The enrollment season for the “Affordable Care Act” (ACA), known as “Obamacare,” begins today, November 1, for American citizens and residents who wish to obtain or change their government-subsidized health insurance coverage.
Interested individuals have until January 15, 2023, to select a health plan at HealthCare.gov. To ensure that coverage takes effect on the first day of the new year, enrollment or renewal of insurance must be completed by December 15. Those who enroll between December 16 and January 15 will have coverage start only on February 1.
Those who miss the deadline can only enroll during the “special enrollment period,” which is offered in cases of loss of other health coverage and life changes for the insured, such as marriage or pregnancy.
It is worth emphasizing, however, that some states offer state-run health insurance markets, outside of the federally managed site, and thus have the ability to extend enrollment periods. States like California, Colorado, and Washington, D.C., for example, have made the enrollment period permanent.
It is also important to remember that to qualify for federal subsidies, consumers need to have a Social Security number or be in an immigration process. The best course of action is to consult a specialized agent who can assess each person’s situation and guide them on the best way to proceed.Changes
There are a number of changes this year.
The Inflation Reduction Act passed by Democrats in Congress and signed by President Biden this year extended Obamacare subsidies until 2025. There will also be greater financial assistance available for more consumers for 2023 plans than there was last year.
According to the Biden administration, four out of five consumers will be able to find a plan that costs $10 or less per month after subsidies.
Experts say that regardless of an individual or family’s situation, it is advisable to review coverage options annually to ensure that money is not left on the table as plans and circumstances change.