Do you have health insurance through the Affordable Care Act (ACA), commonly known as “Obamacare”? You have until this Friday, the 15th, to renew your enrollment so that your coverage is not suspended on December 31. If you miss the deadline, you still have the chance to enroll in a government-subsidized health plan for the year 2024. Until January 15, current and new members can enroll in a health plan, with coverage starting on February 1. After this deadline, the government will only accept a new enrollment if an exceptional event occurs in your life, such as a pregnancy.
In March of this year, over 40 million Americans were enrolled in the ACA health insurance marketplace. The ACA was signed into law by President Barack Obama in 2010, which is why it is also known as Obamacare.
Understand how Obamacare works:
Enrollment Deadlines
- December 15 – coverage begins on January 1, 2024
- Between December 16 and January 15 – coverage begins on February 1, 2024
Depending on your circumstances, you may be eligible for special enrollment outside of these dates. Here’s how you can qualify:
You experienced a life-changing event in the last 60 days: events include loss of health insurance coverage, having a child, getting married, getting divorced, or moving to a new zip code. Additionally, if you have a change in household income or if someone on your plan passes away, you may also qualify.
What types of plans are available under the ACA?
• Bronze: you will pay the lowest monthly premium, but you will pay more when you need assistance. The bronze plan’s deductible is generally much higher than the other options, so you will pay more out of pocket until your deductible is met.
• Silver: this mid-level coverage comes with a moderate monthly premium. It will cost more than the bronze option, but your medical treatment costs will be lower than if you opted for the bronze plan.
• Gold: this plan includes a high monthly premium and low costs when you need healthcare. A low deductible means that the amount of medical costs you pay out of pocket will be much lower than with the bronze and silver plans.
• Platinum: the most expensive monthly premium offers the lowest costs when it comes to medical care. Since the deductible is very low, your plan will start paying your medical expenses sooner than any of the other options.
The decision on which plan to choose depends on your lifestyle, how often you will need healthcare, and the type of medical treatment needed. For example, if you are healthy and expect to use your insurance only for emergencies, you might choose the bronze or silver plan. If you are receiving treatment or expect to need regular medical attention, the gold and platinum options may be the best choices for you.
How to know if you qualify for a plan under the Affordable Care Act?
Before you start thinking about which plan to choose, you should first find out if you actually qualify for a plan through the health insurance marketplace. Visit health.gov/screener and enter your zip code.
Next, you will answer a few questions to see if you qualify for discounted or full-price coverage. After receiving an answer, the next step is to fill out a form on the health insurance marketplace or your state’s marketplace to see the available plans and prices.
When you are ready to enroll, you will need to create an account on HealthCare.gov or through your state’s provider.
Source: CNET