Obamacare Open Enrollment 2023: What to Know
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The open enrollment season will begin soon for Americans looking to get or switch Affordable Care Act Health insurance coverage, commonly known as “ObamaCare.”
From November 1 to January 15, consumers can select plans on HealthCare.gov for 2023. To make sure coverage is in place the first year, buyers must enroll or renew their insurance by the December 15. for coverage between December 16 and January 15, coverage will not kick in until February.
Open enrollment for Affordable Care Act 2023 health insurance coverage begins November 1. (Photo by: Jeff Greenberg / Education Images / Universal Images Group via Getty Images / Getty Images)
Anyone who misses the Jan. 15 deadline can only sign up for a plan during a Special Enrollment Period, offered if they lose other coverage, move, get married or have a child.
It should be noted, however, that some states offer state health insurance markets outside of the federal site, and have the ability to extend open enrollment periods. States like California, Colorado and Washington, DC, for example, have permanently extended open enrollment.
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Whether an individual is looking for coverage for the first time or considering a change, there are a number of changes this year to be aware of when weighing options.
President Joe Biden with former President Barack Obama and Vice President Kamala Harris for an announcement expanding access to coverage under the Affordable Care Act in the Rose Garden at the White House on April 5, 2022. (Photo by Demetrius Freeman/The Washington Post via Getty Images/Getty Images)
The Inflation Reduction Act passed by the Democrats in Congress and signed into law by President Biden this year extended the subsidies from the American Rescue Plan to 2025. There will also be greater financial assistance available for more consumers for 2023 plans than last year.
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According to the Biden administration, four out of five consumers could find a plan that costs $10 or less a month after subsidies.
Another change this year is that the Department of the Treasury and the Internal Revenue Service (IRS) issued a new rule that fixes the so-called “family glitch,” expanding tax credits to offer coverage to family members of a person with employer-based insurance who is only “affordable” for coverage only to yourself
THORNTON, COLORADO – August 17, 2022: Pediatrician and Colorado State Senator Yadira Caraveo examines the 10 members of the Hernandez family at her clinic in Thornton, Colorado, on Wednesday, August 17, 2022. (Melina Mara/The Washington Post via Getty Images/Getty Images)
Experts say, regardless of the situation of the individual or the family, it is advisable to review the coverage options annually to be sure that money is not left on the table as plans and circumstances change .
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“The bottom line is that you should check your options every year if you want to optimize your savings and understand the benefits that your plan will include next year,” says Louise Norris, a health policy analyst for Healthinsurance.org. “Sometimes plan changes are obvious and well-publicized, but sometimes they’re more subtle — like changes in covered prescriptions, provider networks, or cost-sharing provisions. You don’t know if you don’t see it.” “.
Julia Musto of FOX Business contributed to this report.
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