As we approach the end of the year, it’s time for millions of people to evaluate their health coverage options on the Affordable Care Act (ACA) marketplace. Open enrollment for these plans began on November 1 and typically runs through January 15, with an extension to January 16 in 2024 due to a federal holiday.
According to the Center on Budget and Policy Priorities (CBPP), enrollment in ACA marketplace plans has been breaking records for the past four years, driven by increased premium tax credits extended through 2025. As of February, 15.6 million people had enrolled in a marketplace plan for 2023 and paid the first month’s premium.
Jennifer Sullivan, director of health coverage access at CBPP, predicts that enrollment will remain high this year due to robust premium assistance. Additionally, individuals transitioning from Medicaid or Children’s Health Insurance Program coverage to the marketplace will have a special enrollment period until the end of next July.
To ensure coverage in the new year, it’s advisable to enroll in marketplace health plans sooner rather than later. In states that use the marketplace, enrollment by December 15 guarantees coverage starting on January 1. Waiting until January to enroll will delay coverage until February 1.
Researching your options is key when selecting a plan. The ACA marketplace is available in 32 states, while the remaining states and Washington D.C. have their own marketplaces with varying deadlines. Utilize tools like Healthcare.gov and the Get Covered Connector to find local assistance and navigate the enrollment process.
It’s essential to reassess your coverage choices each year, as new plans and carriers may offer more suitable options. Factors like changes in health circumstances, preferred providers, and deductibles should be considered before renewing or selecting a plan.
Nine out of 10 ACA marketplace enrollees will receive premium subsidies, and almost half will benefit from cost-sharing reductions. Utilize subsidy calculators and state-specific programs to determine potential savings on your health coverage.
Remember, the deadline for selecting or renewing your marketplace plan is approaching, so take advantage of available resources and make an informed decision to secure the coverage that best fits your needs for the upcoming year.
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