What You Need to Know About Open Enrollment Before Nov 1st
Health insurance is one of the most important benefits that employers provide to their employees. Every single person needs to have health insurance based on their specific needs. If you have health insurance and have gone through the process of selecting coverage, then you know that all policies are not created equally. So how does open enrollment affect you and your current health insurance policy or lack thereof?
Why does open enrollment exist?
It may seem like most people have health insurance at all times. However, the reality of the situation is that healthcare is not as accessible as it used to be, leaving some people without health insurance for a period of time. According to the United States Census, in 2019, nearly 8.5% of people did not have health insurance coverage at some point in the year. Many people assume that they will be healthy and safe and only think of getting health insurance when illness or accidents occur. Open enrollment exists as a system to motivate healthy people to enroll in healthcare through their work or independently if needed.
If you currently have healthcare through your employer or do not have health insurance, it is important to keep open enrollment dates on your calendar. The federal open enrollment starts on Monday November 1, 2021 and will continue through Saturday January 15, 2022. However, if you think you will need your insurance coverage to start on January 1, 2021, you must make all of your selections for you and your dependents by December 15, 2021. According to healthcare.gov, you may be able to apply for a special enrollment period if you have altering life events like having a child, getting married, or losing your health insurance coverage. Being proactive throughout the open enrollment process is essential, do not wait until the last minute.
What Insurance does open enrollment apply to?
Open enrollment is mainly used to motivate people to make health insurance selections. If you are thinking about other insurance coverage like vision and dental, it is important to note that these do not apply to the open enrollment period. There are a handful of insurances that can be purchased year round like short-term health and accident insurance. Assess your needs and see what type of coverage would best apply to you.