Health Insurance Open Enrollment Explained

If your employer offers health insurance, you are most likely going to have to wait for the “Open Enrollment” period to enroll in a health insurance plan. It is important to understand what “Open Enrollment” is and when you can take advantage of it.

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Defining Open Enrollment

When choosing health insurance through your employer or on your own, you will be able to do so during the Open Enrollment period. You can also use this time to make changes to your existing health insurance plans. In addition to employer-sponsored health insurance programs, individuals that don’t have insurance through their employers can also use the Open Enrollment period to enroll into, make changes to, or cancel the government’s Marketplace health insurance plan. You will not be able to make changes to your health insurance plan outside of the Open Enrollment period unless you have a “Qualifying Life Event” such as, marriage or having a baby, etc. You can, however, at any time, cancel your individual insurance plan that is not through employer coverage. It is especially important to know when Open Enrollment is and decide what you want/need when it comes to your health insurance. Speaking with a qualified health insurance agent should be a top priority! You’ll need to understand the benefits of your health insurance plan, your options, and be able to get the most out of your health insurance budget.

What is Health Insurance Open Enrollment?

What Changes Are Typically Made During Open Enrollment through Work

-During the Open Enrollment period, employees can make changes to their health insurance coverage. Typical changes include the addition or deletion of:

  • Dental Coverage
  • Vision Coverage
  • Health Insurance Plan Changes
  • Life Insurance Coverage
  • Disability Coverage (all if offered by the employer)
  • The Open Enrollment period will also allow you to add, change or remove a health savings account and flexible spending accounts.

 

What Changes Can I Make OUTSIDE of Open Enrollment on an Individual Plan

-Plans that are not “ACA” (Obamacare) can be purchased throughout the year like:

When to Take Advantage of Open Enrollment WITHOUT Employer Insurance

The Open Enrollment period for health insurance typically takes place a few weeks out of the year. Usually November 1st through December 15th. Any changes that are made within this time will take effect at the beginning of the following year (January 1st). Many individuals and families that don’t have insurance offered through a spouse, employer, parent, or Government plan will use this time as their Open Enrollment period. You should not procrastinate during Open Enrollment. If you miss open enrollment, you can risk going the entire year without the ability to enroll into a “Qualified Health Plan”. As your needs change throughout the year, you should update your account with changes in family (marriage, divorce, baby, adoption, death, etc.), income changes, gain of employer coverage, or other circumstances. This is very important.

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When to Speak With Nevada Insurance Enrollment

Because there are so many options when it comes to health insurance plans, the process can be very confusing. If you are having difficulty in deciding which plan is right for you and how much health insurance coverage you need, it is a good idea to speak with an experienced health insurance agent. By doing so, you will have peace of mind while making sound decisions regarding your health insurance coverage.

Related Articles:

Is My Health Insurance Affected If I Miss Open Enrollment?

Defining a Qualifying Life Event in Health Insurance

Health Insurance: What Is A Special Enrollment Period (SEP)?

HRA vs Employer Sponsored Health Insurance

 

Read More: Health Insurance in Las Vegas, Nevada

 

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