VelaPoint Insurance: Health Matters   /   What You Need to Know About Open Enrollment

What You Need to Know About Open Enrollment

You, like many Americans, may have heard the terms “open enrollment” or “the open enrollment period” but not known what they mean and, especially, what they mean for you. The Patient Protection and Affordable Care Act, often referred to as Obamacare or the Affordable Care Act (ACA), has fundamentally changed the way you enroll in health coverage.

Because of these changes, most Americans can only enroll in the kind of private health insurance that has been designated by the law as qualified coverage from Nov. 15, 2014 until Feb. 15, 2015, the open enrollment period. Except for special circumstances such as losing your job, getting married or divorced, having a baby or moving, this is the only time during the year that you can choose or make changes to this qualified coverage.

It’s important to consider your options carefully because, once the open enrollment period has closed, you won’t be able to make changes to your coverage until the following year. Other changes brought about by the ACA have dramatically changed the way many insurance carriers operate so it’s important for you, as a consumer, to be aware of these changes.

For instance, many insurance companies have changed their networks. This may mean that your coverage will only be accepted at certain doctors’ offices and hospitals. You may also want to consider the cost of any prescription drugs you require on a regular basis. Knowing the answers to these questions—and knowing the right questions to ask—can be a challenge that many Americans aren’t prepared to face alone. A consultation with a licensed insurance broker can be an invaluable resource. 

Why Work With an Insurance Broker? 

An insurance broker is a licensed individual who can sell insurance from a variety of sources, not just one insurance company that employs him or her. This ensures that you’re getting the advice of an expert, someone who is paid to stay up-to-date on all things insurance, while also getting the best plan for your unique needs.

A broker’s services are also often free of charge. Many insurance brokerages, the companies brokers work for, are paid by insurance companies or their affiliates, not by the individual consumers who use their services. And while enrolling in coverage approved by the ACA through the marketplaces setup by the government is free, you may be helped by an individual who has very limited insurance experience and may not be licensed.

A licensed VelaPoint insurance broker can assist you every step of the way. From identifying what’s most important to you (a large provider network, a low deductible, etc.) to navigating the complexities of the state and federal exchange sites to enrolling in coverage that meets the requirements put in place by the ACA, VelaPoint brokers have the knowhow to get you the protection you need.

Call today for a free insurance consultation with a licensed broker at 855‑652‑3171 or visit www.velapoint.com for more information!

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