What Does It Mean When You Say Open Enrollment in Medical Benefits? 

Health insurance is one of the most essential investments many individuals and families throughout the United States have ever made. The coverage and financial protections offered by health insurance policies can prove critical to maintaining wellness and quality of life. Many people may acquire their coverage through employee benefits offered by their workplace. This necessitates a full understanding of getting and adjusting coverage, usually through open enrollment.

What is Open Enrollment?

Open enrollment is an annual period when eligible individuals and families can purchase a health insurance policy for the coming coverage year through the Health Insurance Marketplace.

Employers may also conduct open enrollment through their workplaces, offering medical benefits to their employees. For example, open enrollment in 2024 will allow enrollees to retain a plan and ensure access to essential medical services throughout 2025.

How Does it Work with Employee Medical Benefits?

Health insurance is an integral staple of most organizations’ employee benefits offerings. These group health plans offer various coverage options and features, with employees often having the opportunity to select from several different plans and coverage levels.

This means that employees must be aware of their choices and make responsible decisions in accordance with their needs, budget and preferences.

While open enrollment typically runs from Nov. 1 through Jan. 15 for the public Health Insurance Marketplace, this schedule may be different for those getting coverage from their employer.

Businesses and their HR departments may set more limited windows during which plans can be purchased or adjusted, making it necessary for these processes to be well-communicated.

Employees should research their options when plan information is made available and consider their needs well before their deadline.

Changes are not typically allowable unless a special enrollment period is triggered by a significant life event (e.g., marriage, having a child or loss of employment status).

We’re Here to Help

Contact True Grown Insurance Services LLC today to learn more about open enrollment.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.