PSA: Open enrollment is happening right now! That means you have until December 15th to choose health insurance for 2024. The good news is, most Americans qualify for health insurance that costs less than $10 per month. In fact, more than 7 million qualify for free healthcare plans!
So how can you take advantage of these options? Let’s dive in.
What is open enrollment?
First things first: what is open enrollment? The open enrollment period (OEP) is the time of year when you can change your health insurance or buy it if you don’t have it already. If you don’t purchase it during this period, you’ll be stuck waiting until next year.
When is open enrollment?
OEP starts November 1st in most states, and ends December 15th. The new plan starts January 1 of the new year. That means you have six weeks to choose a plan and sign up.
Who qualifies for open enrollment?
You qualify for open enrollment if you’re an American between the ages of 18 and 64 and aren’t already covered by Medicaid, an employer, your parents, or Veterans Affairs.
What if I already have health insurance?
If you already have a plan you’re happy with, you don’t need to do anything. You’ll automatically be re-enrolled in the same plan unless you change during OEP. But you may want to check to make sure your plan won’t go up in price next year. It’s also a good idea to make sure your income and household information are up to date so you can receive any financial aid you may qualify for.
What should I expect from open enrollment this year?
The Inflation Reduction Act recently extended the American Rescue Plan’s (ARP) subsidy enhancements through the end of 2025. This means many healthcare plans will be lower cost. Insurance companies are also offering more plans and making them available to more areas of the country. So you might have access to more plans this year than last year.
What do these plans cover?
The healthcare plans available during OEP are just like any plan in that they cover all the essentials: regular doctor’s visits, emergencies, preventative care, prescriptions, and more. Depending on what your plan covers, you may need to purchase dental and vision insurance separately.
What if I can’t afford health insurance?
If you’re low income, you may qualify for subsidies, or financial assistance to help you cover the cost of healthcare. This usually takes the form of an advance premium tax credit, which means that, if your income ends up being more at tax time than when you applied for insurance, you may have to pay back some of that credit. On the other hand, if your income is lower, you’ll qualify for a higher tax credit when you file.
How do I buy health insurance?
During OEP, you can purchase health insurance directly from your state or the federal government. Search through the available plans on Healthcare.gov to find one you qualify for.
Which states have longer OEPs?
While enrollment ends December 15th in most states, a few states offer a longer OEP so you have more time to choose your plan. Here are the deadlines for those states:
Kentucky: Jan 16
Maine: Jan 16
Massachusetts: January 23
New Jersey: January 31
California: Jan 31
New York: Jan 31
Rhode Island: Jan 31