Health Insurance – When You Should Purchase

Before 2014, you could purchase an individual health plan any time of the year. In any case, now, except for some special circumstance, you can buy individual coverage only during the period called as open enrollment.

Open enrollment for 2017 health plan keeps running from Nov. 1, 2016 to Jan. 31, 2017.

You can purchase a health plan outside the open enrollment time frame on the off chance that you have a “qualifying life event, for example, moving outside your insurer's scope region, getting hitched or having an infant. You can likewise purchase scope outside the open enrollment time frame on the off chance that you had a unique circumstance that kept you from selecting before.

Qualifying life occasions that will give you a 60-day “uncommon enlistment period” are:

  • Getting wedded.
  • Having an infant, adopting a child or placing a child for adoption or foster care.
  • Moving.
  • Becoming a U.S. national.
  • Leaving imprisonment.
  • Losing other health coverage because of employment misfortune, separate, COBRA close or maturing off a parent's arrangement.
  • Losing qualification for Medicaid or the Children's Health Insurance Program (CHIP).
  • For individuals with a commercial center arrangement as of now, having an adjustment in wage or family unit status that influences qualification for premium duty credits or cost-sharing diminishments.
  • Gaining status as an individual from an Indian tribe.

Any time of the year you can join Medicaid or CHIP, which are government and state protection programs for low-salary families.

Some health insurers sell short-term, or temporary, health insurance plans outside the open enlistment time frame. However, these arrangements give limited advantages, and they don't consider adequate scope to meet the administration's prerequisite to have medical coverage. Keep in mind; unless you meet all requirements for an exception, you pay a duty punishment on the off chance that you don't have adequate scope for the vast majority of the year.

That expense is 2.5% of your yearly family salary or $695 per individual ($347.50 per child under 18). You'll need to pay whichever number is higher. This could mean you a group of four would need to pay more than $2,000 for not having medical coverage for a whole year.