Open enrollment for individual & family plans – the period which you can purchase or change a health insurance plan – ended on March 31. Since enrollment does not reopen until later this year on October 15th, does this mean you’re stuck without health insurance? In some cases that could be true, but a few options may give you an opportunity to purchase insurance outside the open enrollment period.
One option is a Special Election Period (SEP). If you have a qualifying life event, you can add or change a health insurance policy during the year. What is a qualifying event? . . .
A qualifying life event is one which necessitates a change in your health insurance coverage. For example, you may move to a new state, in which case you could apply for a new insurance policy. Another is a change in your circumstances which determines your eligibility. This can include a change in income or family size. Changes in family size are generally due to marriage, divorce, or a new baby. Both adopted and biological children qualify.
If you were faced with extenuating circumstances during the open enrollment that precluded you from signing up, you may be eligible to purchase an insurance policy. Contact the Covered California hotline or speak to a qualified insurance broker for assistance.
Another alternative to purchase health insurance outside the open enrollment period is to establish a plan through an employer group. If you are an employer with one or more employees, you can set up a new group health insurance plan for yourself and your employees. This can be done any time during the calendar year. There are several compelling reasons why you would start a plan though a business, such as; business expense write off, possible tax credits and employee retention.
Special situations are governed by special rules. It certainly doesn’t hurt to ask if your situation qualifies you to enroll in coverage now.
Steve Amante is the President and CEO of Amante & Associates Insurance Solutions, Inc. To learn more about this article, contact Steve Amante or Frank Faldmo the firm’s Employee Benefits Advisor at (951) 676-8800 or visit: www.amanteandassociates.com
