It’s that time of year again! Remember, November is the open enrollment period for the Affordable Care Act, also called Obamacare, where you can shop for health insurance plans by visiting HealthCare.gov.
Why is this important?
Open enrollment is an important period of time that occurs every year in November. This year it begins November 1st, 2020 and ends December 15th, 2020. Open enrollment for ACA plans means that anyone regardless of your status (even if you currently have private insurance) can shop the marketplace for affordable healthcare plans, including dental and vision insurance plans.
Can’t I enroll during the rest of the year?
No. You are not eligible to enroll for ACA marketplace insurance the rest of the year unless you fit certain eligibility requirements including a life change such as being dropped from your employer covered health insurance, got married, had a baby, got divorced, gained or became a dependent, or any other variety of life changes that would qualify you for the special enrollment period. If you’re not sure if you qualify for those, you can take a brief test at HealthCare.gov to determine your eligibility for a special enrollment period.
Why should I have health insurance?
We know that health insurance can be costly, however, what happens if you fall sick or become injured and you do not have health insurance? Without health insurance, you may be looking to pay thousands or even hundreds of thousands of dollars in healthcare costs. Though the same can be said that even with health insurance you may be liable to pay a lot of money if you get sick or are injured, the comparison is two fold: 1. Health insurance will cover some or most of the cost after you’ve hit your deductible for the year, which can save you thousands of dollars in out-of-pocket costs. 2. Your health insurance provider has negotiated rates, which means that you would pay less than you would pay out-of-pocket without health insurance.
Isn’t the ACA/Obamacare over?
No. Though certain efforts by Congress to gut areas of the ACA have recently passed through, such as removing the individual mandate for people without any health insurance, currently the ACA is still open and functional. You can still enroll for health insurance through the marketplace and expect to have coverage throughout 2021 from the insurance provider you select.
Mark your calendar! Open enrollment is November 1st, 2020, and runs until December 15th, 2020!