You’ve probably heard it before – Open Enrollment is coming! But what exactly is Open Enrollment and why should you care? We’ve put together a short guide to provide answers to the most common questions we receive about Open Enrollment (it’s the one time of year you can buy or change your health insurance!) If you have more questions after checking out this guide, Group Plans Inc is always here to assist you!
What is Open Enrollment?
The Open Enrollment Period, more commonly known as OEP, is the on time of the year that you can buy or change your health insurance. If you don’t buy health insurance during OEP, you will not be able to purchase until OEP the following year unless you experience a qualifying life event. If you already have health insurance, this applies to you! This is the one time of year you can change your plan.
When is Open Enrollment?
For most states, OEP starts November 1 and ends December 15, giving you just 6 weeks to choose a plan and get signed up.
Why Does Open Enrollment Exist?
If Open Enrollment didn’t exist, when would you buy health insurance? Most likely when you got sick or injured, right? Well, OEP restricts when you can buy health insurance in order to maintain a needed balance for health insurance companies. By constraining the time period in which you can purchase health insurance, the amount of money going into and coming out of insurance companies’ pockets remains relatively balanced. This allows insurance companies to maintain a balanced pool of sick and healthy people, keeping the marketplaces stable. The amount individuals pay in premium works to counteract the money insurance companies are paying out towards claims. If people could sign up for insurance at any point, this balance wouldn’t exist and would cause and unhealthy disruption within the health insurance industry.
Who Does Open Enrollment Apply To?
Americans ages 18 to 64 who aren’t already covered by Medicaid, an employer, their parents, or Veterans Affairs.
Which States Have Extended Enrollment Windows?
Some states choose to extend the window people have to buy Health Insurance.
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California: November 1-January 31
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Colorado: November 1-January 15
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Massachusetts: November 1-January 23
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Minnesota: November 1-December 22
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New York: November 1-January 31
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Pennsylvania: November 1-January 15
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Washington: November 1-January 15
Arizona’s Open Enrollment period is typically November 1st – December 15th
What If I already Have a Plan From Last Year?
If you purchased health insurance during last year, you will be automatically re-enrolled for next year. Sounds pretty good right? Beware – people who don’t switch plans oftentimes see their monthly health premiums increase, their prescriptions may no longer be covered, and their doctor might no longer accept their old plan. It is always recommended to review you plan every single year, to make sure you are aware of any changes and can address those if needed.
What Can I Expect for Open Enrollment 2021?
Health Insurance can be very affordable for most! Group Plans Inc will search through all of the Health Insurance plans on healthcare.gov or your local Marketplace, recommend the best plan for your needs, and see if you’re eligible for savings. The next Open Enrollment Period will be later this year from November 1st through December 15th for Marketplace Insurance plans effective for 2022.
Do I Have to Sign Up For All Types of Insurance During Open Enrollment?
Nope! However, many people choose to enroll in dental, vision, disability, life and accident insurance during OEP in order to protect their entire physical and financial wellbeing all at once. We make it easy for your to buy most of these at the same time so you can get back to living life!
How Am I Going to Afford Health Insurance?
Subsidies (a fancy word for financial assistance) are offered to help people afford health insurance. These are offered in two forms: the premium tax credit (this means you don’t have to pay them back!) and the cost-sharing subsidy. Wondering if you qualify for these? We can help you figure it out based on your eligibility criteria!
Where Can I Buy My Health Insurance?
While you can buy health insurance directly from the federal or state exchanges, Group Plans Inc makes the whole process a lot easier. We’ll search through all of the Healthcare.gov plans to find the best one for your needs and check if you qualify for financial assistance – all in appointment that can be done in person in our office, or over the phone to save you a trip!