Open enrollment is a period of time during the year when individuals can enroll in health insurance, make changes to their insurance plans, or cancel their current plans.
When you don’t sign up for insurance during the open enrollment period, you will not be able to sign up for insurance or make changes to your insurance until the next open enrollment period unless you experience a qualifying event.
How Does Open Enrollment Work?
Open enrollment usually lasts a few weeks or a few months during the year. This period allows individuals to make changes to their various elections or enroll in a new individual plan.
During the open enrollment period, you can enroll in health insurance for the first time, change your current plan, change your coverage amount, or completely drop your coverage. It’s important that you weigh your options carefully because these changes and decisions can have a significant financial impact.
What’s Necessary to Prepare During Open Enrollment?
Open enrollment runs between November 1 and December 15 for the next year. Health care plans begin on January 1.
You’ll want to review the different health insurance plans to determine which plan works best for you. Even if you currently use a specific plan under your healthcare insurance, you might prefer a different plan with more or less coverage.
Consider the last few years of your healthcare services and think about the year ahead. Ask yourself the following questions:
- Do you plan on starting a family in the next year?
- Do you have enough money set aside for higher deductibles?
- Do you take costly prescription medications?
- Do you visit your primary care provider regularly for a chronic illness?
- Have you been dealing with health issues that may require more healthcare services and treatment?
By asking yourself these questions, you can better determine which insurance plan works best for your year ahead.
Looking for an Insurance Company You Can Trust?
It’s important to understand the open enrollment period for your insurance so you can make an informed decision about which insurance plans are right for you. For instance, 52% of the net insurance premiums paid in 2017 went to life or health insurance companies. If you’re unable to afford certain premiums, you may need to change insurance plans or pick a new insurance company.
If you’re looking for an insurance company to meet your needs for health insurance, life insurance, vision insurance, and more, Midwest Employee Benefits is the place for you. For more information about insurance policies and coverage, contact Midwest Employee Benefits today.