Between 2019 and 2021, 61.6% of working adults had employer-sponsored health insurance. If you are one of the other 38% of people who aren’t covered, Obamacare may be a good option.
If you’re looking for coverage through the Affordable Care Act, you need to know “when is Obamacare open enrollment?” This will allow you to get access to the health coverage you need. Let’s take a look at when you should apply.
What Is Open Enrollment?
Open enrollment is an annual time when you can sign up for health insurance coverage through the Affordable Care Act, colloquially known as Obamacare. During this time, anyone who meets eligibility requirements can apply for coverage or pick a new plan through Obamacare.
Unless you meet certain requirements, you cannot complete Obamacare enrollment or switch plans outside of open enrollment.
When Is Obamacare Open Enrollment?
In most states, open enrollment for Affordable Care Act coverage runs from November 1 to January 15. If you want coverage to start on January 1, you must enroll by December 15 of the previous year.
If you sign up for coverage after this, your coverage most likely will not begin until February 1. Some states also offer the option to enroll as late as January 31, with coverage beginning on March 1.
Some states have their own state-run exchanges. This means they can set deadlines for enrollment and coverage that are different than those run through the federal marketplace.
Because of this, it is critical that you check the deadlines for your own state.
In general, open enrollment occurs at the same time each year. However, it is important to note that it can change periodically, especially since individual states may choose to extend open enrollment due to the Covid-19 pandemic.
How to Get the Most Out of Obamacare Open Enrollment
Obamacare offers subsidies based on your income and family. These subsidies can bring the price of coverage down by hundreds of dollars a month. If you want to make participation in the healthcare system affordable, these subsidies can help.
You should also think carefully about the coverage you need and will actually use. Plans are sorted by metal levels, which indicate their coverage level. If you need a lot of coverage, you should choose a higher-level plan, like gold.
It’s also important that you don’t overbuy on your coverage. Make sure to shop around for one that offers the coverage you need at a premium you can afford. An insurance professional can make figuring out the differences between plans a lot easier.
What Other Times Can You Enroll in Obamacare?
Sometimes you may have life circumstances that trigger a special enrollment period (SEP). If you meet the qualifications for one of these say in June, you don’t have to wait to open enrollment. You can still enroll in coverage in June.
A SEP is triggered by a qualifying event in your life. Many of these events involve significant life or financial changes. If you experience a qualifying event, you’ll need to show proof on your coverage application.
In general, if you sign up for a plan by the 15th of the month, coverage will begin on the first day of the next month.
Meet the Deadlines for Open Enrollment Obamacare
If you want to get health insurance through the Affordable Care Act, you’ll need to meet the deadlines. It’s critical that you know the answer to “when is Obamacare open enrollment?” so you can get the healthcare coverage you need.
Get in touch with an expert at FutureWise Insurance to get the best health insurance for you and your family.