When Can I change My Insurance Plan?
The fear of a tax penalty led many to purchase health insurance plans without thinking things through. For some others, a change in economic status makes their current plan inadequate or expensive. If you fall into any of these categories, you may need to change your insurance plan. This article answers the question ‘when can I change my insurance plan’.
When Can I change My Insurance Plan?/Open Enrollment Period
The easiest time to change your insurance plan is during the open enrollment period. This is the time of the year when you can buy, renew or change your coverage. The changes you make during this period would take effect at the beginning of the next year. The open enrollment period for this year is November 1 to December 15, 2018. And the coverage would start January 1, 2019.
Special enrollment period
Aside the open enrollment period, When Can I change My Insurance Plan? You can also switch plans during the special enrollment period. You are able to do this if you experience events known as qualifying life events. These events include:
● Marriage or divorce
● Birth or adoption of a child
● Loss of job
● Moving to another place with different coverage options
● Losing your dependent status
● Involuntary cancellation of your health coverage by your provider
● Change in income that affects eligibility for tax credits
When Can I change My Insurance Plan?-Within 60 days of the qualifying life event.
What if I want to cancel my health insurance plan?
If you are unable to change your health insurance plan, you may wish to cancel it. While this is possible, it is not an advisable option. No one hopes to fall sick or have an accident but these things happen. Often, they happen when we least expect. That is why it is important to never stay our of coverage. Furthermore, you could face a tax penalty if you go without a health insurance.
If you must cancel your current plan, you should consider buying a short-term coverage. It is more affordable than ACA approved plans although it is less comprehensive.
For more information please call Unifiedhealthmarket.com today at (800) 674-9103
