It's that time of year again. Open enrollment for health insurance occurs in the fall, with coverage generally beginning on January 1st of the following year. Aside from this period, you can enroll for health insurance only when you've had a change of life event such as getting married, having a baby, or losing other health insurance. You have a limited amount of time to make choices that will impact you for the following year. So it's a good idea to understand the basics of open enrollment.

Dates for Open Enrollment

Dates vary depending on the type of health insurance you are purchasing.

• Marketplace plans (Healthcare.gov and state exchanges) run from November 1st to December 15th.
• Employer-sponsored healthcare varies (but is typically held in the fall).
• Medicare enrollment is from October 15th to December 7th.
• Medicaid has year-round open enrollment.

When you shop at Healthcare.gov, depending on your income, you can receive tax credits that are only available through the government. However, if your income is too high to receive the credits, you may want to shop around with private insurers to compare prices.

It can vary by state

In some states, the enrollment period has been extended, so check with your state to be sure you know your window. And though the American Healthcare Act (ACA) does not enforce penalties if you do not have insurance, some states do have mandates. Again, check with your state to see your local regulations.

How to Purchase Individual Healthcare Plans

If you don't get your insurance through an employer, there are four ways to shop for an individual health plan.

1. Go to Healthcare.gov and sign up online.
2. Call the marketplace call center at 1-800-318-2956.
3. Go directly to an insurer's website.
4. Find an insurance broker.

When you shop at Healthcare.gov, depending on your income, you can receive tax credits that are only available through the government. However, if your income is too high to receive the credits, you may want to shop around with private insurers to compare prices.

Open Enrollment Through Your Employer

Although it's typically cheaper to get your health insurance through your employer, if you are eligible for Medicare or Medicaid, it may be worth exploring the option. These are typically cheaper than private insurance.

Don't miss your open enrollment period

Whichever plan you choose, be sure you know the deadlines for enrolling. Once that period ends, your chance to buy health insurance will be gone for another year, unless you have a change of life event. You may even have to pay a penalty depending on where you live, although the federal penalty has been ended. With all of the different options available, it pays to shop around and explore your options.