No health insurance? SEP? No problem!

Posted on August 11th 2017 in Health Plans

Note:  The information references Covered California but not exclusively.  Please call our office for information on your state.

The Joys of Special Enrollment Periods

Sure, stuff happens.  All the time stuff happens.  And that’s one of the great difficulties of obtaining health insurance these days.  On January 1st each year, you have to figure out what your income is going to be for the rest of the year during something called the Open Enrollment period.

But what if you fall in love, have a baby, move or – oh no! – lose your job?  That’s when the Special Enrollment Period applies.  Otherwise known as, in a world full of anachronyms, the SEP.  For 60 days, you can make a change to your exchange application and reap the benefits of a lower premium or, if necessary, increase your premium to avoid a tax penalty.

You’ll find a chart below reflecting the type of events that could trigger a SEP.  But this is but a partial list, gentle reader.  If you sell a house or some stock (capital gains) – SEP.  You get a raise – SEP.  In short, with some exceptions, anything that affects your adjusted gross income up or down allows you to change your policy.

Now, we can always just put down that old homily "Other Qualifying Event" too but that will mean a possible hold up as the exchange accesses your situation.

One final thing that we keep trying to hit home:  if you can't truly afford your premium, chances are your income changed and we should re-evaluate your application.

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