Open enrollment is an annual period during which people can sign up for health insurance or change their plans during a limited window.
If you do not sign up in the allotted time, you probably will not be able to sign up for health insurance until the next open enrollment period, pending a life-changing event that qualifies for a special enrollment period (SEP).
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Open enrollment periods are used for most types of health insurance, including Medicare, job-based health insurance and insurance through the Affordable Care Act (ACA) marketplace.
All of these plans can include health savings accounts or HSA where you can save money tax free for medical expenses, pharmaceuticals and certain drug store items.
Alternatively, people can apply and enroll in Medicaid or the Children's Health Insurance Program (CHIP) at any time of year. Year-round enrollment is also available in the Basic Health Programs in New York and Minnesota year-round, according to healthinsurance.org.
While the federal open enrollment period for 2024 began on Monday, Nov. 1 and those who want coverage for the upcoming calendar year will need to enroll by Dec. 15, 2023.
If you enroll for ACA-compliant health insurance coverage between Dec. 16, 2023, and Jan. 15, 2024, coverage will start on Feb. 1, 2024, healthinsurance.org says.
The Medicare open enrollment period runs until Dec. 7, 2024, each year.
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Unlike other health care recipients, Medicare beneficiaries have other time periods during the year when they can amend their benefits.
If you purchase your health insurance from your employer, your open enrollment period might change each year. Timing depends on several factors, but selection usually happens during the fall. During that time period, employees can purchase a different plan or choose to not get one at all.
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FOX Business' Megan Henney and Julia Musto contributed to this report which is updated annually to reflect changes in Open Enrollment.
