CAN YOU BUY PRIVATE HEALTH INSURANCE AT ANY TIME?

Since the introduction of the Affordable Care Act (ACA) to provide medical coverage to uninsured citizens in the U.S., some common questions are being frequently asked by healthcare consumers. One such question is: “Can I buy private health insurance at any time?” However, before finding the answer to this question, healthcare consumers must finally understand open and special enrollment.

Open Enrollment

Open Enrolment Period is an opportunity for the consumers willing to procure Obamacare-compliant health insurance either for them or for their family. During the Open Enrollment Period (OEP), anyone can purchase, change, or modify the health insurance purchased. OEP is an annual event that runs 24*7 for 45 days starting from 1st Nov and ending on 15th Dec every year. (Open Enrolment Period for 2022—November 1 to December 15, 2021). The dates may vary from state to state.

The best time for buying an Affordable Care Act-compliant or Qualified Health Plans (QHP) without any complication is during the annual open enrollment period. Healthcare consumers must evaluate their choices wisely and apply for coverage accordingly before the end of the open enrolment period.

Healthcare consumers can buy plans outside the open enrollment period, but only if they are eligible for special enrollment, which is possible due to a qualifying life event.

Who can enroll for private health insurance?

• Healthcare consumers, who have just turned 26, are unemployed or self-employed, work part-time, are starting a business that will have employees, or have recently retired.
• People who do not have the option of enrolling in an employer-sponsored health insurance plan can gain the benefit of insurance coverage through the Health Insurance Marketplace (created by the Affordable Care Act in 2014).
• Consumers who are at least 65 or disabled can add additional coverage through a private healthcare plan with a Medigap or Medicare Advantage plan.

Private health insurance through special enrolment

Once the OEP closes, healthcare consumers in need of health insurance can look for special enrolment. But they must meet the special enrolment criteria to purchase an Affordable Care Act-compliant. The federal marketplace, Healthcare.gov, defines the Special Enrolment Period as the time for healthcare consumers with special circumstances to buy individual and family policies outside the private health insurance open enrolment period. The special enrollment period initiates on 15th Feb and ends on 15th Aug.

Some special enrolment period qualifying events include:

• Change in residence
• Death of someone on the current policy
• New baby
• Recent marriage or divorce
• Loss of your current insurance plan

Due to the COVID-19, the Special Enrolment Period has been extended by many states to help people protect their health and their family by letting them purchase reasonable Affordable Care Act-compliant products.

Generally, healthcare consumers have 60 days to apply for a new qualified health insurance plan after a qualifying life event.

Getting your health insurance policy gives you control over the healthcare plan you choose, though it may not be as easy to get as signing up for an employer’s plan is. Before choosing any healthcare insurance plan, doing thorough research, studying the healthcare terminology used to describe the plans, analysing the pros and cons of the plan and then choosing a plan accordingly can help you choose a plan wisely. There are plenty of options available in the market as per the needs and budget of healthcare consumers, thus you can probably find a plan that fits best to your requirements.