30 Second Insurance Tips©

Tip 196- Open Enrollment Period Update

December 15th will be a busy day for those of us in the health insurance business.

That’s because tomorrow is the deadline for people hoping to buy coverage with a January 1 effective date.

Note however that the Open Enrollment Period actually continues through February 15th.

Let’s say for example, you bought a policy earlier in 2014 but somehow managed to miss the Notice of Premium Increase that arrived in the mail weeks ago. Maybe you also have had a change in the amount of your tax credit. So, if you are surprised by the new premium amount when it actually first shows up on your credit card or bank statement, is it too late to make a change?

The answer is no.

You have until January 15th to make changes for February 1. Or, until February 15th to make changes for March 1. After that, you’re locked in until the end of 2015.