Insurance and Open Enrollment
Insurance open enrollment is a specific period each year when individuals can sign up for or make changes to their health insurance plans. This applies to both employer-provided insurance and government programs like Medicare and the Health Insurance Marketplace (also known as the ACA marketplace).
During open enrollment, you can:
Enroll in a new plan if you’re not currently covered.
Switch plans if you’re unhappy with your current one.
Make adjustments to your coverage, such as changing your dependents or adding new benefits (such as dental or vision).
The open enrollment period is usually a few weeks long (often in the fall/early winter – although for some employers it is in the middle of summer), and it’s essential because:
No changes outside of this period: Generally, you can’t change your insurance plan outside of open enrollment unless you have a qualifying life event, like getting married or having a baby. This makes open enrollment your one opportunity to review your health insurance needs and make changes for the upcoming year.
Avoid penalties: If you miss the open enrollment period and don’t have a qualifying life event, you may face penalties, or you might have to go without coverage until the next enrollment period.
Choose the best plan for your needs: Open enrollment allows you to reassess your health care needs, whether you need more coverage for ongoing medical conditions or want to adjust your premiums. It’s important to evaluate the plan options to make sure they fit your budget and health needs.
As not all health insurance is considered “surrogacy friendly”, open enrollment is especially important. Not all ACA plans are surrogacy friendly, either! This means it is vital to partner with a trusted partner such as a surrogacy matching program or insurance professional who specializes in surrogacy to assist during this time. A great partner agency will help with an assessment as to whether your current insurance plan is surrogacy friendly, and if it is not, can connect with professionals who can assist with placement of a policy that will cover the pregnancy.
In short, the upcoming open enrollment period is a crucial time to ensure you have the right coverage and avoid gaps in insurance or unexpected costs.