Daniel Stewart

What Month Does Open Enrollment Usually Occur?

Choosing the right health insurance plan requires ample thought and consideration. But you only have limited time to make those crucial decisions. The only time you can choose a plan that is right for you or adjust your current plan is during the open enrollment period (OEP).

Open enrollment is when you can enroll in employer-sponsored insurance or purchase ACA-compliant plans. This period is fairly consistent across the United States, but it can differ slightly in certain states. Companies can also have different timeframes for employer-sponsored plans, so it's important to check your resources for open enrollment to understand how long you have to make decisions about health coverage.

Federal Open Enrollment Dates You Need to Know

The open enrollment period opens on November 1st of every year and lasts through January 15th of the following year. However, you must enroll in a healthcare plan by December 15th for your coverage to start on January 1st.

Several states have state-run insurance marketplaces. They usually have a similar open enrollment period, but some give you additional weeks to get healthcare coverage. For example, open enrollment in Massachusetts lasts until January 23rd. Meanwhile, New York, California and a handful of other states extend the OEP until January 31st.

Getting Coverage

Most people will deal with the federal open enrollment period. Because you need to enroll in a health plan by December 15th for coverage to start at the beginning of the next year, you only have about 45 days!

The earlier you shop for healthcare, the better. Study resources for open enrollment and assess your needs. Familiarize yourself with company policies and plans if you choose employer-sponsored healthcare. Compare prices until you find something that meets your family's needs and budget.

It's also wise to review in-network providers to ensure you understand potential out-of-pocket costs. If you're sticking with the same plan you had the previous year, study any changes that might slip through the cracks. There are tons of resources available to help you. Reach out to insurance experts or your company's HR department for guidance.

Author Resource:-

Daniel Stewart has been helping people with their money management and personal finance with over 15 years' experience in business finance. You can find his thoughts at savings guide blog.