Navigating Open Enrollment
How do you explain open enrollment?
An open enrollment period is a window of time that happens once a year — typically in the fall — when you can sign up for health insurance, adjust your current plan or cancel your plan. It's usually limited to a few weeks.
What is the difference between OEP and AEP?
The open enrollment period, also known as OEP, is the annual period of time when individuals can enroll in a Qualified Health Plan either through the federal Marketplace or a private insurer like Priority Health or BCBSMI.
AEP stands for Medicare Annual Enrollment Period and depending on the context, OEP can refer to other Medicare enrollment windows.
Why is open enrollment so important?
The open enrollment period is important because it is one of the few times you can make changes to many of your employer-provided and self-provided benefits. Open enrollment is usually a few weeks to a few months during the year which allows employees and individuals to make changes to their various benefit plans.
What is the difference between annual enrollment and open enrollment?
Annual enrollment is for employees who get health insurance as part of their benefits. Open enrollment is for people who get insurance on the individual market. But everyone can make changes to their health insurance at any time of year if they have a qualifying event.
Is there a penalty for not having insurance?
There is no federal government penalty for being uninsured in 2023, but you still need coverage! The ACA’s federal individual mandate penalty has been $0 since the start of 2019, and that will continue to be the case for 2023.
Questions about Health Insurance and Medicare options that may be right for you, and how to accurately apply for them, is what we are all about! Contact us at RCB & Associates, LLC, 616-233-9050, and let us give you peace of mind and find the best coverage for you!