Open enrollment begins for the Affordable Care Act’s insurance marketplace

For millions of people, it’s time to compare benefits and prices and choose health coverage in the Affordable Care Act health insurance marketplaces.

Open enrollment for these plans began on November 1 and normally runs until January 15, but that will be extended to January 16 in 2024 due to a federal holiday.

Enrollment has set records in each of the past four years, driven in part by increased premium tax credits that were extended through 2025, according to the Center on Budget and Policy Priorities (CBPP).

As of February, 15.6 million people had enrolled in an ACA marketplace plan for 2023 and paid their first month’s premium, according to the nonpartisan Institute for Research and Policy.

Enrollment is likely to remain high this year, according to Jennifer Sullivan, director of health insurance access at CBPP.

“People can continue to get really solid help with the cost of the premiums,” Sullivan said.

Also, because some people will lose Medicaid coverage or the Children’s Health Insurance Program, they may need to switch to marketplace coverage.

People who lost coverage through those plans, which are moving to the health insurance marketplace under the Affordable Care Act, will have a special enrollment period until the end of next July, Sullivan noted.

Importantly, this special enrollment period also allows them to enroll and start coverage earlier than January.

However, for anyone looking to enroll in a marketplace health plan next year, it’s best to try to do so sooner rather than later.

In states that use the marketplace, you’ll need to enroll by Dec. 15 to make sure you’re insured on Jan. 1, according to Louise Norris, a health policy analyst at Healthinsurance.org, which provides consumers with health insurance educational resources .

If you instead wait until January to enroll, your coverage won’t go into effect until Feb. 1, she noted.

“Tell yourself the deadline is Dec. 15,” Norris said, “and try to get it done by then so you have a full year of coverage.”

The Affordable Care Act Marketplace is available in 32 states. The remaining 18 states and Washington, D.C., use their own markets and are free to set their own deadlines, Norris said.

For example, Idaho has an early open enrollment period that begins on October 15th and ends on December 15th. Other states may extend their open enrollment through the end of January.

No matter where you live, you can use Healthcare.gov’s “find local help” tool. Once you enter your zip code, you’ll see which plans are covered in your area.

In addition, the Get Covered Connector provides navigators and other assistance by zip code, and appointments can be set directly in the tool, Sullivan said.

Searching can also help you find a list of brokers, navigators and enrollment advisors that are licensed by the state and certified by the exchange.

Navigators are often best for complex households, such as those where some family members are eligible for Medicaid while others are eligible for the marketplace, according to Sullivan.

“It’s important for people to know they can get free help to understand their options,” Sullivan said.

That free help can include help filling out applications and understanding questions asked by professionals who aren’t affiliated with insurance companies, she noted.

While it may be tempting to automatically renew your current exchange plan, which in most cases is possible, there are reasons to review your coverage, Norris said.

“It’s better to choose your own plan, though,” she said.

About 13 states will have new carriers entering the market in 2024, she said. Meanwhile, Virginia will debut a new exchange next year.

“One of these new plans may be a good option for you,” Norris said. “And you won’t know if you just let your plan reset and you don’t get in there and actively look.”

If your health circumstances have changed, especially if you want access to certain doctors or prescription drugs, it’s also wise to explore your options. Also, be sure to pay attention to the amount of deductibles you’ll have to pay, she said.

Nine out of 10 people enrolled in marketplace plans nationwide will receive premium subsidies next year, according to Norris.

Also, nearly half of enrollees will receive cost-sharing discounts that can lower their deductibles or out-of-pocket costs, she said.

A subsidy calculator at Healthinsurance.org can help you check if you qualify.

In addition, some states offer their own subsidies that can help keep costs down.