A designated time period each year when you can sign up for or make changes to your health insurance plan without needing a qualifying life event. The federal marketplace open enrollment typically runs from November through mid-January; employer plans set their own windows.
Related Terms
Premium
The amount you pay to an insurance company to maintain your coverage, typically billed monthly, quarterly, or annually. Premiums are determined by factors such as risk level, coverage amount, deductible, location, and claims history.
HMO
A Health Maintenance Organization is a type of health plan that requires you to choose a primary care physician (PCP) and get referrals to see specialists. HMOs typically have lower premiums and out-of-pocket costs but limit coverage to in-network providers except in emergencies.
PPO
A Preferred Provider Organization is a health plan that gives you more flexibility to see any doctor or specialist without a referral. You pay less when using in-network providers, but you still have partial coverage for out-of-network care. PPOs typically have higher premiums than HMOs.