Health insurance is essential to your well-being and financial security, but securing the right plan can often feel overwhelming. Open enrollment is your opportunity to shop for, switch, or apply for a health insurance plan, but it’s not open year-round. If you don’t act before the deadline, you may miss your chance until the next open enrollment period.
Here’s why getting your health insurance before the open enrollment window closes is crucial.
1. Health Coverage Protects Your Finances
Accidents, illnesses, or unexpected health needs can strike at any time. Without health insurance, you’re left paying for costly medical bills out of pocket, which can easily drain your savings. Health insurance ensures access to a network of doctors, hospitals, and prescription services without facing astronomical costs.
2. Avoid the Penalty for Being Uninsured
Though the federal tax penalty for not having health insurance was reduced to $0 in 2019, some states still impose penalties. States like California, Massachusetts, and New Jersey require residents to have health insurance, and if you’re uninsured, you could be fined at the end of the year. By enrolling in a plan before the deadline, you can avoid penalties and secure your coverage for the year.
3. Take Advantage of Subsidies
Many Americans qualify for subsidies to lower the cost of their health insurance plans through the Health Insurance Marketplace. These subsidies, based on your income, can make a significant difference in how affordable your plan is. However, these subsidies are only available during open enrollment. After the deadline passes, you’ll lose out on these potential savings unless you qualify for a special enrollment period.
4. Find a Plan That Meets Your Needs
Open enrollment gives you the chance to compare plans and find one that fits your needs and budget. It’s important to evaluate factors like:
- Monthly premium costs: How much will you pay each month for coverage?
- Deductibles and copays: What will you pay out of pocket when you need care?
- Prescription drug coverage: Does the plan cover your medications?
- Network coverage: Are your doctors and preferred hospitals included in the plan’s network?
If you miss open enrollment, you won’t be able to make changes until the next cycle unless you have a qualifying life event, such as getting married, having a baby, or moving to a new state.
5. Prevent Health Issues from Escalating
Without health insurance, routine visits to the doctor, preventative care, and early screenings can become unaffordable or neglected. By enrolling in a health insurance plan, you can stay up to date on wellness checks, vaccinations, and screenings that detect health issues early. Catching problems before they become serious can save you time, and money, and prevent more costly treatments later on.
6. Security and Peace of Mind
Health insurance provides peace of mind knowing you won’t be financially devastated by an unexpected health crisis. With the right coverage, you can focus on healing and getting better rather than worrying about how to pay for care. It can also offer mental comfort, knowing you have access to a network of healthcare providers when you need them.
7. What Happens After Open Enrollment Ends?
If you miss open enrollment, you generally won’t be able to apply for health insurance until the next open enrollment period. However, you may be eligible for a special enrollment period (SEP) if you experience a qualifying life event, such as:
- Marriage or divorce
- Birth or adoption of a child
- Loss of other health coverage (e.g., job loss or aging out of a parent’s plan)
- Moving to a new state
These events allow you to apply for health insurance outside of the normal open enrollment window. But don’t wait until then—sign up now while you have the chance!
Final Thoughts
Time is running out, and the clock is ticking on open enrollment for health insurance. Make sure to take action now to avoid gaps in your coverage and ensure that you have the health protection you need in case of an emergency or routine care. With health insurance, you’re not just protecting your body—you’re also protecting your finances and your peace of mind.
So, check the calendar, compare plans, and sign up before open enrollment ends. Your health and financial future depend on it!
Our online tool provides instant health insurance quotes so you can compare policies side by side and find the best option for your unique situation. Call us at (888) 350-6605 or email us at benefits@insuranceenterpriseusa.com to speak to our licensed insurance agents.