As the year 2023 progresses, it’s important to stay informed about the Affordable Care Act (ACA) enrollment period. The ACA, also known as Obamacare, was enacted in 2010 to provide affordable health insurance options to Americans.
With the ACA, individuals and families can access quality health insurance plans without worrying about being denied coverage due to pre-existing conditions or other factors.
If you’re considering enrolling in a health insurance plan through the ACA, here’s what you need to know for the 2023 enrollment period:
Enrollment period: The open enrollment period for 2023 runs from November 1, 2022, to December 15, 2022. During this time, you can enroll in a new health insurance plan, change your current plan, or renew your existing plan. If you miss this enrollment period, you may have to wait until next year’s enrollment period to sign up for coverage.
Eligibility: To be eligible for health insurance through the ACA, you must be a U.S. citizen or legal resident and not currently enrolled in a health insurance plan that meets the minimum coverage requirements. Additionally, you must not be incarcerated and must not have access to affordable health insurance through an employer or government program.
Subsidies: The ACA provides financial assistance in the form of subsidies to help lower the cost of health insurance premiums for those who qualify. The amount of the subsidy is based on your income, family size, and geographic location. To determine if you qualify for a subsidy, you can use the online calculator on the ACA website or speak with a licensed insurance agent.
Plan options: There are several health insurance plan options available through the ACA, including Bronze, Silver, Gold, and Platinum plans. Each plan has different levels of coverage and cost-sharing, so it’s important to compare your options to find the plan that best meets your healthcare needs and budget.
Penalties: If you do not have health insurance coverage that meets the minimum coverage requirements under the ACA, you may be subject to a penalty when you file your taxes. The penalty for 2023 is $695 per adult or 2.5% of your household income, whichever is greater.
Enrolling in health insurance through the ACA can seem overwhelming, but it doesn’t have to be. By understanding the enrollment period, eligibility requirements, subsidies, plan options, and potential penalties, you can make an informed decision about your healthcare coverage.
If you’re ready to enroll in an ACA health insurance plan, now visit EveryHealthGroup.com/SelfEnroll to get started.