If you have been wondering how long the health insurance waiting period after signing up is. In that case, this article will answer all of your questions.
The Affordable Care Act has made it possible for individuals to purchase insurance from private companies and still receive coverage. Authorities put in place this legislation to help keep more people insured and protect against skyrocketing rates.
However, there are some stipulations that need to be met before you can get started on a plan. One thing that many people want to know is how long does the health insurance waiting period last?
If you’re buying health insurance on your own from a state or federal Marketplace, your coverage and waiting period start when:
- The first day of the next month: your coverage and waiting period start on the first day of the next month
- First day of the month following the month you enroll: When you don’t enroll in a health insurance plan during your current open enrollment. The waiting period starts when you can sign up again
- Immediately: If you have a genuine life event (like moving to a new zip code, marrying, adopting a child, or giving birth)
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Waiting Period for Workplace Insurance?
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When you’re signing up for a new life insurance plan with your company, a 30-day delay will often happen before coverage starts. Knowing what your coverage starts date will be is an important question to ask. There are a couple of ways you can find out:
- Contact HR or your future manager, and they should know the answer,
- You could contact COBRA and check if that option is available (and what it might cost),
- If not, you might want to consider purchasing a short-term health plan until your new employer’s health insurance kicks in
Waiting Period for Employer-Based Health Insurance?
Depending on your company’s insurer, coverage of health insurance can start as soon as you begin work–or it may take up to a year.
You can get employer-based insurance regardless of your time with the company if a qualifying life event occurs. Examples include getting hired, getting married, or having a baby.
What If You Have Medicare?
Studies show that the best time to purchase supplemental Medicare coverage is as soon as you turn 65. The same applies to Medicare if you’re eligible and interested in purchasing it. There is a number of factors that determines that either you qualify for medicare automatically or you’ll have to sign up for it:
Waiting Period in case of Medicaid?
In case of your Medicaid application approval, coverage will usually begin on the day you submitted your application. Otherwise, on the 1st of either the month, you applied or the month preceding that in which you apply. You may contact your state’s Medicaid website to determine what specific rules pertain to how soon coordination with a new plan begins.
What If You Have COBRA?
COBRA allows you to use your old employer’s benefits for a year or more, typically after losing your job. You will have to pay the premiums and cover all medical costs yourself. Still, at least it allows you continuous coverage during the waiting period.
Final Words
The health insurance waiting period is a lot shorter than you might think. In the United States, there are usually only about five days before your coverage starts, and many companies have this same timeframe. If you’re looking for more information on how long it takes to get your new plan in effect, contact us now! We’ll be happy to answer any of your questions or concerns.