Most adults receive health insurance through their employer or through a plan to which they have enrolled outside their employer. It is more common to modify insurance policies, or insurance providers, during open enrollment. Open enrollment is the time of year during which almost all providers allow their clients to change from one insurance policy to another. To modify insurance outside of open enrollment, you must qualify for a certain enrollment period.
Changing Policies during Open Enrollment
1) Find out the Open Enrollment Dates
During the 45-day insurance company’s open enrollment period, you can change your health insurance plans without penalty. The certain dates for your open enrollment period can modify but generally last from the beginning of November until the middle of December. Contact the Customer Service department of your insurance provider to find out the exact dates of Open Enrollment.
2) Review the Available Policies
Insurance companies are generally proactive and must inform their customers about a future open enrollment period by giving information about available policies. Review the available options until you find a policy that best suits your needs. For instance, several insurance policies can cover more than your prescription drug rates, though others can offer a low premium. When your company does not send you information about the policies, contact your customer service department via phone call or email.
3) Choose a Policy
When you have reviewed the different policies offered by your insurance provider, you should choose a certain policy. When you select a policy, consider the amount of money per month you can pay for the premium. Also, consider other aspects: for example, if you understand in advance that you will need common prescriptions, choose a policy that covers all of the costs of prescription medication.
Please note that you cannot change this policy until the next open enrollment period arrives. If the deadline expires or you forget to register completely, you may have to pay a tax fine for not having medical insurance. More details!
Changing Policies Outside of Open Enrollment
4) Look into the Qualifications for a Special Enrollment Period.
Outside of open enrollment, a special enrollment period is a single way to change your health insurance. The exact qualifications of your insurance company to validate a special enrollment period will differ, but commonly include:
- Marriage, divorce or legal separation.
- Loss of work.
- Birth of a child.
- Death of a spouse.
5) If You Qualify, Contact Your Insurance Company
If you have just had a life event that qualifies you for a certain enrollment, contact your Human Resources representative or your health insurance representative to request information about insurance policies at the ones that could change. Several insurance companies may allow special enrollment for less common life events like obtaining citizenship.
6) Provide Documents that Prove the Life Event
Depending on the event of life that led you to search for a special enrollment period, your insurance company may request documentation verifying the event. This will help the company avoid the delivery of special enrollment periods for fraudulent claims of life events. For example, if you have had a child, your insurance company may need to receive a copy of the birth certificate.
In general, a special enrollment period will last for thirty days. Take this time to review the health insurance policy options available through your insurance provider. Choose an insurance plan that meets your needs. If you cannot pay a lot towards a monthly bill, select a plan with a lower premium. Before the thirty days expires, make your decision and your policy change will be completed. For more information visit: https://www.investopedia.com/terms/h/healthinsurance.asp