As summer winds down, at Virginia Medical Plans, we are gearing up… for open enrollment, that is!
What is Open Enrollment?
Open enrollment, arguably our busiest time of the year, is a set time period when anyone can purchase or change individual or family health insurance, for any reason.
Outside the dates of open enrollment, you can purchase or change plans only if you have a qualifying event.
When is 2017 Open Enrollment?
The Centers for Medicare and Medicaid Services (CMS) sets the dates of open enrollment.
For 2017 plans, open enrollment runs from November 1, 2016 through January 31, 2017:
|If you enroll in coverage ...||Your coverage will begin ...|
|November 1, 2016 - December 15, 2016||January 1, 2017|
|December 16, 2016 - January 15, 2017||February 1, 2017|
|January 16, 2017 - January 31, 2017||March 1, 2017|
Insurance Companies Submit Rates for Approval
In the months leading up to open enrollment we are not the only ones gearing up!
Insurance companies must submit their proposed plan designs and pricing for approval by their respective states.
Virginia insurers did so in mid-July:
- Eleven carriers in both the on- and off-exchange individual market
- Three carriers in the off-exchange individual market only
- Five carriers in both the on- and off-exchange small group market
- Thirteen carriers in the off-exchange small group market only
The average proposed rate increase in Virginia is 14%. Click here for details.
By August 23 at the latest, the Virginia Bureau of Insurance will make a final recommendation of rate approvals to the U.S. Department of Health and Human Services, which in turn can approve or deny the rates.
Final rates are typically released just in time for open enrollment.
New Entrant in Virginia Health Insurance Market
We are watching closely as a new entrant appears in the Virginia individual market. CIGNA Health and Life has proposed to offer both on- and off-exchange plans for individuals and families in 2017.
We are eager to learn the details of CIGNA’s plans in Virginia!
Virginia Medical Plans – Help for Virginia, Maryland, DC residents
We will continue to provide updates as known, and look forward to working with our clients — old and new — in Virginia, Maryland, and DC to select the best coverage for 2017.
In the meantime, please feel free to reach out to us with any questions. You can reach us by phone at 703-707-8270 or toll free at 1-888-346-2341. We are happy to help.