If you need health insurance and aren’t covered through your job or your spouse’s plan, or you’ve retired but are younger than 65 and not yet eligible for Medicare, it’s time to consider signing up for a plan under the Affordable Care Act (ACA).
Under the Inflation Reduction Act, the expansion of the ACA marketplace subsidies, first included in the 2021 American Rescue Plan, has been extended through 2025. This provision not only increases the ACA marketplace premium subsidies, making individual health insurance more affordable, but it also states that no one will have to pay more than 8.5 percent of their income for ACA health insurance.
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If you are already enrolled in a marketplace plan, it would be a good idea to review your coverage during the ACA's annual open enrollment period, which runs from Nov. 1, 2022 until January 15, 2023 for the federal marketplace and most state exchanges. Some states have a longer open enrollment period so best to check with your state to see when your deadline is for making changes.
Deciding what health insurance plan works for your health care needs and your budget can be complicated and daunting. Here’s a checklist of what you need to know about the ACA and what information you’ll need at your fingertips as you make your health plan decisions.
All ACA plans are required to cover the same set of essential health benefits, such as hospital services, doctor visits, diagnostic tests, emergency room care and other vital services. All your preexisting conditions will be covered. The plans available through private insurance companies are organized by categories named for metals. Each category has a different combination of premiums, deductible and copays to meet varying health and financial needs.
Click here for the federal ACA marketplace or learn about your state exchange if you live in one of these 18 locations:
