The ColoHealth Health Wealth Newsletter
January 1, 2018
Vol. 8, Issue 1

Colorado Open Enrollment and Alternatives
to Missed Deadlines

By Wiley Long / President ColoHealth

Open enrollment to sign up for a traditional insurance plan ended nearly two weeks ago on December 15th. In the case of Colorado, the deadline is January 12th, so there’s still time to make a decision on the best plan.

If you’ve missed the deadline or will miss the deadline, you’ll have fewer options, but there are still some alternative ways to make sure you’re covered for the upcoming year.

Healthcare Coverage Is A Necessity

The Affordable Care Act (also known as Obamacare) requires everyone to carry insurance. Even though the mandate requiring everyone to purchase government-approved health insurance was repealed, this will not take effect until 2019, leaving this upcoming year unchanged. For many, unfortunately, the premiums are growing higher and more difficult to pay.

Thankfully, there are options for some who missed the deadline, and also for those who are tired of having traditional insurance.

Special Enrollment Periods

If you’re already outside of the open enrollment period but need to get traditional health insurance coverage, you need to experience a qualifying event (i.e. change of income or job, the birth of a child) that entitles you to a two-month special enrollment period.

If you voluntarily drop your insurance plan or do not pay your premiums, this does not allow you to qualify for a special enrollment period. You will have to wait until the next enrollment period to choose a new plan or consider alternative health care options such as a short-term health plan or a healthshare.

Healthshares as an Alternative to Traditional Insurance

You may be tired of paying high premiums or may be unable to meet the payments. You may simply not want insurance. Whatever the reason, the alternative doesn’t have to be going without and simply eating the cost of the penalty tax. Healthshares are a great option to consider. Healthshares are less comprehensive than traditional insurance, but the benefits outweigh the costs for many.

With healthshares, a monthly fee is paid like traditional insurance. That money is kept in a collective pot, which is then used to pay for qualifying medical expenses of the members. It revolves around the concept of sharing the burden and helping the community (many are religious and some even require members to sign a statement of shared beliefs).

As stated before, healthshares are less comprehensive, so many don’t cover things like pre-existing conditions and birth control. Ultimately, healthshares work best for relatively healthy individuals. For those whose needs best fit healthshares, members might see saving half that of what they paid for traditional insurance.

Not Set in Stone

Nothing is set in stone. If you feel like you’re trapped in insurance or doomed because you missed the deadline, keep in mind that there are other options. Since you have until the 12th before OEP ends, make sure to decide the best option by considering both traditional and the alternatives.

If you need help making an informed decision, just reach out to your Personal Benefits Manager.

To your health and wealth,

Wiley P. Long, III
President – Colohealth