CORPUS CHRISTI, Texas — Open enrollment for health insurance began today and many Coastal Bend resident are noticing their premiums are on the rise. Those increases could cause some to change or cancel their insurance plan for 2024.
Charles McCrann, owner of McCrann Insurance explained open enrollment in layman's terms.
"This is the time period right off hand, whether you had coverage, or if you did not have coverage, that you can get coverage out there," McCrann said.
According to United Health Care, there are different timelines for open enrollment for different forms of healthcare insurance:
- Individual & Family ACA Marketplace plans: Open enrollment is Nov. 1 through Jan. 15, in most states
- Health insurance through work: Enrollment periods are set by your employer (typically in fall)
- Medicare: Annual Enrollment Period (AEP) is Oct. 15 to Dec. 7 every year. Initial Enrollment Period (IEP) is around age 65
- Medicaid or Dual Eligible Special Needs Plans (DSNP): Enroll anytime
But just like everything else right now, insurance premiums are also rising in cost.
"Trend is between 7-10% and that’s due to inflation. Everything is costing more. From bread to milk, to gasoline and almost everything that we do," McCrann said.
According to McCrann, it is important to make sure you speak with a qualified professional at your employer, or speak to an insurance professional to find the right fit for you and your needs.
"Some people want to go click on the internet and then you’ll get 200 calls." Again, by visiting with a professional insurance agent you’ll be able to find the right coverage for the right premium," McCrann said.
To receive coverage by Jan. 1 2024, individuals must enroll in their plan by Dec. 15 of 2023.
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