What does “Open Enrollment” mean?
Does this pertain to me?
You have probably seen the hype recently about open enrollment approaching (and now here) for health insurance and maybe even wondered if you are supposed to be doing something about it. If you have individual health insurance or are considering getting some, then right now is the time to be looking.
After open enrollment the only time you can sign up is if you have a qualifying event like a birth, marriage, or divorce. If you don’t you could face a penalty of $695 per person or 2.5% of income, whichever is higher.
If you already have a plan that complies to the Affordable Care Act, you don’t have to do anything and it will transition right into the new year. Rates have changed though and more plans are available so you may want to shop around to make sure you have the best plan for the coming year. An independent agent can help, and it doesn’t cost extra. Give me a call, I’d love to help.