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If you are shopping for health insurance, one of the most important periods to understand is open enrollment—the designated time each year when individuals and families can enroll in or make changes to their health coverage. Missing this window could mean waiting another year unless you qualify for a special enrollment period. So, when is medical insurance open enrollment, and what should you know about it?
Open Enrollment for Marketplace Plans
For most Americans who get their health insurance through the Health Insurance Marketplace, open enrollment typically runs from November 1 through January 15 each year. This window is set by the federal government, although some states that manage their own marketplaces may offer slightly extended enrollment periods.
If you want coverage to begin on January 1, you will generally need to enroll by December 15. Enrolling after that but before the January 15 deadline usually results in coverage starting on February 1.
Employer-Sponsored Health Plans
If your employer offers health insurance, your company’s HR department determines your open enrollment period, which may vary. Most companies hold their open enrollment in the fall, usually between October and December, to align with the calendar year. Your employer will typically notify you well in advance and provide you with benefit summaries, coverage options, and instructions on how to enroll or make changes.
During this time, you can add or drop coverage, adjust your dependent information, or set up pre-tax savings accounts like HSAs or FSAs.
Special Enrollment Periods
If you miss open enrollment, all is not lost. Certain life events may trigger a Special Enrollment Period (SEP). These events include: loss of health coverage (e.g., losing a job), marriage or divorce, birth or adoption of a child, or moving to a new coverage area.
Generally, you have 60 days from the date of the event to enroll in a new plan.
Open enrollment is your once-a-year opportunity to ensure your health coverage meets your needs. Mark your calendar with the key dates that apply to your situation—whether that’s through the marketplace, your employer, or Medicare. If you miss your window and don’t qualify for a special enrollment period, you may be stuck without insurance until the next open enrollment comes around.
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