Life & Health Insurance License Study Courses

So, what is “open enrollment”? Glad that you asked. Because if you have a health insurance license, this time period can earn you as much, if not more, commission than the previous 10 months combined!

Not licensed to sell life and health insurance yet? We suggest you do it asap to take advantage of open enrollment – Life & Health Insurance Prep Courses

The annual ‘Open Enrollment’ refers to a specific time period during which individuals can enroll in or make changes to their health insurance plans, sometimes provided by their employers or offered through government programs like Medicare and the Affordable Care Act (ACA) marketplace. It’s the time period where anyone can enroll (or make changes) to healthcare, dental, and vision. Open enrollment typically runs November 1 – January 15 annually.

The primary purpose of open enrollment is to give people the opportunity to:

Enroll in a Health Plan

Individuals and small businesses who are eligible for health insurance can sign up for coverage during open enrollment, even if they didn't have coverage before. Insurance agents, you can facilitate this process and earn commission.

Make Changes to Existing Coverage

Those who already have health insurance through their employer or a government program can use open enrollment to make changes to their coverage. This includes switching plans, adding or removing dependents, or adjusting coverage options. Insurance agents, you can facilitate this process and still earn commission.

Renew Current Coverage

If you're satisfied with your current health insurance plan and it's still being offered, you can often choose to renew it during open enrollment without making any changes. Yes, insurance agents, you can facilitate this process and still earn commission.

Note: Open enrollment periods can actually vary, occur annually or semi-annually, depending on the type of insurance and the regulations in place. The specific dates for open enrollment can vary by location, insurance provider, and program. It's essential to pay attention to the dates and deadlines because outside of the open enrollment period, individuals may only be able to enroll in or modify their coverage under specific qualifying life events, such as getting married, having a child, or losing other coverage.

For example, in the United States, the ACA marketplace typically has an annual open enrollment period during which individuals can shop for and enroll in health insurance plans. Outside of this period, individuals can only make changes to their coverage under special circumstances, known as Special Enrollment Periods (SEPs). These SEPs are triggered by events like marriage, divorce, or the birth of a child.

As you can see and imagine, there is a lot of health insurance related activity during open enrollment, and a lot of people and business that need your guidance and assistance. That means that the more enrollments that you facilitate, the more commission you can earn. This is why I say that open enrollment can be a goldmine… if you play your cards right.

Tip: Seek out small and medium sized business and you’ll have the opportunity to enroll several employees in ‘one fell swoop’.

Open enrollment resources for life and health insurance agents: Annual Open Enrollment | CMS