When Is Open Enrollment for 2024 Health Insurance?

The open enrollment period is when interested buyers can apply for health insurance. The period may vary depending on where the plan is purchased and an individual’s circumstances.

The main purpose of open enrollment is to deter adverse selection when only sick people sign up for a plan. This way, insurance companies are protected. At the same time, healthy people are encouraged to enroll. Having a plan in place gives them the financial protection they may need in case of unexpected events.

An interested individual can enroll in a new health plan or switch plans during the open enrollment for 2023. Typically, a plan purchased during this period is kept through the next year.

The Affordable Care Act (ACA) was enacted to make health insurance affordable and accessible to more people, especially those with income anywhere between 100%­­ – 400% of the federal poverty level. The law encompasses health and preventive care costs and health insurance coverage.

ACA plans are available through the Marketplace, also known as the healthcare exchange. Health insurance purchased through the exchange includes the following benefits:

• An individual can purchase a plan for themselves and/or their families without an employer’s plan.
• Health insurance plans cover essential benefits.
• Premium rates are reduced for qualified individuals.
• Providers can’t deny coverage to people due to preexisting conditions.
• Dependents are allowed to stay on their parent’s plan until age 26.

The open enrollment period for these policies usually lasts 45 days, between November 1 – December 15 every year.

The enrollment dates may vary depending on the applicant’s state. Most states require individuals to enroll by December 15 to get coverage for January 1 of the next year, following the federal Marketplace open enrollment period. However, some accept applications after December 15 but will defer coverage until February.

The table below shows the 2023 open enrollment period for state-based Marketplaces.

Medicare open enrollment, called the annual election period, is October 15 – December 7 every year. During this time, Medicare policyholders can reevaluate their coverage and make changes based on their preferences and needs.

Meanwhile, Medicare Advantage policyholders can switch to Original Medicare, or Part A and B, during the Medicare Advantage Disenrollment Period. This is annually from January 1 – February 14. Eligible enrollees can also apply for Part D during this period or during the Medicare Advantage Plan Open Enrollment period between January 1 – March 31.

The General Enrollment Period, when individuals who didn’t sign up when they first became eligible for Medicare Parts A and B are allowed to enroll, is January 1 – March 31, with coverage starting July 1 of that year.

An individual may become eligible for Medicare after the open enrollment period. In such a case, they’re allowed to enroll within three months before and three months following their 65th birthday.

Individuals looking to purchase ACA or Medicare plans should take note of the open enrollment dates. But missing the deadline doesn’t mean you can no longer purchase a policy. Here are some options if you miss open enrollment:

• Special enrollment period: Consumers may apply for a healthcare plan outside the open enrollment period during certain life events.
• Medicaid: Eligible low-income people, including children, pregnant women, adults, families, elderly adults and people with disabilities, may apply at any time. Although requirements are based on federal rules, the administration of Medicaid is by state.
• Short-term health insurance: A short-term plan is a viable option for people who want to cover temporary gaps in their health insurance coverage. Typically, this type of insurance is good for a year or less.
• Plan continuation: Some plans are automatically renewed. That means if you’re already enrolled in a policy, there’s no need to re-apply.

Taking note of healthcare open enrollment dates is a great way to find the best deals. Although it’s sometimes possible to purchase a plan after missing open enrollment, your options may be limited. You may need to wait until the next open enrollment period to get your desired plan.

Understanding the open enrollment period for healthcare will help you navigate health insurance better. Below are answers to some of the most commonly asked questions about open enrollment.