30 Second Insurance Tips©

Tip 168- Special Enrollment Period (SEP)

Individuals can buy health insurance through the ‘Obamacare’ Marketplace (FFM) during the annual Open Enrollment Period (OEP). The next OEP is scheduled for November 15th, 2014 through February 15th, 2015.

Outside of the OEP, you can still enroll in private coverage through the Marketplace if you have a qualifying life event or a “complex situation.”

Recently HHS announced a new SEP for individuals who are currently on COBRA. For some consumers, coverage through COBRA might be costlier and less comprehensive than what’s available through the FFM.

Under this new SEP, rather than wait until COBRA benefits are exhausted, current recipients can terminate COBRA and receive an SEP to enroll in FFM coverage. The deadline to enroll under this SEP is July 1, 2014.