There can be a lot of uncertainty surrounding health insurance, and given the state of life each individual is in, it can vary from person to person. So just when is open enrollment for health insurance in 2023? And what does it look like for each person?
Look no further. We want to break it down for you and make this as easy to understand as possible.
One of the first things you should know, however, is there is a law called the Affordable Care Act (ACA), otherwise known as Obamacare. This was created, in part, for individuals who do not participate in, or do not have the option to participate in their company’s health care program.
It’s important to mention this first because when most people ask, “when is open enrollment for health insurance in 2023,” they are most commonly referring to the ACA.
At 180 Healthcare, we aren’t an insurance company, but we are a subscription-based healthcare company that provides businesses with everything they need to build an ACA-compliant plan.
Let’s take a deep dive into what open enrollment looks like in 2023.
What is the Affordable Care Act?
Before we get started and get into the nitty-gritty details of just when open enrollment is for health insurance in 2023, let’s break down the Affordable Care Act and why it’s an important concept to understand.
The Affordable Care Act is a national law that was designed to make health coverage more affordable and accessible. It was signed into law by President Obama in 2010.
The ACA provides coverage for people with pre-existing conditions, allows young adults to stay on their parents’ insurance until age 26, and prohibits lifetime limits on coverage. The ACA also provides subsidies and tax credits for people who are not covered through work or a government program such as Medicaid or Medicare.
Overall, the Affordable Care Act has reduced the number of uninsured Americans by more than 20 million people since it was enacted in 2010.
Interested in knowing more about how health insurance works as a whole? Visit this article for more details.
The Purpose of Open Enrollment
The Open Enrollment period for 2023 lasts from November 1, 2022 to January 15, 2023. During this time, you can enroll in or change your coverage with a qualified health plan.
If you don’t have coverage by the end of the Open Enrollment period, you may have to pay a fee for not having coverage in certain states. If you qualify for Medicaid or Children’s Health Insurance Program (CHIP), those programs are open year round.
Over the years, the dates for open enrollment have changed, but they are somewhat consistent. Typically, individuals can begin enrolling beginning November 1, and the dates remain open for individuals to enroll through December or January. In 2014, it remained open until March 31.
Regardless if you are enrolling in health insurance for the first time, or updating your existing plan (more on that later), the open enrollment period was designed to discourage “adverse selection.”
In short, health insurance companies can only exist if they are bringing in more money on premiums than they pay in claims. The only way to do this is to require healthy people to sign up for health insurance so it doesn’t skew the risk a health plan takes when they are insuring an individual.
180 Healthcare was established so that individuals and businesses could build an affordable healthcare plan so you don’t need to worry about asking others, when is open enrollment for health insurance 2023?
Qualifying Events and Health Insurance
Maybe you are taking time off work, self-employed, unemployed or just getting off your parents healthcare plan. There are many reasons you might not have instant access to health insurance, and we want you to know that is “OK.”
While the typical timeframe for open enrollment for any other event outside of a life event is November 1, 2022 to January 15, 2023, the government recognizes “qualifying events.” These qualifying events are significant moments that the government says you are essentially the exception to the rule, and you have 60 days from when the “event” occurred to get covered for insurance.
For example, let’s say open enrollment 2023 closes on January 15, and you have a new baby on January 16. It wouldn’t be fair to make the brand new baby (or the baby’s paying parents) to wait another 10 months to enroll their new dependent to their healthcare plan, or to penalize them for not enrolling their new dependent.
So in addition to adding a dependent to your health insurance plan, there are plenty of other “exceptions” to this January 15 deadline. Instances like starting a new job, adding a spouse to your healthcare plan, involuntary loss of prior healthcare coverage, etc. — these are all considered “qualifying events” when it comes to health insurance enrollment.
Be sure to check out this complete list of qualifying events to see if you fall under this category of a qualifying event.
180 Healthcare’s Solution to Open Enrollment
With the soaring price of health insurance, 180 Healthcare provides an alternative solution for individuals who are looking for a more cost effective option for health insurance. The best part of it all? You can choose us during any time of the year and choose a monthly membership that fits your health needs.
While we aren’t an insurance company, our members can obtain quality health coverage by paying lower monthly premiums and no co-pay or deductibles during doctors’ visits. The subscription model provides discounted labs, imaging, and prescriptions, and also discounted dental, vision, chiropractic and physical therapy.
When you add 180 Healthcare to your wellness plan, you will start to see the savings roll in. Our members have seen up to 75 percent in savings on their month-to-month health benefits, and we offer a solution that is fully ACA compliant.
Interested in learning more about 180 Healthcare and how we can help solve that question you’ve been asking, ‘when is open enrollment for health insurance 2023?’ Call (573) 803-4661 or contact us today to see how we can help you and your family.