Health and Life Insurance Open Enrollment Season

September 15, 2014

The Open Enrollment Period is from
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October 1, 2014 – March 13, 2014 for Qualified Health Plans. For overage beginning in November, the enrollment period is from November 15, 2014 until February 15, 2014. The employers will be searching for Supplemental benefits at that time as well. Employees can apply for their health coverage on the Internet.

You may be hearing the buzz at work about what your employer intends to do with the current benefits or what programs he /she is desiring to add to or subtract from the current benefits package. The employer will carefully consider the benefits package to determine if the package is adequate enough to attract and retain employees.
Open Enrollment is a time when employees can apply for health coverage or supplemental benefits at the workplace without underwriting, which would limit the type and amount of coverage that the employee applies for based on his/her health. This period also protects the insured from lapsing coverage due to employees trying to optimize on the amount they are paying for coverage or purchasing coverage when they are sick and cancelling when they are well. This keeps the insurance companies from experiencing financial risk and insurance premiums from increasing.

Besides health insurance, employers will allow employees to purchase life insurance, disability insurance, accident insurance, or health insurance supplements. An open enrollment is a great time to review the benefits one may have or add benefits to one’s personal program of insurance coverage.

It is important to note that if an employee misses the dates for open enrollment, he/she will have to wait until the next one which will take place one year later. The only exceptions are employees experiencing life changing events in the family, such as a divorce, birth of a child, or If an employee no longer qualify for Medicaid insurance. Some may also be able to apply after the enrollment period if there was a glitch in the system which caused the employees not to enroll for coverage. Anyone can apply for Medicaid or CHIP (Children’s Health Insurance Plan) anytime of the year.

In conclusion, the Open Enrollment season for Health Insurance and Supplemental Health insurance programs is approaching and every employee should use this time now to enroll in their coverage.


Investigate Insurance Company Practices

July 12, 2010

In these economic times, it is especially advisable to investigate insurance company practices before buying life insurance. In past years, many insurance companies were fined for their practices regarding life insurance dividends and premiums. As a result, many of the states changed their laws. If there are any questions when applying for life insurance, here is a website with the regulations pertaining to each state in the United States.

Some people are still being approached to withdraw dividends to pay for premiums on life insurance policies and to use dividends as ways to fund investments. It is advisable to investigate any propositions to ensure that money or benefits will not be lost.