What Is Open Enrollment?
Most small employers also offer an open enrollment period.
When Is the Open Enrollment Period?
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There are no rules in terms of how long an employer’s open enrollment period has to be.
Your company should notify you about the open enrollment period.
Open enrollment does not apply to things like ashort-term health insurance policyor a limited benefit plan.
But there are some state-run exchanges that have differentin most cases, longerenrollment windows.
That ended in 2014, under the Affordable Care Act.)
If you’re on top of life’s little details, you may be well aware of open enrollment.
You may even re-assess your plan during that time each year.
However, it is more than possible for an individual to forget about or miss their open enrollment period.
If you miss out, you have limited options.
The FSA elections are normally irrevocable during the plan year unless you have a qualifying event.
Special Enrollment Period
A special enrollment period is triggered when someone experiences a significant, life-changing event.
This period could be triggered if you are covered under someone else’s plan and lose that coverage.
Eligibility is based on income, and it varies considerably from one state to another.
They can also impose caps on the benefits the insurance plan will pay.
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