Affordable Care Act
With quite a few changes happening in the health insurance world, some people may be thinking that there is no more Open Enrollment Period that you have to wait for to enroll in a health insurance plan.
Although there have been changes to the Affordable Care Act, the Open Enrollment Period has not been thrown out the window.
If you’ve shopped during the Open Enrollment Period (OEP) in previous years, you may have noticed that the time frame you have to enroll in a plan has been shortened.
Although in past years the OEP dates have changed, the 2019 Open Enrollment Period is projected to occur during the same time frame as the year before.
Like last year, the open enrollment will be November 1st through December 15th. These dates may vary based on the state, so check here to see if your state’s enrollment period is different.
There are a few things you can do to prepare for the OEP this year, if you’re planning on participating:
Keep in mind that the specific data requested depends on the insurance company, so this list might not reflect the exact information you should have on hand.
Something that might change how you think about the Open Enrollment Period is that the individual mandate will no longer be in effect in 2019.
In late 2017, President Trump repealed the fine associated with the individual mandate, meaning that people will no longer be fined for not having ACA-compliant health insurance.
This means you can buy non-ACA-compliant plans, like short term health insurance, outside the open enrollment period and not face fines on your 2020 taxes for being uninsured. People can also choose not to have coverage at all. But with all the affordable options out there for alternative coverage, you may find that even without the fine, you’ll be motivated to enroll in some form of health insurance coverage.
This article is for general information and may not be updated after publication. Consult your own tax, accounting, or legal advisor instead of relying on this article as tax, accounting, or legal advice.