03 Nov What You Need to Know About Open Enrollment 2021

What You Need to Know About Open Enrollment 2021

Open enrollment refers to the period in which you can enroll in our elect to opt-out of health, dental, and vision coverage for the calendar year ahead. And with all of the insight into co-pays and deductibles and what is covered and what isn’t, it can be frustrating to try to make sure you get it right. With rising healthcare costs, many Americans stress over selecting the right plan and determining how much coverage they will need for their family.

To make matters worse, if you miss the open enrollment period, you are stuck and unable to make changes to your plan until the following year. The only exception is if you have a qualifying life event. Though it is up to the enrollee to determine the plan that makes the most sense, there are a few things we thought you should know.

When is Open Enrollment 2021?

If you receive your insurance benefits through your employer, you will most likely receive a notification from your Human Resources team quite soon. Though your company will decide when the open enrollment period opens, it usually takes place between October and December. Remember, if you miss the open enrollment window, you will be unable to make changes until next year.

If you don’t receive insurance benefit through your employer, the Marketplace open enrollment period begins on Sunday, November 1, and runs through Tuesday, December 15, 2020. The Marketplace provides a platform for people that do not have health insurance through their job, Medicare, Medicaid, the Children’s Health Insurance Program (CHIP), or another source. The Marketplace makes it easy for you to shop for and enroll in insurance online, over the phone, or in-person with assistance from an agent or insurance broker.

What is a Qualifying Life Event?

Though there are rare exceptions, qualifying life events include:

• Loss of health coverage
• Changes in the household such as the birth of a child, adoption of a child, death of a spouse or dependent, marriage, or divorce within the familial unit
• Changes in residence outside of the region where your current insurer provides coverage
• Other events such as becoming a citizen of the United States, leaving incarceration, or joining or leaving the AmericCorps (a voluntary civic society program)

Changes Under the Affordable Care Act

In 2021, states can choose from 50 health benefits to provide more flexible plans to their citizens. As a result, you may have more options to choose from in 2021 than you have in past years. However, the coverage provided by each health insurance plan can vary. This means that you must very carefully review the types of coverage that your family requires so that you can act and choose accordingly.

Health Insurance is Recommended but Not Required

It is estimated that over 40% of adults between the ages of 19 to 64 in the United States do not have adequate health care coverage. Many Americans elect not to have health insurance as they believe their health will sustain itself for the following year. Unfortunately, an average trip to the emergency room is about $1,100. Emergency room visits aren’t something we plan for. They are a result of something unexpected, and by their nature, are emergencies.

A typical trip to the doctor can easily run between $300 to $600 out of pocket. Though you may not plan a trip to the doctor or think you will need one, health situations can change rather quickly. In many cases, the expenses of a doctor’s visit or emergency room visit (especially if additional medical care or treatment is required), can easily exceed the out-of-pocket cost for a health insurance plan.

For these reasons, it is recommended that all Americans enroll in a health insurance plan.

Have Questions on the Right Health Insurance Program for You and Your Family?

If you are looking for assistance with Pawleys Island insurance or want to ensure that you have ample coverage to protect you and your family, Laura Hibbits Insurance can help. Call us today at (843) 979-9204 or send us a message. We’re here to help.