What is Open Enrollment?

If you are unhappy with your health insurance, you can change it just as quickly and easily as you can change your car insurance, right? Well, maybe. But probably not. Health insurance is not like car insurance. There are usually set times during the year where you are allowed to change your healthcare coverage, particularly if you receive it through work or the US healthcare marketplace. The enrollment times are usually during the fall and will go into effect in January. If you are selecting insurance through work or the marketplace, make sure you understand what you are getting because you will not be allowed to change it for a year. This includes stopping coverage entirely. If the plan you choose too expensive or doesn’t cover as much as you thought it would, you are stuck with it regardless.  There are some exceptions. If you have a qualifying event, you can change your coverage sooner than the open enrollment period. Qualifying events may differ depending on the employer, but usually include household changes such as:

• Marriage
• Birth or adoption of a new baby
• Death of a member of your household
• Divorce

The healthcare marketplace allows the above changes as well as:

• Changes in income
• Moving to another area
• Losing existing coverage
• And more

If you need to change your enrollment on a healthcare marketplace plan, see here for additional qualifying events. If you receive coverage through your employer, check with your HR department for more information on qualifying events for your specific company. Without one of these events, you will have to wait for the next open enrollment period unless you get a new job, so be sure you pick a plan that works for you.