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Need to know how to change your Obamacare health plan? Many Americans who signed up for an Affordable Care Act (ACA) plan have their plans set to automatically renew during the annual Open Enrollment Period (OEP).1,2

In addition to having your enrollment in your current health insurance plan automatically renewed, you may also have tax credits or subsidies automatically renewed.This can be a huge convenience to many Americans, as it means that they won't have to go through the headache of trying to navigate the health insurance marketplace again.

Pay close attention to the letter you receive from your insurance company, as insurance premiums are rising.4 In this case, you may want to opt for a new plan to balance the rising costs of your insurance.

Don't want to be automatically re-enrolled in your current plan? Perhaps your monthly premiums are expecting to go up, or it doesn't provide you with the coverage you need for your personal health needs. Don't worry. You can change your Obamacare health plan if you want, and you don't have to stick with the same plan indefinitely.

Can You Switch Health Insurance at Any Time?

No, you cannot switch your health insurance at any time. You have two opportunities to change your health insurance policy: Open Enrollment and Special Enrollment.5

Open Enrollment is the period of time where health insurance exchanges (public, state, and private) are open for Americans to enroll in health insurance. During this time, people can enroll in a health plan for the first time, re-enroll in their existing plan, or change to a new one.

Generally, the dates for the Open Enrollment Period (OEP) are:6
  • November 1: The beginning of the enrollment period.
  • December 15: The end of the enrollment period.

However, some states may extended their OEPs. Check out this article to see if your state has a longer OEP than the national requirement.

Can I Change My Health Insurance Plan Outside of Open Enrollment?

Yes, you can change your health insurance plan outside of Open Enrollment if you qualify for a Special Enrollment Period (SEP).7

An SEP can occur year-round, even after the Open Enrollment period ends. During this time, only Americans who have experienced a qualifying life event may be eligible to enroll or change their health insurance.8

What Are the Special Enrollment Qualifying Events?

Special Enrollment Period (SEP) qualifying events may include (but are not limited to) having a job change, getting married, adopting or having a baby, or moving to an area with a new plan.If you are eligible, then you may have 60 days to find a new plan or change your existing health insurance plan.9

Can I Cancel My Health Insurance Without a Qualifying Event?

Yes, you can cancel your health insurance without a qualifying event. In fact, you can cancel your health coverage at any time. The cancellation of your coverage can occur the same day that you request it, or you can schedule it to end on a day in the future.10

In Order to Change Your Obamacare Health Plan, You May Need to:

  • Update your information to determine if you qualify for subsidies or tax credits to help pay for a new plan.
  • Shop for a new plan that meets your insurance needs, and enroll in it before the end of the Open Enrollment Period (OEP).
  • Qualify for a Special Enrollment Period (SEP).

HealthMarkets can walk you through the entire process and help find you an insurance plan that fits your needs.

We can help you compare Affordable Care Act (ACA) health plans and find the right fit for you and your loved ones.

Get started with your FitScore® today.


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References:
1. KFF. Retrieved from https://www.kff.org/faqs/faqs-health-insurance-marketplace-and-the-aca/i-signed-up-for-marketplace-coverage-last-year-and-i-want-to-continue-in-this-plan-for-another-year-do-i-have-to-do-anything-during-open-enrollment/ Accessed on January 15, 2021. 

2. CMS. October 2020. Retrieved from https://www.cms.gov/newsroom/fact-sheets/federal-health-insurance-exchange-2021-open-enrollment 
3. KFF. Retrieved from https://www.kff.org/faqs/faqs-health-insurance-marketplace-and-the-aca/is-there-any-reason-the-marketplace-wouldnt-automatically-adjust-and-continue-my-premium-tax-credit-at-renewal-time/ Accessed on January 15, 2021. 
4. CNBC. July 2020. Retrieved from https://www.cnbc.com/2020/07/15/coronavirus-already-upends-2021-health-insurance-premiums-and-copays.html 
5. HealthCare.gov. Retrieved from https://www.healthcare.gov/coverage-outside-open-enrollment/special-enrollment-period/ Accessed on January 15, 2021. 
6. HealthCare.gov. August 2020. Retrieved from https://www.healthcare.gov/blog/open-enrollment-2021-dates/ Accessed on January 15, 2021. 
7. HealthCare.gov. Retrieved from https://www.healthcare.gov/coverage-outside-open-enrollment/changing-plans/ Accessed on January 15, 2021. 
8. HealthCare.gov. Retrieved from https://www.healthcare.gov/glossary/qualifying-life-event/ Accessed on January 15, 2021. 
9. HealthCare.gov. Retrieved from https://www.healthcare.gov/glossary/special-enrollment-period/ Accessed on January 15, 2021. 
10. HealthCare.gov. Retrieved from https://www.healthcare.gov/keep-or-change-plan/ Accessed on January 15, 2021. 

HealthMarkets’ FitScore intends to identify plans that fit your needs. You should carefully review official plan materials.

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