Adjusting Your Insurance Coverage: Navigating Enrollment Date Changes

Changing the enrollment date on your insurance plan is possible, but there are limitations. Typically, you can only change your enrollment date during the Open Enrollment Period (OEP) or during a Special Enrollment Period (SEP). The OEP is an annual period when anyone can make changes to their health insurance plan, regardless of whether a qualifying life event has occurred. During the OEP, you can buy your first health insurance plan, add or drop someone from your health insurance, modify your coverage, change your plan and associated deductibles or copay options, cancel your insurance altogether, or add additional health insurance plans. The OEP typically runs from November 1 to January 15 of the following year, though some states have adjusted dates.

On the other hand, a SEP is triggered by specific qualifying life events, such as getting married, divorced, or legally separated; giving birth or adopting; starting, ending, or losing a job; losing health insurance coverage; a death in the family; or moving to a new ZIP code or county. During a SEP, you usually have 60 days to switch to a new plan or make changes to your existing one. It's important to note that changes during a SEP may be limited, and you may not have the same options as during the OEP.

Cancelling your health insurance plan

Now, here's what you need to do if you want to cancel your health insurance plan:

• Contact your health insurance provider: If you have a privately purchased plan, contact your insurance company directly. For a state or federal Marketplace plan, log in to your account and terminate the coverage. You can also call their customer service team for assistance.
• Follow the cancellation steps: Each insurance company has its own cancellation protocols, so make sure to follow the steps provided by their representative. Confirm your policy end dates to avoid a gap in coverage.
• Ask about a premium refund: If you paid in full for a one-year individual policy and decide to cancel it before it ends, ask your insurance company about reimbursing your remaining monthly premium payments. Many companies will issue a refund for the unused portion of your policy.
• Check your bank statements: After your new health insurance coverage starts, monitor your bank statements to ensure that the cancelled plan is no longer in effect and that your new policy is active with the correct monthly payment amounts.
• Understand the limitations: Keep in mind that if you cancel your Marketplace coverage, you usually cannot re-enroll until the next Annual Open Enrollment Period, unless you qualify for a Special Enrollment Period due to a qualifying life event.
• Know your rights: Familiarize yourself with your state's consumer protection laws and insurance regulations. These laws cover various aspects, including health coverage requirements, prompt payment of claims, access to specialists, and coverage of specific treatments.
• Be aware of the consequences: Cancelling your employer-provided group health insurance plan may result in a gap in coverage, leaving you and your dependents without health insurance until your new plan takes effect. This can have significant financial implications if you need healthcare services or medication during this period.

Adding or removing someone from your plan

Adding or removing someone from your insurance plan can be done during the Open Enrollment Period or during a Special Enrollment Period.

Open Enrollment Period

The Open Enrollment Period (OEP) is an annual period when anyone can make changes to their health insurance plan, regardless of whether a qualifying life event has occurred. This period typically runs from November 1 to January 15 of the following year, though some states have adjusted dates. During the OEP, you can add or remove someone from your health insurance plan.

Special Enrollment Period

A Special Enrollment Period is a time outside the yearly Open Enrollment Period when you can sign up for health insurance if you've had certain life events, including losing health coverage, moving, getting married, having a baby, or adopting a child. During a Special Enrollment Period, you can add or remove someone from your health insurance plan.

Documentation

When adding or removing someone from your insurance plan, you may need to provide documentation to prove that the event has occurred, such as a birth or marriage certificate, or a divorce decree. You may also need to provide proof that the individual no longer lives with you or has their own insurance coverage.

Changing your plan's deductible

Changing your insurance plan's deductible is a great way to adjust your coverage to suit your needs. A deductible is the amount you pay out-of-pocket before your insurance company covers its portion of your medical bills. For example, if your deductible is $1000, your insurance company will not cover any costs until you pay the first $1000 yourself. Many health insurance companies allow you to keep the same health plan and adjust your deductible based on your requirements.

Changing your deductible can increase or decrease your monthly premium. A premium is a fee you pay to your insurance company for health plan coverage, usually on a monthly basis. If you decide to lower your annual deductible, your monthly health insurance premiums will increase. On the other hand, if you opt for a plan with a higher deductible, the monthly premiums will be lower.

You can change your deductible during the annual Open Enrollment Period (OEP). The OEP typically runs from November 1 to January 15 of the following year, though some states have adjusted dates. During this period, you can make changes to your deductible as often as you like.

Outside of the OEP, you can only change your deductible if you experience certain qualifying life events that would qualify you for a Special Enrollment Period (SEP). A qualifying life event is a major change that triggers a potential need for additional health insurance, such as marriage, having a child, divorce, or losing your job. During an SEP, you usually have 60 days to make changes to your plan.

How to Change Your Deductible

To change your deductible, you can contact a licensed insurance agent or your health insurance company to see if your plan's deductible can be adjusted. If you are eligible for an SEP, you can log into your Marketplace account, select "Report a Life Change," and make the allowed changes to your coverage. You can also make changes over the phone or by working with a trusted agent.

Changing your plan or insurer entirely

Changing your health insurance plan and/or insurer can be done during the Open Enrollment Period (OEP) or during a Special Enrollment Period (SEP).

Open Enrollment Period

The OEP is an annual period when anyone can make changes to their health insurance plan, regardless of whether a qualifying life event has occurred. This period typically runs from November 1 to January 15 of the following year, though some states have adjusted dates. During the OEP, you can:

• Buy your first health insurance plan
• Add or drop someone from your health insurance
• Modify your coverage
• Change your plan and associated deductibles or copay options
• Cancel your insurance altogether
• Add additional health insurance plans, such as stand-alone dental and vision health plans

Special Enrollment Period

The SEP is a time outside the yearly OEP when you can sign up for health insurance if you've had certain qualifying life events. These include:

• Losing health coverage
• Moving to a different ZIP code or county
• Getting married, divorced, or legally separated
• Giving birth or adopting
• Starting, ending, or losing a job
• A death in the family
• Certain other qualifying events

During a SEP, there may be limitations on the number of health plan categories you can choose from, or you may be required to choose a plan in the same category as your current one. It is important to note that you typically have 60 days from the qualifying life event to enroll in a new plan, but you should report your change as soon as possible.

Changes in your location

Moving to a new location can be a qualifying life event that allows you to change your health insurance plan outside of the Open Enrollment Period. This is especially true if you are moving outside your plan's service area, such as to a different ZIP code or county, or across state lines. Moving to a new area may also be a good time to review your entire financial situation, including your health insurance coverage.

If you are moving, you will usually have 60 days from the date of your move to switch to a new plan or make changes to your existing one. To change your plan, you can shop around and compare plans by talking to your existing health insurance provider, your broker, or by visiting your state's health insurance marketplace. In some cases, you will need to provide evidence of your move before enrollment is complete.

When choosing a new plan, you may want to consider:

• Monthly premiums, deductibles, copays, and coinsurance.
• The type of coverage you need, including which preventive care services are covered at 100% and how much you will need to pay for specialty appointments.
• The kind of network you are looking for. Many people have a preferred doctor or health care system, so it is important to make sure that they are covered in-network.

Frequently asked questions