The Affordable Care Act (ACA; aka Obamacare) Health Insurance Marketplace is set to begin its Open Enrollment period today. American healthcare consumers can sign up on the federal insurance exchange at healthcare.gov or through their state marketplaces. In recent years there has been increased confusion surrounding Open Enrollment due to changes (and proposed changes) made to the ACA under the past administrations.
Open Enrollment lasts at least 75 days — running from November 1 to January 15, 2023. Some states have longer enrollment periods, and special enrollment periods are available for those with a qualifying life event. Premiums are rising slightly, breaking a trend of the last few years. According to a report from the Centers for Medicare & Medicaid Services, the average premium for the benchmark silver plan in 2023 will increase by 4% for the 33 states participating in the federal exchange.
Due to enhanced federal subsidies, people whose income is under 150% of the Federal Poverty Level ($19,320 for an individual and $32,940 for a family of three) qualify for a $0 premium marketplace plan. The amount that an individual has to contribute towards premiums increases on a sliding scale as income increases, but the Inflation Reduction Act capped premium contributions at no more than 8.5% of household income through 2025. As a result of the enhanced subsidies, an estimated 64% of enrollees can find a plan for $10/month or less for next year and even more are able to purchase a better plan featuring lower deductibles for many enrollees.
There is no longer a federal penalty for not having health insurance, but even healthy people can be faced with extraordinary costs for unforeseen health reasons including COVID-19 — especially those without insurance. For those who have applied through insurance exchanges in previous years, they still have to update their information and compare their options for 2023. If you have questions about signing up or want to talk through your options with a trained professional, free assistance can be reached by calling 1-800-318-2596 or visiting http://localhelp.healthcare.gov.
NeedyMeds will continue to provide information as the need for assistance navigating the often expensive landscape of healthcare rises. The NeedyMeds website has databases of Patient Assistance Programs (PAPs), Diagnosis-Based Assistance (DBAs), and Free/Low-cost/Sliding-scale Clinics to help those in need. The NeedyMeds Drug Discount Card can save users up to 80% off the cash price of prescription medications for those without insurance or choose to use the card instead of insurance. In addition to the plastic card, the card is available in a printable form or a smartphone app. For more help finding information, call our toll-free helpline Monday-Friday 9am-5pm Eastern Time at 1-800-503-6897.
