Open Enrollment For Individuals 101
Health Insurance Open Enrollment season at The Insurance People is nearly here! This is an important part of the year, as it’s time to get insured for the coming calendar year. Mark your calendars and contact us with questions!
What is Open Enrollment?
Open Enrollment, which begins on November 1, 2023 for individuals, is the annual period where you can enroll in qualified health plans through the federal marketplace or private insurers. The opportunity allows people to modify or change their policies without needing a life event such as new employment, marriage, or divorce. You can lock in coverage anywhere from one month to a year during Open Enrollment season.
During Open Enrollment, folks can apply for Affordable Care Act plans, better known as Obamacare, by using healthcare.gov (on exchange) or getting a policy directly from a carrier (off exchange). Applying on exchange and using healthcare.gov is for getting a subsidy to purchase your insurance. Subsidies are like coupons for your insurance plan: they are tax credits that are taken up front and paid directly to the carrier. Individuals that qualify for a subsidy, or coupon, often also qualify for cost sharing which lowers the monthly cost of the insurance and the deductibles, copays, and out-of-pocket expenses.
Using an Agent
Selecting health insurance by yourself can be a stressful activity. Finding the right plan is essential and can mean the difference in saving thousands of dollars or having your doctors or medications covered. Using an insurance agent can help make the process easier, and working with us means you’re sure to choose a plan that meets your needs. It is the same cost to go direct as it is to work with us, so there’s really no reason not to work with us!
The group market, unlike the individual market, is stable. Rates are not bouncing around, renewal processes are easy and often seamless, and the networks aren’t constantly changing. Group markets on average are 30% less expensive than individual markets. Group plans also have larger networks, lower deductibles, more carrier options, and offer tax benefits for both employer and employee. Many folks change from the individual to group market during Open Enrollment season to save money and create stability in their insurance.
If you have a life-changing event, like getting married, divorced, moving counties, or changing jobs, you are eligible to purchase or change your insurance outside of Open Enrollment. You have 62 days from a life changing event to purchase or change your insurance.
You can apply for health insurance several ways:
Online
By phone
With the help of someone in your community
Through an agent/broker
Through certified enrollment partner websites
With a paper application
Don’t wait for the last minute to select your new plan, because just like going to the grocery store on Thanksgiving Day, procrastination leads to problems! Often times, the federal healthcare website crashes due to overuse during the last days of enrollment. Don’t get stuck—contact us to help you find the best option for you. All of our services are complimentary! We’re happy to help.
