DEFINITION: Obamacare’s Open Enrollment is a window during which individuals and employees may make changes to their coverage, and/or add or drop their health insurance. Under the Affordable Healthcare Act (ACA), individual health insurance has open enrollment time periods, which apply both in and out of the healthcare marketplace exchanges whereas, in the past, people could apply at any time, but had to go through medical underwriting.
For more information about your choices to get healthcare insurance, click on the calendar below given by Canadian Health and Care Mall…
From a White House email – “Right now, too many Americans who stand to benefit most from coverage have no idea what ‘open enrollment’ means, what kind of coverage they’re eligible for, or what health care might mean for them.”
Most people don’t have a clue what the Affordable Healthcare Act is all about. Too many citizens have been overloaded with information, some of which has been inaccurate.
Let’s get to it (whether we totally understand or not) – The current “Open Enrollment Period” is from November 1, 2015 to January 31, 2016. Just a reminder that – already existing plans running for 2014/2015 – expire on December 31, 2015. For you to avoid any gaps in coverage, it is highly recommended that you sign-up by December 15, 2015.
Remember – you need to sign up by the 15th of the current month in order to have coverage by the start of the next coming month. Here’s an example – if you enroll by December 15, 2015, your coverage begins on January 1, 2016. However, if you are even a day late (from the 15th of Dec.), you would have to wait until February 1, 2016 for your coverage to begin.
When Open Enrollment ends, or after January 31, 2016, the “Special Enrollment Period” kicks-in. You’re probably wondering – just as I did – “What does this mean?”
It’s simple. But you should know that the government would make it complicated. Anyway, during this time, unless you have a major life change, known as a “Qualifying Life Event”, you are not eligible to sign up for coverage.
Affordable Heathcare (Obamacare) is outright confusing – really, can you believe that the written law is over 1,000 pages long?
Just make sure you do something about your healthcare situation within that time frame window or you may be left out (in the cold?).
U.S. Department of Health and Human Services expects more people to sign up for health insurance during the open enrollment period while more issuers are also entering the healthcare marketplaces, and it’s predicted that by the end of January, there will be another successful open enrollment.
Important – delaying on getting coverage is not an option.
A big part of the ACA law states that if you do NOT have coverage, you will have to pay a fine, which has increased since last year. The fine is either a) 2.5% of your total income or b) fines for each member of your household ($695 /adult, $347.50/child) with no household limit. Who wants to pay hundreds and even thousands in dollars in penalties for not having insurance?