here's what you need to know about open enrollment

The holiday shopping season will be here before you know it. But there’s an even more important shopping period to think about first: Open Enrollment.

Whether you’re buying your own health insurance for the first time or are considering switching plans, Open Enrollment may seem like a confusing, stress-inducing event. But it doesn’t have to be. Here’s everything you need to conquer this year’s health insurance signup process.

What is Open Enrollment?
Open Enrollment is the annual period of time when everyone gets a chance to sign up for health insurance for the coming year. This year, you may have heard the approaching enrollment period referred to as “Open Enrollment 2020”.

Employers that offer health benefits also have an annual enrollment period to allow employees to switch plans. While most companies kick off their signup process toward the end of the year (usually October or November), the start date and enrollment window vary from business to business.

Why is Open Enrollment a thing?
Before the Affordable Care Act (ACA) was passed in 2010, signing up for individual health insurance was often a challenge. If you had a pre-existing health condition, or had a family history of certain types of diseases, insurers could deny you coverage or charge you much higher rates than healthy people.

These practices prevented people from gaming the system by only signing up for insurance after they developed a health issue. But they also kept many consumers from getting coverage, either because they were denied insurance or because they couldn’t afford it.

After the ACA was passed, new consumer protections were put in place to ensure everyone can get health insurance, regardless of health history. It also provided subsidies to help lower-income people pay for coverage. But these new policies removed the check in place to prevent people from getting insurance only when they really needed it. And thus, Open Enrollment was born.

Under normal circumstances, Open Enrollment is your once-a-year chance to sign up for health insurance. If you miss this window, you have to wait until the next Open Enrollment period to get a new plan (with some exceptions – more on that later). By restricting signups to a limited time frame, insurers are protected from people dropping in and out of plans, paying for coverage only when they have an active health issue.

What’s changed for this year’s Open Enrollment?
For the most part, this year’s Open Enrollment will look a lot like last year. The signup dates are the same. The state and federal Marketplaces still exist, and are one of several ways you can purchase a health insurance plan for 2020. Subsidies will still be available for those that qualify for financial assistance.
Looking for new health insurance for 2020? Start a free quote here.

When is Open Enrollment?For health insurance plans beginning in 2020, Open Enrollment starts on November 1, 2019 and ends on December 15, 2019. But some states have extended the Open Enrollment period until January to give people more time to sign up.

What information do I need to collect for Open Enrollment?
In order to sign up for a plan during Open Enrollment, you’ll need a few key pieces of information, including:

• The names, dates of birth, and social security numbers of everyone you want to cover on your plan.
• Your estimated household income for 2020 (pre-tax), if you think you'll qualify for financial aid.
• Employer names, addresses, and phone numbers for everyone in your household.
• Immigration documents, if applicable.

For a complete checklist of what you need to prepare for Open Enrollment, click here.

Can I sign up for insurance outside of Open Enrollment?
If you don’t sign up for a health insurance plan during Open Enrollment, and your life circumstances remain the same, you’ll have to wait until next November for your next chance to enroll. However, if your life circumstances do change, you may be able to get insured during a Special Enrollment period.

Special Enrollment is a 60-day enrollment window that happens when you experience a qualifying life event – a fancy phrase for a significant change that impacts your status. Qualifying life events include things like:

• Losing health insurance through your job, spouse, or parent.
• Becoming ineligible for Medicaid or Medicare.
• Getting married or divorced.
• Having a baby or adopting a child.
• Moving to another city.
• Certain changes in income or legal status.

Check out the full list on HealthCare.gov to see if you qualify.

Contact our Benefits Department today to learn more and get covered!