October is here and Open Enrollment 2018 is coming up on November 1! Everyone is preparing for Halloween, while you should also be preparing for enrollment at the end of this month. Here are some key facts about Open Enrollment 2018 to help you out:
Key Facts and Dates About Open Enrollment 2018
- New regulations by the Trump Administration cut open enrollment in half this year (although some states are extending open enrollment in their state-based marketplaces until January 2018).
- In states that did not extend open enrollment, enrollment for 2018 coverage will now run from Nov. 1 to Dec. 15, 2017, instead of ending Jan. 31, 2018 (as originally intended).
- It is important to realize that enrollment dates are subject to change each year. The new shorter enrollment period may or may not be the norm moving forward, and specific states may or may not extend enrollment each year.
- To stay covered you need to maintain a health plan that counts as minimum essential coverage (for example all marketplace plans), or an exemption, for each month of the year. If you don’t maintain coverage or an exemption you technically owe the fee for not having coverage (although that was made enigmatic by a 2017 executive order).
- Insurance purchased before the 15th of each month starts on the 1st of the next month. If you enroll after the 15th, your coverage won’t begin until the month after.
- Given the above, you need to enroll by December 15th, 2017 to have a plan that starts on January 1st, 2018.
- If you enroll in 2018 coverage in January, you’ll have a “short coverage gap.” Everyone is allowed a short coverage gap of fewer than three months each year (meaning as long as you have a qualifying health insurance plan by January 31st, you will not owe the fee, but have to take the short coverage gap exemption on form 8965). You also may have a period during which you have no health insurance.
- If you miss open enrollment, your only options are Short Term Health Insurance, employer-based coverage, Medicaid, and CHIP. Those who miss open enrollment may find themselves with no other options and may end up owing the fee.
- Medicare has a unique open enrollment period as do other types of health insurance sold outside the private individual and family market. If you qualify for Medicare, you don’t have to worry about ObamaCare for yourself (although you are still responsible for ensuring your tax family gets covered if you are the head-of-household). Learn more about ObamaCare and Medicare.
Don't forget to contact Cosmo Insurance Agency with any questions regarding Open Enrollment. Cosmo Insurance Agency's knowledgeable brokers do all of the work for you and get you enrolled into a healthcare plan that is designed perfectly for you. Just call 732-363-3888 today.