A Guide to the 2023 ACA Open Enrollment Period
More than likely, if you are working with a health insurance broker, you have heard that the tenth annual enrollment period for the ACA is coming up. The enrollment period runs from November 1st to January 15th in the majority of states, and during this period, you may choose a new
health insurance plan or renew the one you currently have. If you are used to purchasing your own private health insurance or enrolling in a plan offered by a job, this period can be confusing. Here is some important information that can help you navigate the ACA enrollment period with a bit more ease.
A Health Insurance Broker Can Help You Find the Right Plan
The great thing about this year’s enrollment period is it will be extremely similar to last year’s. Most states will continue to utilize the exchange platform at healthcare.gov while 17 will use their own exchange platforms. Subsidy rules will be largely the same, and if you qualify for a subsidy, you can drastically lower your health insurance costs. The amount you are required to pay for a benchmark plan has also been reduced. Due to the IRS’s “family glitch,” some families will find they are eligible for greater subsidies this year.
If you choose to work with a health insurance broker during Open Enrollment 023, you will be introduced to many of the plans offered on the exchange, as well as some “off-exchange” plans that are not offered on the healthcare.gov website. A broker can help you determine your personal needs and select a plan that best suits you.
When to Enroll
In most states, the enrollment timeframe will stay the same as last year. This means you will need to enroll by December 15th in order for your coverage to become effective January 1st. If you enroll after December 15th, your coverage will start February 1st. You should keep in mind, however, if your coverage terminates at the end of 2022, you have the option to select a plan as late as December 31st and it will still take effect on January 1st.
Insurers Exiting the Marketplace
Although most states have seen an influx of new insurers, some insurers will be exiting the exchange in select states. For example, Blue Cross Blue Shield will no longer offer plans in Nebraska and CIGNA is leaving the exchange in three separate states. Before enrolling, you should preview plans on your exchange’s website to see what insurers are offering plans in your state. Even in states where the same insurers will be present, they may offer different plans in different areas. For the previously mentioned reasons, you will want to compare plans before settling on one or letting your plan auto-renew – you may find a better plan on the exchange.
New “Family Glitch” Guidelines
Since the debut of ACA-compliant plans, many people have been ineligible for a subsidy since they are offered insurance coverage through their job. Subsidy amounts have never taken the cost to add family members to plans into consideration, and the affordability determination was influenced by the cost of employee-only coverage. In other words, if a person’s employer-sponsored plan was considered affordable, their entire family would be ineligible for subsidies. This ineligibility was referred to as the “family glitch,” and it has prevented countless Americans from obtaining coverage in previous years.
In early 2022, the IRS finally addressed this glitch, so new guidelines will be in place before the 2023 open enrollment period arrives. Under the new guidelines, the marketplace will perform two separate affordability calculations when a family is offered an employer-sponsored plan – one for the employee and one for the entire family. If the employee’s coverage is deemed affordable, but the family’s coverage is not, the family will be eligible for marketplace subsidies.
Pricing Changes
Before enrolling, you should be sure you are aware of any pricing changes. The cost of the average marketplace plan has increased by roughly 7.7% for the 2023 enrollment period. Fortunately, if the second lowest-priced Silver plan in your area costs more, the size of your subsidy will increase.
Are You Looking for a Health Insurance Broker?
If you are looking for a trustworthy and knowledgeable health insurance broker, you should get in touch with Sackett & Associates Insurance Services. We can help you find an affordable health plan that offers the coverage you and your family need.
Contact us today to get started.
Sources:
https://www.commonwealthfund.org/blog/2022/fix-family-glitch
