By Lynne Howard, CPA/PFS, Tax Senior Manager
Beginning November 1, 2015, individuals/families may apply for a new health insurance plan or change their existing plan using the Health Insurance Marketplace to compare health plans for benefit and price. The effective date of coverage depends on when you enroll, but the open enrollment period ends January 31, 2016.
- Coverage starts January 1, 2016, for those enrolling in or changing plans by December 15, 2015.
- Coverage starts February 1, 2016, for those enrolling in or changing plans between January 2, 2016 and January 15, 2016.
- Coverage starts March 1, 2016, for those enrolling in or changing plans between January 16, 2016, and January 31, 2016.
For those missing the January 31 deadline, the only way to enroll in a health plan through a Marketplace is following certain life events that involve a change in family status (for example, marriage or birth of a child) or loss of other health coverage. This special enrollment period is 60-days. Job-based plans must provide a special enrollment period of 30 days.
To learn more about Health Insurance Marketplaces, refer to the government site, www.healthcare.gov