Mark Your Calendar For These Marketplace Deadlines

Mark Your Calendar For These Marketplace Deadlines

Make sure you’re ready for these important Marketplace deadlines.

It shouldn’t come as news to you that the Affordable Care Act has changed the way Americans purchase health insurance. This doesn’t simply refer to the fact that everyone now has to purchase this type of coverage, either.

Under the Affordable Care Act, if you buy your own coverage (i.e. don’t get it through work) you can only get the health insurance you’re legally required to carry at certain times of year. Those who need to purchase individual policies must buy them from the Marketplace during the year’s open enrollment period.

So you don’t miss the chance to purchase—or update—the coverage you need, here are some Marketplace deadlines you should mark on your calendar today.

  • November 1st: The first day of November also marks the first day of 2015’s open enrollment period. If you’re hoping to get or make changes to your health insurance coverage, November 1st rolling around makes it possible for you to do that.
  • January 1st: When the new year begins, policies purchased for the 2016 calendar year will go into effect.
  • January 31st: Don’t put off getting your policy until the new year, since the open enrollment period ends on the last day of January. If you don’t enroll in a policy by this date, you’ll have to qualify for a Special Enrollment Period in order to secure coverage for 2016.

Note that if you get your coverage through Medicaid, the Children’s Health Insurance Program, or the Small Business Health Options Program Marketplace, these deadlines don’t apply.

Be prepared for the upcoming open enrollment period by contacting Employee Benefit Plans Inc. today! Our Greenwood Village, Colorado team is staying up to date on all of the latest Affordable Care Act regulations and deadlines so we can keep you covered and in compliance. To get the health insurance you need during open enrollment, call our team.