Open Enrollment is an annual event in the United States when employees or individuals can buy or modify Health Insurance packages. It is mostly held once in a year in all the states of the US. During this period individuals can buy Health Insurance for themselves or family with the State Health Insurance Exchanges. Moreover, those having an active health insurance policy can modify them during the open enrollment period. The open enrollment period is a critical time when you should buy or modify your health insurance. Here are the dates of open enrollment 2019 and some key facts about it.
1. New Open Enrollment Dates For 2019
The open enrollment dates for 2019 have changed. It will be held from 1st November 2019 to 15th December 2019, in most states. There are some States which have extended the deadline for application. However, you should complete the process within the open enrollment period and not wait for the extended time.
Those who qualify for Medicaid or Children Health Insurance plan can enroll at any time of the year. However, if you are not eligible for the category you have to and roll or modify within the open enrollment period.
2. Having and health insurance is no longer required
Earlier, the ACA required each and every citizen of America to have an active Health Insurance Package. However, in 2017 the Congress government decided to remove penalties on not having health insurance. Hence, you no longer have to pay penalty if you do not show the receipt of health insurance while filing tax returns. However, having one is still mandatory. Having a health insurance policy is very important for everyone and preferably you should have one.
3. It’s the time to modify your plan
You can renew your existing health insurance policies during the open enrollment period. Moreover, you can make any modification you want in the policy you have already bought from a state exchange or a private lender. if you have a Marketplace Health Insurance it will automatically be renewed. However, the terms and conditions of usage are subjected to change depending upon the policy modification by the issuing company.
4. What if you missed the enrollment period?
If you miss the open enrollment period, you probably have to wait for the open period that will be held in the next year. However, you are eligible for making modification after the deadline if you have undergone qualifying life change.
What is qualifying life change? It includes a series of events because of which you might have lost your insurance. This includes changes in married status, the death of someone in the family, or pregnancy. Additionally, those who missed the open enrollment period because of a job change or exit, are eligible after the deadline. Moreover, people having a change in address can modify their Health Insurance anytime.
5. Premiums will cost less
According to the report by ACA, the premium rates will be dropped by up to 1.5% in 2019. This comes as a relief after we saw skyrocketing prices in earlier years. This comes into effect because of reduced premium rates of private lenders. However, the premium rates will depend upon the factors like income, Medicare etc.
6. Short Term Insurance
The Trump administration has introduced the short term insurance policies for younger people who cannot afford to pay heavy premiums. However, everyone is eligible for taking a short-term health insurance policy. The short-term plans are essential if those having low premium rates. Therefore, the coverage by these policies will also be less compared to the normal ones. Basically, the short-term plans will not cover the basic 10 things mentioned by ACA. Hence, you must decide beforehand which plan to choose.