If you previously had employer-sponsored health insurance or were covered by a family health plan, you may not know about open enrollment. However, if you have to purchase your own health insurance this year, open registration is an important time to watch.
Even if you already have individual health insurance, you don't want to ignore the open registration period. Let's see what an open registration is, why it is important and when it takes place every year.
What is an open registration?
Open registration is a period during which you can take out health insurance each year. You can also change or cancel your current coverage during the open registration period.
Before 2014, you can register for health insurance all year round. In general, however, you must also take out a medical subscription and you can be refused if you already had existing conditions.
In most states, registration open for 2020 runs from November 1 to December 15, 2019. State exchanges may have more flexible open registration periods. Find the market in your state.
If you miss the open registration deadline, you can only register for a plan if you have a qualifying event that triggers a special registration period. Examples include marriage, the birth of a child, or loss of employer-sponsored coverage.
How to purchase health insurance during open registration
The coverage of plans sold during open registration begins on January 1, 2020. Since the open registration ends on December 15, you cannot change coverage in January if you are surprised by an increase in premiums. Therefore, it is important to shop every year during open registration to ensure you always get the best deal.
In most states, sign up for Insuaranceshopping. If you are using the market for the first time, you must complete an application.
Once you have completed your request, you can start purchasing a plan. There are four types of health insurance: bronze, silver, gold, and platinum.
Whichever plan you choose, your quality of care remains the same. The difference between the plans is reduced to the number of medical expenses you have to pay.
According to Insuranceshopping, with most bronze plans, you can expect to pay 40% of your healthcare costs (and your insurer will cover the remaining 60%).
With Platinum plans, you usually only pay 10% of your healthcare expenses (while insurance covers the remaining 90%).
Platinum plans have the most expensive monthly premiums. If you are in good health, you can save money by choosing a bronze or silver plan. However, if you have an ongoing illness, a gold or platinum plan may be a better option.
If you need help filling out or subscribing, please call a local health care navigator. For more general information about open enrollment and tips for finding the right plan, visit Insurance shopping.com