2015 Health Insurance Marketplace (Exchange) Open Enrollment

On November 15, 2014, the 2015 open enrollment period begins for the Federal Health Insurance Marketplace or Exchange.  This is the second year of the Exchange that infamously had many problems a year ago.  More than seven million people are estimated to have obtained coverage in the first year and that number is expected to grow to 13 million in the coming year.  Utah residents use the Federal Exchange as the state did not build its own, although Utah does have its own small business exchange (SHOP) known as Avenue H.

Open enrollment for 2015 insurance coverage ends February 15, 2015.  This three-month period is only half as long as the 2014 open enrollment period.  You must enroll by December 15, 2014 to have coverage effective January 1, 2015.  If you enroll during December 16-31, coverage won’t begin until February 1, 2015 and you will have a gap in coverage!  So it is important not to delay if you purchase health insurance on the Exchange.  On December 31, 2014, coverage ends for 2014 plans, but you will automatically be re-enrolled in that plan on December 15, 2014 if you take no action.

During the open enrollment period you may change to a different insurance plan or keep your existing plan.  You shouldn’t just blindly accept re-enrollment in your existing plan as premiums and features will have changed from 2014.  So you should shop the Exchange to be sure that you have the most appropriate plan for your circumstances.   Be sure that your doctors and medications will be covered if you change plans.  During the open enrollment period you also apply for premium support subsidies based upon your estimate of your 2015 household income.