into effect can help you make informed decisions about when to schedule primary care services or what your options are if you experience an injury or illness. At Nevada Insurance Enrollment, our experienced health insurance agents assist you in comparing policies and find the right one for your needs and budget. We can also help you review your health insurance policy and determine when your coverage begins.

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♦ Major Medical vs Other Types Of Health Insurance Coverage

♦ Individual Health Insurance vs Group Health Insurance: What’s the Difference?

♦ Health Insurance, Vision Insurance or Both?

♦ What Is a Qualified Health Insurance Plan?

Read More: Health Insurance in Las Vegas, Nevada

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