Many consumers often wonder when their Open Enrollment Period is for their health insurance plan. Open Enrollment varies from product to product. Medicare has a separate Open Enrollment Period then the Marketplace does and Open Enrollment through your employer will vary based on where you work. One thing is consistent when it comes to Open Enrollment. It is the time of year when you can evaluate your health insurance purchase from the previous year and access your medical expenses and other costs to see if making a switch is the right move for you and your family. Let’s discuss the different types of Open Enrollment and their respective dates.
Employer Coverage: Open Enrollment through your employer will typically be in the last quarter of the year. What I have heard from most of our clients is that their Open Enrollment is either in October or November. It is important to ask someone at your place of employment in advance, so you have time to make the right decision.
Federal Marketplace: The Federal Marketplace is available in 37 states. You can go to healthcare.gov or speak to a licensed agent who is certified to offer marketplace plans. Plans through the Federal Marketplace are called Qualified Health Plans. Open Enrollment through the Federal Marketplace has changed over the years however these past 2 years, it will remain the same. The Open Enrollment period for the 2020 year is going to be November 1st,2019 to December 15th, 2019. During this time, you can make changes to your existing marketplace plan or you can purchase one for the first time. Once Open Enrollment is over, you can only purchase a qualified health plan if you are in Special Enrollment which requires a life changing event such as losing employer coverage, getting married, divorce or birth of a child. These events need to occur within 60 days of the coverage period.
State Marketplace: The State Marketplace is available in 13 states. These State Marketplace’s run their own marketplace where residents in that state can go to purchase qualified health plans. The plan compositions are the same as the plans through the Federal Marketplace. The only difference is that each individual state runs their own Marketplace where a Federal Marketplace is organized by the government. Open Enrollment in a State Marketplace varies so it is important to check with your state to see when Open Enrollment is. California for example has Open Enrollment for the 2019 year was October 15th through January 15th. If you miss Open Enrollment through a State Marketplace, you must be in a Special Enrollment period just like the Federal Marketplace.
Annual Enrollment Period: The Annual Enrollment Period for Medicare beneficiaries is from October 15th to December 7th. During this time, Medicare beneficiaries who have a Medicare Advantage plan or a prescription drug plan can make changes to their plan or pick up a Medicare Supplement instead. Medicare Supplements or Medigap plans do not have an Annual Enrollment Period. You can change your plan anytime of the year if you meet the medical underwriting requirements. Once the Annual Enrollment Period is over, you have to keep your Medicare Advantage plan until the next AEP so make sure to look at your options during that time frame.
Open Enrollment is an important time of the year whether you have coverage through your Employer or the Marketplace. This may be the only time you can make changes to your plan to meet your healthcare needs. It is even more important if you lost your coverage throughout the year or never had coverage before to pick up a plan during Open Enrollment. Make sure to find out when your Open Enrollment is and give yourself time to make the right decision.
