The time to select health insurance for 2023 is drawing near for individuals or families that already receive health insurance through the public marketplace or could do so.
For the federal marketplace at HealthCare.gov and most state exchanges, open enrollment, when you can choose a health plan for the next year, runs from November 1 through January 15.
Typically, those who obtain coverage in this method are self-employed, unable to secure employment-based insurance or ineligible for Medicaid or Medicare.
The Affordable Care Act of 2010 allowed 14.5 million people to enrol in private health insurance through the public marketplace. About 13 million of those individuals receive subsidies (technically tax credits) that cut their premium costs.
Depending on their income, some people can also be eligible for assistance with cost-sharing for deductibles and copays under some plans.
Here is the information they require for 2023.
According to Cox, you can always investigate if there is a more reasonable choice available if you have coverage through the marketplace and are facing a significant premium rise.
There is still more extensive financial support available
That is, the Inflation Reduction Act, passed in August and became law, extended the temporarily increased subsidies implemented for 2021 and 2022 through 2025.
This means that there is no upper income restriction for those who qualify for subsidies, and everyone's premium payment is capped at 8.5% of their income, as determined by the exchange. Prior to the modifications, the assistance was often restricted to households with incomes between 100% and 400% of the federal poverty level.
Your eligibility for marketplace subsidies is determined by a number of elements, such as your income, age, and the location's second-cheapest "silver" plan (which may or may not be the plan you enrol in).
Give a reliable projection of your revenue for 2023
You will be required to estimate your income for 2023 throughout the enrollment process because the number of your subsidies are at least partially based on it.
It's important to estimate accurately. You may not be eligible for as much aid as you are receiving if your annual income turns out to be higher than you estimated when you enrolled. Any excess would have to be reported at tax time in 2024, which would decrease your refund or raise your tax liability.
Cox advised against getting a bad surprise while filing your taxes the following year.
In the same way, if you were due more money than you really did, the difference would either result in a larger refund or a smaller tax bill.
In either case, you can modify your estimated income at any time during the year or make a note of any significant life events (such as the birth of a child, a marriage, etc.) that might impact the number of subsidies to which you are entitled.
When Is the 2023 Open Enrollment Period?
In most states, the 2023 Open Enrollment Period (OEP) runs from November 1, 2022, through January 15, 2023.
The states that utilize the federal ACA exchange are listed in the chart below as having OEP dates in 2023. Streaming starts on January 1. Your coverage will start on the first day of the month following your enrollment if you have a Special Enrollment Period. For instance, your coverage will start on March 1 if you enroll on February 15.
Alabama: November 1, 2023, until January 15, 2024
Alaska: from November 1 to January 15, 2024
Arizona: November 1, 2023, through January 15, 2024
Arkansas: During the dates of November 1, 2023, through January 15, 2024,
Delaware: November 1, 2023, until January 15, 2024
Florida: November 1, 2023, until January 15, 2024
Georgia: November 1, 2023, to January 15, 2024
Hawaii: November 1, 2023, through January 15, 2024
Illinois: November 1, 2023, through January 15, 2024
Indiana: November 1, 2023–January 15, 2024
Iowa: November 1, 2023, through January 15, 2024
Kansas: November 1, 2023, through January 15, 2024
Louisiana: November 1, 2023, to January 15, 2024
Michigan: November 1, 2023, to January 15, 2024
Mississippi: November 1, 2023, to January 15, 2024
Montana: November 1, 2023, to January 15, 2024
Nebraska: November 1, 2023, to January 15, 2024
New Hampshire: November 1, 2023, to January 15, 2024
North Carolina: November 1, 2023, to January 15, 2024
Ohio: November 1, 2023, to January 15, 2024
Oklahoma: November 1, 2023, to January 15, 2024
Oregon: November 1, 2023, to January 15, 2024
South Carolina: November 1, 2023, to January 15, 2024
South Dakota: November 1, 2023, to January 15, 2024
Texas: November 1, 2023, to January 15, 2024
Utah: November 1, 2023, to January 15, 2024
Virginia: November 1, 2023, to January 15, 2024
Wisconsin: January 15, 2023 to November 1, 2024
Wyoming: January 15, 2023 to November 1, 2024
The 2023 Open Enrollment Period dates vary in some states with independent ACA exchanges. The SEP and OEP dates for these states are displayed in the chart below.
I missed the deadline for open enrollment in my state. Can I Still Get Medical Insurance?
Even if you missed your state's enrollment cutoff date, you might still be eligible for a Special Enrollment Period (SEP), during which you can submit an application for health insurance. You may be eligible for a SEP if you have gone through a qualifying life event. Events in your life that qualify include:
the termination of health insurance provided by employment
changes in the household, including marriage, divorce, a death in the family, or the birth of a child
a shift in your residential address