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Why are health insurance companies forced into specific Enrollment Periods by the government?
In: Health Insurance
11 Apr 2010For example, in this part of the US, you can only enroll in a certain health insurance company between the weeks of 11-15 and 12-31. Apparently CMS, the regulatory healthcare branch of the government, enforces this rule. Doesn’t that just make everything more difficult for the customers, providers, companies, and CMS itself? An entire multi-billion dollar business only gets to work for 8 weeks out of the year. Am I missing something, here?
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3 Responses to Why are health insurance companies forced into specific Enrollment Periods by the government?
Insurance Pickle.com
April 11th, 2010 at 7:32 pm
You’re missing something. Perhaps that’s a special program. Health insurance is available 24/7 and 365. That’s also a common marketing scam telling people that there’s an ‘enrollment period.’
jlf
April 11th, 2010 at 7:32 pm
Where are you getting your information? “Open enrollment” periods are usually something incorporated into employer group plans – not mandated by “CMS.” Insurance (presently) is largely regulated at the state level.
mbrcatz
April 11th, 2010 at 8:01 pm
The IRS did this, to keep employees from jumping on for one month, putting in the claims, and then dumping the insurance. Employers didn’t object, because it’s a lot of paperwork and effort, if an employee wants to do that six times a year.
It actually simplifies things drastically, AND, helps prevent adverse selection issues.
**This is only for GROUP plans. As the Pickle mentioned, private coverage does NOT have these limitations.**