ACA Special Enrollment

[qwerty3656]

I haven't picked a retirement date yet (but it is likely late this year or early next year). I see enrollment period ends Dec. 15th. I'm assuming I don't need to figure everything out by December 15th because there is a "Special Enrollment" option if you lose coverage. Am I missing anything?

 

[Aerides]

I think you mean the ACA? Yes, if you lose coverage for any reason* outside of open enrollment, you can opt in. But it's probably a worthwhile activity to go through now and pick out your preferred plans.

ETA: If you go on COBRA leaving your Co (which a lot of us do/did), then you can't just decide to go off cobra because you feel like it anytime, and swap to the ACA outside of open enrollment.

 

[SecondCor521]

+1 to the above.

Do also note that sign up can take a little bit of time and the special enrollment period is limited in timing as well, so just stay on top of the calendar.

 

[PaunchyPirate]

The general rule is that you can apply for ACA health plans via the exchange if you have lost your insurance due to loss of employment (including retirement) within the previous 60 days. You can also start the process for a future date end of employment up to 60 days prior to the end of that employment.

As mentioned, check your COBRA options and figure out the amount you will have to pay (and its coverage). Then compare that to what the ACA exchange has to offer you. But if you start COBRA, you will need to wait until the next Open Season for ACA or the end of your COBRA.

You can anonymously see what your 2021 ACA plan options are on the exchange now simply by entering your age, zip code, estimated income and smoking status. You don't need to create an account to get plan pricing and details.