As health insurance buyers look to make the most of the available individual and family health plans, open enrollment season is an important time to enroll in health insurance or make changes to existing coverage. It begs the question: When exactly does open enrollment happen and what do you need to know to make the most of it? To be comprehensive, the trick is to walk through everything that’s needed to understand the enrollment process, including key dates and helpful tips for choosing the right plan.
Understanding open enrollment.
Self-care means different things to different people. It’s certainly evident in the process of understanding open enrollment. Individuals can sign up for coverage, switch plans if necessary, or even add family members to their policies. Planning your coverage is not only critical for your physical well-being, but it also provides financial protection. According to the Department of Health and Human Services, a record breaking 14.5 million Americans signed up for health insurance during the 2022 open enrollment period. With those elections, individuals and families alike were able to get care that led to financial security, such as preventative care and protecting against unplanned health emergencies.
Key Dates and Deadlines
Typically, the open enrollment timeline runs from November 1st to January 15th, although that can change depending on the state. Drilling into the specifics, timeframes to keep in mind for each of the following states are:
- Idaho – Open Enrollment runs from October 15th to December 15th, with coverage beginning on January 1st.
- Colorado, Nevada, & Utah – Open Enrollment runs from November 1st to January 15th.
Prepare for open enrollment.
To ensure there’s preparation for enrollment, it's important to gather all relevant records and information ahead of time. This includes having social security numbers ready, collecting income information, employment status, as well as knowing the policy numbers of current plans if applicable. It’s also key to understand household medical needs and expected expenses for the upcoming year. To make decisions about health insurance it's essential to consider these details and assess if any changes are necessary.
Making the most of open enrollment.
Premium amount, deductible, co-pays, total out-of-pocket maximums, and provider networks, top of the list for making the most of open enrollment. Moreover, the savvy buyers will confirm that medications, doctors, and healthcare facilities will continue to be covered under any plan being considered. Evaluate these costs against the benefits offered and elect the plan that will lead to significant savings on healthcare expenses. Considering that deductibles have increased by an average of 53% over the last 10 years, it’s an understatement to say that it’s a worthy pursuit.
Common mistakes to avoid.
When it comes to open enrollment season there are some mistakes worth avoiding. Simply renewing your existing plan without exploring options for comparison can be a missed opportunity. In 2022 eHealth data shows that actively searching for plans could result in average savings of $783 compared to renewing your current plan. Also be sure to report any life changes like marriage or divorce, or even additions to your family. Employment changes also need to be identified so that eligibility and subsidies are accurately assessed.
Open enrollment period presents an opportunity to secure the most fitting health coverage that aligns with your specific needs and financial situation. By dedicating time for preparation and thorough research, policyholders can enter the year with peace of mind knowing that healthcare needs are taken care of. The effort put in now will provide benefits throughout the year by providing access to care and ensuring financial protection. But act now, because once the enrollment period is over, you will have missed your opportunity for coverage. If assistance is needed during the enrollment process, contact Select Health by phone or send us message today.
