Want to make changes to your health insurance coverage, or get coverage for the first time? Then it’s time to learn about open enrollment.
While you may have heard of the phrase before, perhaps you don’t fully understand what it involves. That’s where we come in to help. If you’re looking to make changes to your health insurance, keep reading.
Here’s everything you need to know about open enrollment 2020.
What Is Open Enrollment?
You may be wondering: “What is open enrollment?” Well, open enrollment is a window of time whereas individuals and employees can adjust their health insurance, including adding to it or even dropping it.
Open enrollment insurance windows have been a process of employer-sponsored health insurance for a long time, but they were only introduced in the individual market in late 2013.
For employer-sponsored coverage, the open enrollment window is typically the only opportunity for employees to drop their coverage. However, those in the individual market can drop coverage at any point during the year.
In both situations, open enrollment is the only window that individuals can sign up for a plan or can move to a different plan. This is unless a special enrollment period is welcomed by a qualifying event.
Under the Affordable Care Act (ACA), personal health insurance offers open enrollment windows which apply in and out of the exchanges. Before 2014, individuals could apply at any point but had to go through medical underwriting.
When Is Open Enrollment in 2020?
Unfortunately, the 2020 open enrollment period has closed. The 2020 Open Enrollment window ran from Friday, November 1st, 2019 to Sunday, December 15th, 2019. If you didn’t make your changes during this time frame, you can’t receive 2020 coverage unless you’re eligible for a Special Enrollment Period.
If you did manage to make the changes, plans sold during the open enrollment window start on Wednesday, January 1st, 2020.
What Is a Special Enrollment Period?
If you missed the 2020 open enrollment window don’t worry yet. The Special Enrollment Period is a time separate from the Open Enrollment Period that allows you to register for health insurance under certain conditions.
You’re eligible for the Special Enrollment Period if you’ve experienced certain life events. This includes losing health insurance coverage, moving, getting married, having a baby, or adopting a child.
Depending on your circumstances, you may have 60 days before or 60 days after the event to sign up for a plan. If you miss your Special Enrollment Period, you’ll likely have to wait for the next Open Enrollment Period to apply.
Remember, you can register in Medicaid or the Children’s Health Insurance Program (CHIP) at any point in the year, even if you don’t qualify for the Special Enrollment Period. Job-based plans must supply a Special Enrollment Period of 30 days minimum.
Open Enrollment 2020
While it may be too late to apply for open enrollment 2020, remember you can always see if you’re eligible for the Special Enrollment Period.
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