Plan sponsors would be wise to schedule a special open enrollment period matching the ACA open enrollment period.
Group health plan members can drop coverage during the group’s open enrollment period and enroll on an ACA Marketplace plan during the marketplace ACA open enrollment period which is November 1 to January 15.
- They will not be turned down.
- No waiting period for preexisting conditions.
With a little encouragement high-risk group plan members may find it more advantageous to drop high-cost lower benefit group insurance for no cost, turbocharged individual health insurance incorporating better benefits at a time they need it the most. This simple risk management strategy is made possible by out-of-the-box creative financing fueled by necessity.
