For insurance agents and their clients, the Open Enrollment Period (OEP) is one of the most important times of the year. It marks the time for individuals to enroll in or make modifications to their health insurance coverage. As an insurance agent, knowing the ins and outs of this time period is crucial to giving your clients the best possible service. To ensure you make the most of the OEP, this blog is designed to give you a quick rundown of important deadlines, dates, and insights. By preparing sufficiently and making the proper adjustments the OEP provides the perfect opportunity to boost client confidence and drive business growth.
OEP Key Dates and Deadlines
OEP Start Date: November 1
The Open Enrollment Period officially begins on November 1. The main purpose of the OEP is to allow individuals to enroll in a new health insurance plan, or to make changes to their existing plan. For insurance agents to make the most of the OEP, it’s important to establish a well thought out plan. For starters, it’s vital to reach out to clients well in advance to ensure they have all the information they need to make an educated decision. While the OEP lasts multiple months, we can’t overstate the importance of the start date, as it sets the tone for the rest of the enrollment period.
OEP End Date: January 15
January 15 is the last day of the OEP. Clients have until the end of this day to obtain health insurance coverage for the upcoming year. Clients who miss this deadline risk losing their essential health coverage, unless they are eligible for a Special Enrollment Period (SEP). To prevent coverage gaps, agents need to be diligent in educating clients about the significance of meeting this deadline to avoid coverage lapses.
Special Enrollment Periods (SEPs)
SEPs give clients the chance to sign up for health insurance outside of the OEP under certain circumstances. Some of the qualifying life events allowing an individual to enroll during SEPs include:
- Losing health coverage
- Getting married
- Having a baby
- Adopting a child
SEPs should always be kept in mind during the OEP since they can intersect with the normal enrollment period. By emphasizing the importance of this period, you’ll satisfy clients who are oftentimes in a bind to get coverage quickly.
Important Deadlines to Remember
- Client Notification Deadlines: Make sure that your clients are aware of key dates and the actions they must take, well ahead of time. At the very least, clients should be sent messages month prior, outlining the start and end dates. By giving clients ample time to take action, you’ll avoid last-minute rushing that could hold up your operations.
- Submission Deadlines for Carriers: Additionally, every insurance carrier has their own set of dates that applications must be submitted by. Missing these dates could delay or even forfeit your client’s coverage.
- Other Important Dates: Other key dates could include deadlines for subsidies, or other documentation specific to your organization. Take the time to set up your calendars accordingly with alerts and reminders. It’s your responsibility to make sure that each client has everything in order so they can receive coverage in time for the new year.
Important Updates and Changes for This Year’s OEP
New Regulations and Guidelines
New rules and regulations are introduced every year, and this year is no exception. Agents must become knowledgeable about these changes in order to provide their clients with helpful advice. Knowing these rules will enable you to successfully advise your clients regarding any modifications to coverage mandates, changes in eligibility standards, or adjustments to subsidy calculations. Here are a couple upcoming changes:
- Enhanced Subsidies: More people are now eligible for premium assistance thanks to the extension of the American Rescue Plan’s enhanced subsidies. This extension will help a higher volume of individuals be able to afford health coverage. As of right now, the extension goes through 2025. With that said, agents should be ready to go over these options with their clients.
- Family Glitch Fix: The “family glitch” rule has recently been addressed. This means that if employer-sponsored coverage is too expensive, families can more easily qualify for subsidies. For agents, this could mean many more clients who were previously ineligible for subsidies will now be eligible.
Changes in Plan Availability
Every year, there are changes made to the availability of certain plans, pricing and coverage options. For agents, it’s crucial to be aware of these changes and how they might affect the average client. Some changes that commonly come into play year over year include:
- Availability of New Plan Options: Some states and insurers are introducing new options to include more bronze plans and coverage in rural areas. Be sure to check the offerings of each plan that you work with to ensure you have the most up-to-date information.
- Prescription Drug Coverage: Plans oftentimes revise their formularies. Changes to formularies can impact the cost and availability of specific prescription medications. Agents should review these changes, to help clients make adjustments if necessary.
- Provider Network Changes: Like drug coverage, the providers included in a specific network will change from time to time. Especially for clients wanting to keep their current providers, it’s important to outline these changes in detail.
Technological and Process Updates
With advancements in technology, the OEP has never been more streamlined for agents. There are a variety of tools that everyone should use to save time and to enhance client’s experiences. Focus on using online enrollment portals and mobile apps that provide on-the-go access and push notifications. These tools make it easy to make personalized recommendations and give updates in real time. Additionally, some agents use virtual enrollment assistance or AI chatbots to help streamline client support. Lastly, it may be beneficial to utilize data analytics tools to help optimize your marketing efforts by pinpointing common needs.
General Tips to Prepare for the OEP
- Review Client List: identify the clients with the most pressing or complex needs. In turn, prioritize the outreach to these individuals.
- Early Communication: Get in touch with clients well ahead of the OEP start date. This ensures that everyone is aware of deadlines or important changes affecting their existing coverage.
- Use Targeted Marketing Tactics: Create and implement segmented marketing plans specific to your different groups of clients. The same messaging and communication styles may not work for everyone, so do your research and vary your approaches.
- Stay Up-to-Date on Industry Changes: Review changes regarding plan options, market trends and regulations on an ongoing basis. Reading trusted industry publications is a great place to start. By being in tune with the industry as a whole, you can provide clients with the most current advice.
Bringing it All Together
To provide clients with the best service and experience, you must be well prepared. For agents, this means having a firm understanding of the key dates, deadlines and updates that will affect the enrollment process and coverage details. While it may seem like a lot to take in, it mostly comes down to staying informed, and reaching out well in advance of the OEP start date. By doing so you’ll be in the best position to guide clients through the process and ensure they get the best possible coverage.
If you found this article helpful, be sure to keep an eye out for our upcoming blog, “The Ultimate OEP Checklist: What to Do Before November 1st.” In this article, we’ll take a more detailed dive into the preparation steps, so you can be as successful as possible during this crucial time. For more information in the time being, feel free to browse our site. We offer an extensive library of resources all aimed at helping agents like you. Additionally, we pride ourselves on helping agents boost conversions and sales with our real-time leads. Whether you’re working with individual health insurance, group health or commercial, we’re here to give you a boost! Just fill out a quick form or give us a call at 888-684-3121 to learn more about what our leads can do for you.
