ACA Open Enrollment vs. Qualifying Event: What You Need to Know

Open Enrollment and Qualifying Life Events

The Affordable Care Act (ACA) provides health insurance through the Health Insurance Marketplace. Open enrollment is a specific period each year when you can sign up for ACA coverage. The 2023 open enrollment period runs from November 1st to January 15th.

A qualifying life event, such as losing your job, can also allow you to enroll in ACA coverage outside of open enrollment. If you experience a qualifying event, you have 60 days from the date of the event to enroll in a health plan.

Open Enrollment vs. Qualifying Event: Which One Is Right for You?

If you need health coverage starting January 1st, you must enroll in ACA coverage by December 15th during open enrollment.

If you will not need coverage until after January 1st, you can wait and enroll after December 15th if you experience a qualifying event.

Job Loss as a Qualifying Event

Losing your job is a qualifying life event that allows you to enroll in ACA coverage outside of open enrollment. If you are laid off or terminated from your job, you have 60 days from the date of termination to enroll in a health plan.

Retroactive Coverage

ACA coverage cannot be retroactive. This means that if you enroll in coverage after January 1st, your coverage will not begin until the first of the following month.

Next Steps

If you are laid off and need health insurance coverage, you should take the following steps:

1. Determine if you qualify for Medicaid or CHIP. You may qualify for free or low-cost health insurance if you meet certain income requirements.
2. Contact a licensed health insurance agent. An agent can help you explore your health insurance options and enroll in a plan that meets your needs.
3. Call the Health Insurance Marketplace. You can call the Marketplace at 1-800-318-2596 to get more information about your options and enroll in a health plan.

Conclusion

Understanding the difference between open enrollment and qualifying life events can help you make informed decisions about your health insurance coverage. If you lose your job, don’t panic. You have options to enroll in ACA coverage outside of open enrollment.