Open Enrollment: What It Means For Independent Oil And Gas Contractors
...Tomiwa Oladipo Published November 2022
Manup has partnered with market leaders to give you access to affordable health insurance options and other perks that you as a US independent energy professionals need.
Oil and gas workers are the hardworking men and women who extract oil and natural gas. They work in harsh, remote, high-risk, and highly physically demanding operating conditions, often spending weeks away from family and friends while they work 12-hour shifts in the quest to keep the world continually powered.
Being an oil and gas worker is one of the most dangerous jobs in the United States
But many Oil and gas workers in the US are freelancers (1099 Independent contractors), meaning they have the flexibility to work on their own terms where and when they want.
While this career track can be highly lucrative and offers numerous advantages, not having a permanent employer means you must shoulder the responsibility of providing your own benefits coverages (Medical, vision, dental, life, etc.)
This is why we partnered with Catch to provide access to health and dental insurance to the independent professionals operating on the Manup platform.
But there’s a limited window to avail yourself of these benefits; we have provided some helpful insights below.
Open Enrollment: Access Health & Dental Insurance Benefits Now!
Open enrollment is a roughly two-month period at the end of each year when you can get or change your health insurance. Outside of this period, enrollment is closed unless you meet special criteria (see Special Enrollment).
Open enrollment starts November 1 and ends December 15 for plans that begin on the first of the year.
You might be wondering why Open Enrollment exists in the first place. Why can't people get health insurance whenever they want?
The idea behind having a brief window for Open Enrollment is that if anyone could get health insurance whenever they wanted, no one would get it when they were healthy, and everyone would get it when they got sick or injured. That would be bad news for insurance companies, who would only have customers who were hurt (i.e., expensive).
The dynamic could affect all kinds of insurance. Imagine if people only bought flood insurance during a flood. Flood insurance providers would quickly go out of business.
That's the basic idea for why there’s a limited window for when you can enroll. Now that you know, you can plan ahead. As November 1st approaches, Catch can help you find the right coverage for you and your family.
Here are some questions to consider:
1. Do you expect a low, medium, or a high number of medical visits in the year ahead?
It's hard to know exactly, but estimating will help you select the appropriate type of plan that gives you the best level of coverage for the best value (see Metal Tiers for more info on types of plans).
2. Do you want to switch plans or carriers? Add a dental plan?
Catch makes it easy to shop and compare new plans.
3. Does your plan offer solid coverage?
Beware: some plans offer low prices but don’t actually provide good coverage. Make sure your plan is ACA-compliant and covers all 10 Essential Health Benefits (like every plan on Catch).
4. Are you able to save money on your monthly premiums?
Catch can make sure you get all the savings you're eligible for. 86% of people who buy their own insurance on the marketplace qualify for advanced premium tax credits that save an average of $524/month.
5. Do you need to renew your plan from this year?
If you're happy with your plan from the previous year, find out if you need to renew it yourself. Catch can automatically renew your plan, so you don't accidentally lose coverage.
Open enrollment can be overwhelming. There are lots of acronyms and jargon. Catch wants to help you get a plan you understand at the best price possible.
Don’t wait until the last minute! If you miss the deadline for applying for health insurance, you’re rolling the dice. Medical expenses are the leading cause of bankruptcy in the US. You don’t want to be uninsured if something bad happens.
Manup’s Got Your Back
You work so hard and shouldn’t struggle to get affordable benefit coverage customizable to your unique family circumstances.This is why we work with partners passionate about providing a range of uncommon, competitive and flexible health insurance plans designed to create tax-efficiency and the best member experience for our contractors.
Our partnership with Catch empowers highly skilled professionals to stay laser-focused on powering the world without worrying about the complexity of securing their benefits and finances. Manup continues to support the thousands of professionals on Manup who proudly choose to be independent.
Click here to initiate the process of getting your customized benefit options or call +1.346.497.4400 for more information!
Our team of licensed specialists are standing by to listen to your needs and provide guidance in making your selections.
Want to enjoy these benefits and more? Join and start billing through Manup today!