Are you in the market for new health insurance? The 2023 Open Enrollment for Obamacare period is just around the corner—but it only lasts a short period of time, so it is important to be prepared. This article details what Obamacare is when you can enroll for next year, and what happens if you miss the enrollment period.
The Affordable Care Act, known as Obamacare, is a federal statute designed to make healthcare more affordable and accessible for Americans. The open enrollment period runs from November 1, 2022, to January 15, 2023. Open enrollment only happens once a year, and if you miss it, you will only be able to enroll in a new health plan or change your existing coverage if you experience a qualifying life event.
What is Obamacare?
Obamacare is the colloquial term for the Affordable Care Act (ACA), the full name of which is the Patient Protection and Affordable Care Act. It is also sometimes referred to as the “marketplace plan.” Don’t let the different names confuse you, they all refer to the same thing! Obamacare is a set of health insurance reforms passed by Congress and signed into law by President Obama in 2010. The aim of Obamacare was to increase the number of people with health insurance coverage in the United States by making it more affordable and accessible.
Before the Affordable Care Act was passed, healthcare options were scarce for Americans, and any options that were available were unaffordable for many people. Obamacare provides premium subsidies or tax credits, which serve to make insurance cheaper for those who qualify. If you fall into certain income categories, you could be granted a subsidy, reducing your monthly premium. A cost-sharing reduction (CSR) reduces the amount you have to pay out of pocket for deductibles, co-payments, or co-insurance costs. In addition to being more affordable, Obamacare sets rules that allow access to healthcare for people who previously would not be able to qualify. ACA-compliant plans cannot deny coverage to somebody who has a pre-existing medical condition, they are also not allowed to increase their premiums because of a pre-existing condition.
Every ACA-compliant plan must include the ten essential health benefits, which include hospitalization, prescription drugs, emergency services, ambulatory services, maternity and newborn care, laboratory services, mental health, and substance abuse services, pediatric dental and vision care, rehabilitative services, and chronic disease management and preventative care.
When is 2023 open enrollment for Obamacare?
If you are interested in Obamacare for 2023, you must apply during the open enrollment period. Open enrollment is the yearly period in the United States in which citizens can enroll in health insurance plans for the upcoming calendar year. To enroll in Obamacare for 2023, it is essential to know how long open enrollment lasts in your state. For Colorado residents, open enrollment spans from November 1, 2022, to January 15, 2023. Open enrollment only comes once a year, so make sure you mark your calendar!
Health plans (and how much they cost) change from year to year, making it super important to compare the plans that are available to you during the open enrollment period. If you do not compare plans or check whether you qualify for a subsidy, you will not be of opportunities you may be missing out on.
What if you miss open enrollment?
If you miss the open enrollment period, the only way you will be able to enroll in a new health plan or change your existing coverage is if you experience a qualifying life event. Qualifying life events include: involuntary loss of your previous coverage, marriage or divorce, having a new child, a permanent move to a new area that does not carry your plan, a change in your employment status that would result in the involuntary loss of your employer-sponsored plan, losing coverage from your parent’s health plan when you turn 26, and some other exceptional circumstances. A qualifying life event such as any of those mentioned will trigger a 60-day special enrollment period for you to change your existing coverage or apply for a new plan.
You can also look into other options. At Lighthouse Group, we help with non-traditional plans, meaning we are able to assist individuals throughout the year, even without a special enrollment period. We also have strategies to help lower the amount you pay out of pocket for a marketplace plan. You can count on us to get the best plan for you at the lowest possible price, no matter what time of year it is.
Reach Out to Discuss Your Life Insurance Options
If you are in the market for health insurance this year and need an affordable option, it may be well worth your time to look into Obamacare. The open enrollment period for Obamacare in Colorado is from November 1, 2022, to January 15, 2023, and it only comes once a year, so don’t miss it! Contact Lighthouse Group today with any questions or concerns you may have regarding open enrollment!
