Missed Open Enrollment? Steps to Secure Health Insurance Now
TL/DR –
The annual open enrollment period for health insurance for the year 2024 ended on January 16, 2024. However, individuals who have experienced particular life changes such as a job loss or significant change in household income can still obtain health insurance outside of the open enrollment period. Options include COBRA coverage, applying for a Special Enrollment Period on HealthCare.gov following qualifying life events, or considering short-term health insurance.
Health Insurance Options Post-Open Enrollment
The yearly health insurance open enrollment season has ended on Jan. 16, 2024, but you still have options for health coverage outside of this period. Changes in your job or personal life might qualify you for health insurance outside of open enrollment.
If you don’t possess health insurance or have concerns about future layoffs, know that there are still ways to secure health coverage for 2024.
1. Consider COBRA Coverage
If you’ve recently quit or lost your job, you have the option to continue your employer-based health insurance through COBRA coverage. The downfall is that COBRA premiums can be costly as you’ll be covering both your share and your employer’s portion of the premium.
COBRA insurance could be a short-term solution offering peace of mind while you search for your next job or health insurance plan. However, if you can’t afford or don’t want to pay high COBRA premiums, look into the following option: a Special Enrollment Period.
2. Explore a Special Enrollment Period on HealthCare.gov
Job changes often require new health insurance. If you’ve recently left a job, started a business, become a caregiver, or taken early retirement, you need to find a new health insurance plan. On HealthCare.gov, you’ll find a “Special Enrollment Period” for health insurance sign-ups. This period allows you to select a new health insurance plan at any time of year if you’ve had a qualifying life event (QLE).
Here are a few QLEs that qualify you for a Special Enrollment Period on HealthCare.gov:
- Job-based health insurance coverage loss
- Significant decrease in household income
- Changes in household (marriage, divorce, new baby, etc.)
- Moving to a new home
- Loss of eligibility for government insurance programs
Check with HealthCare.gov if you’ve had a recent major life change to see if you qualify for a Special Enrollment Period.
3. Consider Short-Term Health Insurance
If you’re unable to qualify for a Special Enrollment Period or have otherwise missed the deadline, consider short-term health insurance. However, these plans don’t follow the same rules as HealthCare.gov plans and may not provide the same coverage.
While short-term health insurance premiums can be lower, the coverage is also less comprehensive. For instance, many short-term health insurance plans may not cover pre-existing conditions, maternity care, mental health care, or highly expensive treatments.
If you’re young and in good health, short-term health insurance could be better than going uninsured until you secure a HealthCare.gov plan or find another job.
Conclusion
If you’re currently without health insurance, you can still secure coverage outside of the open enrollment period. Begin by checking if you qualify for a Special Enrollment Period on HealthCare.gov. Alternatively, consider short-term health insurance as a last resort.
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