What's the Open Enrollment Period (2023)?

November 4, 2022
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Open Enrollment is a two-month period of time when you can change your health insurance benefits or start a new one. For 2023, the Open Enrollment period begins on November 1, and you have until December 15 to decide to have coverage as of January 1. The second closing is on January 15 and allows you to have a plan starting from February 1.⁠ Out of this time frame, you can only enroll for a new plan or make changes to your current plan if you go through a life-changing event.

The Open Enrollment period (2023) exists to discourage people from signing up for health insurance only when they have medical issues. The period protects insurance companies from going under more financial risks and saves people from not having health insurance when they need unexpected medical care.

Alternatives for Self-Employment Health Insurance

As a self-employed person, you will most likely need to purchase a healthcare plan since you don't have an employer to cover it. Nevertheless, make sure you consume other coverage alternatives before enrolling in a plan. Here are some other health insurance options:

1. Partner or Family Policy

If you are married or have a partner, you can add yourself to your significant other's health insurance plan. You may still need to pay premiums depending on the employer's plan. In some cases, your parents can also add you to their existing health insurance plan.

2. COBRA

If you are starting your business because you are leaving your full-time job, COBRA may be a temporary option until you decide which health insurance plan you will purchase. Most companies must offer to extend your coverage for a specific time.

3. Affordable Care Act

ACA was enacted in March 2010 to make health insurance affordable to more people. The ACT aims to lower household costs by providing subsidies through Premium Tax Credits, making it a great alternative for health coverage. It also requires insurance companies to provide certain essential benefits. In addition, the law prevents insurance companies from discriminating against people with pre-existing conditions.

Costs of a Health Insurance Plan

There are different types of costs associated with a health insurance plan. The total amount you pay for your medical expenses will change depending on the options you choose for each of these cost types.

Premium: The monthly fee you pay for your insurance plan.

Deductible: The amount you need to pay towards your insurance claim. Your insurance plan kicks in after you reach the deductible amount.

Copay: A fixed amount you pay out of pocket for a medical expense. 

Maximum Out-of-Pocket: The maximum amount you must pay for your medical expenses that are covered by an insurance plan.

The best way to choose the right plan is to consider your medical needs throughout the year. Will you have regular medical expenses? Do you have a regular medication you need to use? Do you want to limit your choices regarding which medical provider(s) you can see? Answering all these questions will make it easy to compare plans and decide which is the best for you. If you are looking for a simple way to manage your budget, download Lunafi today.

Get ready to apply for Open Enrollment 2023 

The 2023 Open Enrollment Period is an opportunity to get coverage if you lack it. During Open Enrollment 2023, you should take a few minutes to consider your needs and wants as a freelancer. Remember that you control what benefits you want to carry—keep these considerations in mind. Insurance can be complicated, but remember that you can choose what works for you (and choose not to cover things that don't interest or concern you). The healthcare marketplace is growing ever more complex. Ensure you understand it well enough to make informed, educated decisions about your options. Join the Lunafi community today and gain insight about other related topics that we cover.

Learn more at https://www.healthcare.gov/ .

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