Open Enrollment Season Begins for Millions Under the Affordable Care Act
November rolls around and what does it bring? Turkey? Sure. Family gatherings? Absolutely. But it’s also the cue for over 40 million Americans to dive into the annual ritual of the open enrollment period under the Affordable Care Act (ACA), or “Obamacare” as it’s fondly (or not so fondly) known. And hey, if you’re on the market for new insurance, come on down—the more, the merrier.
Last year, the ACA open enrollment was quite the shindig, with about 16.3 million people picking plans from the marketplace. You heard that right, 16.3 million! With a big drop in Medicaid coverage this year, affecting lots of adults and kids, 2024 is expected to be even busier. It’s almost like Black Friday but for health insurance.
If you’re cruising by from the Medicaid lane, you might still qualify; however, many will probably swing over to the ACA marketplace as fresh-faced newbies.
As Cynthia Cox, a VP at the cool cats over at KFF Health Policy Place—ok, KFF—told Money, “This could very well be the busiest open enrollment period we’ve experienced so far.” So buckle up, it’s going to be a wild ride!
Whether you’re jumping in for the first time or considering a plan renewal, it’s time to brush off that magnifying glass and dig into the nitty-gritty because, trust me, some things have changed.
Key Dates and Extensions for ACA Open Enrollment
Mark your calendars! Open enrollment kicked off on November 1 and stretches all the way to January 16, 2024. But if you want your coverage to start by the New Year’s Ball drop, you’ve got until 5 a.m. EST on December 16 to make your move. Miss that and you’re looking at a February 1 coverage start, assuming you make the buzzer by the final January deadline.
Lucky ducks in states like Idaho, New York, and a few others get their own set of dates. But remember, miss these deadlines, and you might just miss the health insurance bus for 2024 unless life throws you a curveball that qualifies you for a special enrollment period.
2024 Adjustments to Open Enrollment Procedures
This season, if you’re already in the ACA club, you can stick with your plan or flirt with a new one. Typically, do nothing and you’ll be auto-renewed post-December 16. But heads-up, there’s a twist—updates to healthcare.gov could be your ticket to savings city.
Oh, and about the plan levels—bronze, silver, gold, and platinum—if you’re a bronze plan holder making about 250% or less of the fed poverty level and you snooze past December 16, you might just find yourself in a silver plan. Why? Because if it’s cheaper or matches your bronze rate, the switch happens automatically. Silver plans are the golden ticket with lower deductibles. Think $100 versus a whopping $6,000. Yes, please!
Also, new this year are some fancy special enrollment periods, including a lifesaver for those booted from Medicaid and a safety net for those hit by natural calamities.
Oh, and Virginia is strutting out its own state-based marketplace platform. Meanwhile, healthcare.gov is still your go-to for navigating state-operated marketplaces.
Potential Impacts on 2024 Marketplace Insurance Costs
Just like last year, average health insurance premiums have climbed about 5% thanks to our old friend inflation. Even the most wallet-friendly plans aren’t immune. But don’t fret—thanks to the 2021 Inflation Reduction Act, those juicy subsidies are still here to help soften the blow.
If you’re wondering what you might shell out, the marketplace calculators or shiny new shopping tools from the Center for Medicare and Medicaid Services can help. They’ll aid in sizing up financial aid eligibility and let you window-shop between plans.
This year, they’re making it easier to gauge your total annual health care costs, premiums, and out-of-pocket expenses included. Shopping for health insurance has never had more clarity!
And a little heads-up for the community: new optional demographic questions on sexual and gender identity will pop up in applications on healthcare.gov, aiming to pinpoint health disparities in the LGBTQ+ community. State markets can choose to include these questions too.
More Insights on Healthcare and Financial Decision-Making
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