All about open enrollment

All about open enrollment

Are you someone who owns a small business or needs individual health insurance? If so, you should be aware of open enrollment! This year, open enrollment will take place from November 1st through December 15th. This means that you will need to apply for your health insurance coverage during this time period. 

What is open enrollment?

Open enrollment for health insurance is a time period in which you can sign up for the best health insurance for you. This is also a time where you can change your current health insurance. If your health insurance is provided by your employer, this is a time in which you can disenroll if you would like to discontinue coverage. This is typically your only time to sign up for health insurance, otherwise, you will likely have to wait until the next open enrollment period. 

What kind of insurance can you get?

If you are going to participate in open enrollment, you can usually get most types of health insurance. This includes medicare, job-based health insurance and individual market health insurance. Individual market health insurance is coverage that people can buy for themselves instead of getting it through an employer. 

There are a few different insurance types that do not use this open enrollment period, which means that you cannot get it during this time. This usually includes Medicaid, because if you qualify you can enroll at any time. CHIP is the U.S. government’s Children’s Health Insurance Program and also does not limit enrollment to a certain time. Travel insurance is not subject to open enrollment restrictions. This is usually because it is only for a short period of time and is purchased right before a trip. 

Short-term health insurance does not use open enrollment periods because like travel insurance, it is available year-round. 

Tools

Knowing everything you need to know about insurance, coverage, open enrollment and the best health insurance for you can be overwhelming, but oftentimes there are lots of different tools and resources for you to use. If you don’t already have health coverage, then the Marketplace is where you can look to get covered. What you pay for your insurance will be determined by your income.

If you need help determining your income before you get coverage from the Marketplace, there are lots of tools to help you figure that out. Be sure you start with your household’s adjusted gross income from your most recent federal income tax return. You will also need to add other kinds of income including foreign income and social security. Next, you will want to adjust your estimate for any changes you can expect, which include raises, new jobs, investments or gaining or losing dependents.  

If you need some help before or during open enrollment, Health Server Solutions is here for you! We can walk you through the entire process and help you choose an individualized plan and the best health insurance that works perfectly for you, your small business or your family. You don’t have to go through open enrollment alone! Let us help! Contact us today and let’s get you covered for 2021!