What is ACA Open Enrollment?In 2014, Obamacare, a policy that is known as ACA or the Affordable Care Act, was established and an ‘Open Enrollment’ was established between Nov 01 – DEC 15 to ensure individuals can make changes or join a medical health insurance plan that’s more suitable for them. This nationwide enrollment is your only chance you get to make such changes (unless you qualify for a Special Enrollment Period – like losing employer/group coverage) and it can certainly save you a ton of headaches and frustration with future medical situations. This year, due to the coronavirus emergency via Presidential Executive Order, you are able to now enroll in health coverage February 15th through May 15th, 2021. Your effective date will be on the 1st of the following month. For example, if you enroll on March 15, your effective date will be April 01.
Failing to join a new insurance plan within the enrollment period will result in your buying options being extremely limited until late the following year when you’re able to apply again. It’s essential that you re-analyze your current plan as you may be able to find something more suitable for you or insurance that is cheaper and can save you some money.
You could also qualify for a subsidy meaning that you could have a $0 or very low premium. This is based on your household income and the number of people living in your home. There are more choices available for health plans today than were previously offered so be sure to review each plan carefully.
What Can YOU Do During the ACA Open Enrollment?During the ACA ‘Open Enrollment’ period, you’re able to make changes and updates in the following ways: • Renew your current policy – If you have reviewed and analyzed your existing plan and the upcoming changes that may occur in the years ahead. You can renew your current ACA insurance plan, so you’re covered for another year.
If any changes are happening on your current plan, the insurance provider will send you a letter regarding what will happen to your coverage if you renew with them. If you believe or are unsure of the changes that may happen, you should contact them before the renewal date.
• Make changes to employer-based health insurance – In some cases, you may get health insurance through your current employer. If your employer offers this, the nationwide enrollment period doesn’t affect you. Your employer will have its own enrollment period that you’ll need to be aware of.
All insurances including the ones supplied by an employer, are likely to change through the years. Be sure that you’re aware of any possible changes before enrolling back into it.
• Purchase a short-term health plan – Not so long ago, short-term health insurance plans were only available to the younger generation that couldn’t afford long-term health coverage. However, nowadays it’s available for most individuals.
Be aware, short-term health plans may not cover the basic services that the ACA policy generously offers. These short-term health plans may exclude pre-existing conditions, prescriptions, mental health and maternity. Short-term plans may seem like a better deal and much more inviting due to their affordability. But before diving into a short-term plan, be sure that you know exactly what is and what is not covered. These plans are very popular for the younger population and/or those with good to excellent health.
Being mindful of future changes that may happen to your insurance policy is beyond vital. Insurance plans change yearly which changes your coverage and may force you to become un-covered for important health issues.
If you need additional advice or would like to change your current medical health insurance plan, contact one of our insurance experts today. Get your personalized and free consultation today at 772-210-1020.