With the 2015 open enrollment period in full stride, scores of Illinois residents are learning a hard lesson about how the new system of health insurance works. Actually, this particular aspect is not quite that new. But in light of how new the concept of open enrollment is to the general public, it's definitely worth a more thorough explanation.
This year's open enrollment period launched on November 15th, a Saturday. Understandably, there were many who decided to wait until the following week to purchase a plan or register on the exchange. A strong percentage of these people were expecting their new plan to become active on the first of the following month. And just when they though all was said and done, they had to go to the doctor a few weeks later.
Do you see where we're going with this?
How Open Enrollment Cutoff Dates Work
Here's the simplest way of explaining how the health care cutoffs and deadlines work: Let's say, hypothetically speaking, that you're reading this article on the 10th of December. To ensure that your coverage is active and ready to use on January 1st, you need to make sure that your application is submitted by the 15th. If you wait until the next day, your new policy will not take effect until February 1st. Citing the example given, it essentially comes down to waiting two weeks, or having to wait for a full six weeks.
Considering the drastically different span of time here, you can see why this is such an important aspect to familiarize yourself with. And sadly, there is no wiggle room on this. The major carriers are meticulous in their cutoff dates and how they're processed, and no excuse in the world is going to get them to change their minds. Moreover as brokers, we have absolutely no say in the matter. Just like you, we're following their rules when it comes to new plans.
Avoid an Extra Month of Non-Coverage
The renewal notices continue to go out, and this has many contemplating their medical insurance options. Whether you're considering making the switch to a more affordable plan, curious about applying for a government health insurance subsidy, or need to purchase new coverage, it's important to understand how the carriers have structured cutoff dates. Procrastinating won’t result in lower premiums, so don't put yourself in a position of having to wait an additional month.
Free Health Insurance Help from a Local Agent
Premier Financial Insurance is located in the Lisle/Naperville area, and has grown to become one of Chicagoland's most trusted and respected health insurance agencies. Our staff of licensed Illinois agents can help with everything from new policies and renewals, to Obamacare registration and group health plans. Best of all, we charge no fees for our assistance.
For answers to your healthcare reform questions or to schedule a complimentary appointment, call us today at 800-369-0287. You can also write to us through our website's secure contact form.