Affordable Care Act Health Insurance

Uninsured right now and don’t want to be? If you’re considering shopping the Marketplace for an Obamacare plan, quality healthcare coverage can be yours. And it can be affordable, too, thanks to a number of cost-saving measures guaranteed by the Affordable Care Act (ACA).

HOW DO MARKETPLACE SUBSIDIES WORK?

Most people are eligible for subsidies for your Marketplace insurance. This means you will get additional savings that reduce your monthly premium amounts for your Obamacare plan. There are two types of health insurance subsidies: premium tax credits and cost-sharing reductions.

Premium tax credits help make Marketplace insurance more affordable. You can have this credit applied monthly to reduce your monthly premium costs. Or, you can opt to have this amount credited back to you at the end of the year in full when you complete your annual tax return. The amount a person receives in premium tax credits depends on their annual income and household size. You can use a premium tax credit for any metal-tier Marketplace plan.

Cost-sharing reductions are “extra savings” that apply only to those who enroll in a Silver-tier plan. These extra savings lower the amount a person has to pay for deductibles, copayments, and coinsurance. If you qualify for cost-sharing reductions, you’ll also have a lower out-of-pocket maximum.

When can I get Health Insurance?

OPEN ENROLLMENT

There is a six-week-long Open Enrollment period each year, when almost all Americans can buy ACA-compliant health insurance through the Marketplace for the following year. For 2023, the Open Enrollment period is from November 1 2022 – January 15, 2023.

If you missed that window and still want to get health insurance for yourself, you may have some options.

SPECIAL ENROLLMENT PERIOD

You may qualify for a Special Enrollment Period (SEP) if you have had a Qualifying Life Event (QLE). Think about the kinds of major changes that might happen to a household. When you do, you are likely thinking of things that count as a QLE.

So if you got married, got divorced, welcome a new baby, lost a job, or moved to a new county or state, you’ve likely had a Qualifying Life Event. And a QLE will trigger a SEP. This then prompts a sixty-day window to sign-up for a new health insurance plan on the Marketplace. This window and enrollment period can take place at any time, regardless of whether it is the annual Open Enrollment Period or not. Remember, though, that the sixty-day window begins with the date of your QLE.