Oops, you blinked and it’s already August, which means the 2024 Open Enrollment and Annual Enrollment Periods are looming. If you don’t already know, Open Enrollment and Annual Enrollment is a window of time during the year where you can sign up for health insurance, adjust your current plan, or cancel your plan.
With Open Enrollment on the horizon, now is a good time to review your current health insurance plan and make any changes needed. Here are some reminders and tips to help make your enrollment season smooth and constructive:
Know Your Dates (Trust Us, They’re Important)
Open Enrollment Period (individual and family health insurance): November 1 to December 15, 2023
Please note: December 15 is the last day to enroll in or change plans for coverage starting January 1, 2024. For plans that do not start January 1, Open Enrollment ends on January 15.
Annual Enrollment Period (Medicare): October 15 to December 7, 2023
If you miss the Open Enrollment window, you may need to wait until the next Open Enrollment Period to make changes, or there are additional opportunities throughout the year to update your plan called Special Enrollment Periods (SEPs). However, an SEP is only triggered by particular qualifying life events, including marriage, divorce, loss of coverage, changes in household, a child’s birth or adoption, etc. Generally, you are given 60 days prior to the event and/or 60 days from the day of the event to enroll into a new plan and that new plan will start the first of the following month in which you apply. Contact your ARC client advisor if you think you may qualify for an SEP.
Take Inventory of Your Current Situation
At this time, it’s important to review any changes from throughout the year, including your household income, medications, doctors, facilities, etc., and communicate those changes with your client advisor because they may affect the efficacy of your plan for your current situation or your qualifications for subsidies. If you are currently on a plan with subsidies, a change in household income could significantly impact your monthly premium for 2024. Using current information ensures you aren’t receiving too much or too little in federal assistance with your Marketplace plan.
“What if I’m happy with my current plan and don’t need to make any changes?” Great! Depending upon the plan you are on, your renewal may be automatic. You may receive the Annual Notice of Change from your health insurance carrier that details the plan premium and coverage for the 2024 plan year.
What You Can Expect from ARC Benefit Solutions
If you’re looking for health insurance coverage (for yourself, your family, your employees, etc.) and you don’t know where to start, give us a call! Our licensed health insurance agents are armed with the knowledge needed to find you a plan that works for budget and your situation. Our goal is to help simplify the process for you.
For our current clients…
As we do each year, we will be sending out annual renewal letters in mid-September with instructions on filling out your annual renewal form, either digitally or by using the paper form we include with your letter. We will include a QR code in the letter if you prefer to fill out the form digitally.
If you are interested in reviewing your coverage or shopping for a new plan, be sure to submit your annual renewal form and schedule an appointment with your client advisor by September 30, 2023. As you can probably imagine, Open Enrollment is our busiest time of the year, so appointment times fill up fast!
As always, ARC’s client advisors are available to help you sort through your options and walk you through your health insurance plan so you can take full advantage of your benefits. Contact us today with any questions or if you’d like to get set up with a health insurance plan.