ACA Open Enrollment Begins Nov. 1

There are only a few days left until the third annual open enrollment period begins under the Affordable Care Act (ACA).  Starting Nov. 1, individuals wishing to change their current health plan or carrier – or even obtain coverage – will have their opportunity to do so.

The open enrollment period ends Jan. 31, 2016, and that will be the last opportunity individuals have to obtain or change their coverage for next year.  ACA-compliant plans open enrollment business cardare available on and off of the insurance exchanges during this time.  Individuals without health coverage may be subject to a tax penalty under the ACA.

A plan’s effective date will depend on its date of purchase as noted below:

  • Sign up between Nov. 1, 2015 – Dec. 15, 2015: Coverage will begin Jan. 1, 2016
  • Sign up between Dec. 16, 2015 – Jan. 15, 2016: Coverage will begin Feb. 1, 2016
  • Sign up between Jan. 16, 2016 – Jan. 31, 2016: Coverage will begin March 1, 2016

A qualifying event or special enrollment period will be required to obtain coverage outside of the open enrollment period.

Qualifying events allow individuals to apply for health coverage outside of open enrollment.  Examples of qualifying life events include:

  • Loss of employer-sponsored coverage
  • No longer a dependent
  • Marriage or divorce
  • Birth or adoption
  • Permanent residence change

The special enrollment period generally gives you a 60-day time period in which to apply and obtain coverage on the individual market.

Do you need help determining your eligibility for coverage?  Contact a Caravus Individual Market consultant for more information.