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How fast can you get me health insurance?

10-19-2016 by Colleen King

When a call starts like this, it’s rarely good. This usually means someone has something wrong, or someone’s pregnant.

Problem is, the intent of Health Insurance is in case something goes wrong. If something has already happened, you don’t need insurance, you need financing and insurance companies don’t classically do that. This whole idea is why requiring people to buy insurance unfortunately is going to be important if health care reform is going to work. Otherwise, what will happen is people will only apply when they have an issue, then drop coverage when all’s well. The concept of insurance, all types of insurance, is that people have to pay in whether they need it or not then there is money in the risk pool for when something is needed. And a risk pool is never something you want to be in the shallow end of, that’s for sure.

This makes the open enrollment season more important than ever. Before 2014 we didn't have this in individual health insurance, just group health insurance with your employer. Now, you can enroll between November 1st and January 31st, but that's it. Unless you have a 'qualifying life event,' like getting married or divorced, having a baby, moving into a new service area where you existing plan won't work, losing a job or your company dropping their group health plan. Those situations, and few more obscure, give you a 'special enrollment period,' where you can enroll outside of open enrollment, but generally you only have a 60 day window.

My main point is, we can’t close the barn door after the horse is out, so that’s why you need health insurance. Before something happens!


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