As the month of August winds down, we prepare to say goodbye to summer. With Autumn quickly approaching, pumpkin spice lattes are featured in coffee shops, and those of us in the insurance industry get ready for the Open Enrollment season.
If you want to enroll in a health insurance policy for 2020, you need to get ready, too. Yes, we’re a couple of months away from the official opening date, but now is the time to gather medical records, review this year’s expenditures, and consider your insurance needs for the coming year. Take the time to weigh your options, because the right health insurance plan can save you money.
What you need to know about 2020 Open Enrollment…
Open Enrollment for health insurance begins November 1 and lasts through December 15, 2019. Plan and benefit information will be released on October 26, so that you can begin comparing different policies. As long as you enroll on or before December 15, your coverage will take effect on January 1, 2020.
It’s tempting to skip the research and decision-making, and simply opt into the same policy you had in 2019. However, new plan offerings might suit your needs better, so it makes sense to investigate them. If you’ve experienced certain life changes this year, such as marriage, divorce, adding a new child to the family, new health conditions, or a change in financial circumstances (among others), you should definitely take the time to consider this decision carefully.
If you miss the December 15 deadline, in most cases you won’t be able to make changes to your health insurance policy until Open Enrollment 2021. Some exceptions to this rule exist, if you experience a qualifying life event.
As for Medicare recipients…
Medicare’s Annual Election Period begins October 15 and lasts through December 7, 2019. If any changes have been made to your current plan, you will receive a notice in the mail. You can choose to allow your plan to automatically renew; however, in many cases it does pay to review your options.
If you need assistance with either health insurance enrollment or Medicare’s election period, please give us a call. We can help you identify your needs and then match you with a policy that suits you.