Everything You Need to Know About Open Enrollment

By Tim Fitzgerald on Nov 17, 2023 @ 01:00 PM

It’s time for Open Enrollment. This is an essential period for anyone who needs to purchase or change their health insurance coverage for the upcoming year. This includes medical and dental benefits. It is crucial to understand when open enrollment occurs and what changes can be made during this period. You will want to take advantage of this opportunity to ensure that you have the coverage that meets your healthcare needs.

If you have enrolled in healthcare benefits in the past few years, you might know a thing or two about it. But, if you’re buying benefits for the first time, or you’re just looking to learn a little bit more about Open Enrollment – here is everything you need to know!

For Starters - What is Open Enrollment?

Also known as Annual Enrollment, this is the time when people can enroll in, modify, or cancel their health insurance coverage. This period typically lasts for a few weeks once a year. It is a chance for individuals to change their coverage without a qualifying event such as marriage, birth, divorce, or loss of coverage.

The actions you can take during this period include:

Adding or removing dependents (children, spouses, and domestic partners)
Renewing your current insurance plan

Buying a new insurance plan

When is the Open Enrollment Period?

The dates for public Open Enrollment are November 1^st – January 15^th. It takes place on the government healthcare site, HealthCare.gov.

Who does Open Enrollment matter to?

It is for people who work for employers that use the public healthcare marketplace, as well as the self-employed and people who are unemployed. Open Enrollment is the ONLY time of year where individuals can change their insurance plan, add, or remove dependents, and adjust their coverage levels.

This can be especially important if your healthcare needs have changed over the past year. For example, you have been diagnosed with a chronic condition. You may be considering a plan with a lower deductible or more extensive coverage for your specific condition.

It is important to note that if you miss Open Enrollment, you may not be able to enroll in a healthcare plan until the next enrollment period or until you have a qualifying event. This can result in a lapse in coverage and potentially costly bills. The exception to this rule is if you qualify for a special enrollment period.

What is a Special Enrollment Period?

Special enrollment periods are times after open enrollment for you to change plans or buy a new plan. You are only eligible for a special enrollment period if you have had a qualifying life event. These are defined as changes in your life that directly affect your coverage eligibility. Some examples of qualifying life events are:

Losing eligibility for Medicare
Turning 26 and losing coverage through your parent’s plan
Getting married or divorced
Having or adopting a child
Changing your residence
Gaining U.S citizenship
Leaving incarceration

How do you prepare for Open Enrollment?

Even if you are close to the Open Enrollment period, it is always worth taking the time to prepare first. Here are some things you can do to make sure you are ready:

Mark the Open Enrollment Period on your calendar: November 1^st – January 15^th!
Research Plan Options: If you are planning on buying a new plan or keeping your current plan, make sure to research plans and choose the one that works best for you and your family. Review your current plan, identify what benefits are most important to your family and look at as many plans as you can.
Gather Important Information and Documents: All insurance companies are different and require certain information from you. To find out what the insurance carrier needs, you need to contact them directly. However, gathering commonly required information will keep you ahead of the game. Some examples are:
- Proof of income
- Home/mailing address
- Social security numbers of you, your spouse, and any dependents
- Tax information
- Employer and income information for all household members
- Any current healthcare coverage information

Dental Open Enrollment is easy when you’re ready! Just keep the dates (November 1^st – January 15^th) in mind, prepare and research your plan options. You will have everything you need to succeed.

Bonus: Click here to get your free plan selection guide. It will help you picking in a plan for your needs.