If you are in need of an individual or family health insurance plan, now is a good time to start preparing for your purchase. Open enrollment for 2019 is just around the corner, which is the designated time period in which the Affordable Care Act allows you to sign up for a plan from the marketplace. However, there is often a great deal of confusion when it comes to the shopping process. It’s important to gain some clarity before open enrollment begins to avoid ending up without coverage or with a policy that doesn’t meet your needs. Here are some essential facts to understand. 

What to Know About Open Enrollment for Health Insurance 

Open Enrollment Deadlines 

This year, open enrollment lasts for six weeks, which is a shorter time frame than in previous years. It begins November 1, 2018 and goes until December 15, 2018. No matter when you select your plan within this time period, your coverage will begin January 1, 2019. If you miss the deadline, you will have to wait until next year’s open enrollment to sign up unless you have a qualifying event that makes you eligible for a special enrollment period, such as getting married, having a baby, or losing the job that previously provided your health insurance. 

Marketplace Plan Options 

Health insurance plans in the marketplace are broken into four different categories, referred to as bronze, silver, gold, and platinum. Each level determines how much your out-of-pocket costs and premiums will be. Bronze plans have the highest deductibles and cost-sharing expenses with the lowest premiums, and platinum plans offer the lowest copayments and deductibles but have the highest premiums. The plan that’s right for you will depend on how much health care you expect to need.

How to Know if You Need a Plan

The Affordable Care Act requires all U.S. citizens to sign up for health insurance under the marketplace if they don’t have coverage from another source. This means you will need to purchase a plan during open enrollment if you don’t have coverage through an employer, you don’t have government coverage, you can no longer be on a parent’s health insurance plan, or you qualify for tax credits to help you pay the premium. 

Navigating the health insurance marketplace on your own can be a daunting task. With the guidance of one of our experienced agents from Farmers Insurance Group, you’ll find a plan that’s suitable for both your needs and budget. We have been helping to protect the interests of Mountain Grove, MO, residents since 1928 and continue to remain committed to providing superior service. Call (417) 926-7900 to schedule an appointment, or visit us online for more information.