The open enrollment period for Americans seeking to obtain or change health insurance coverage under the Affordable Care Act, commonly known as “ObamaCare,” will soon begin. From Nov. 1 through Jan. 15, consumers can choose plans on HealthCare.gov for 2023. To make sure coverage is in place on the first of the year, shoppers must sign up or renew their insurance by December 15. For those who sign up for coverage between December 16 and January 15, coverage won’t start until February. Open enrollment for 2023 Affordable Care Act health insurance coverage begins November 1st. (Photo: Jeff Greenberg/Education Images/Universal Images Group via Getty Images/Getty Images) Anyone who misses the Jan. 15 deadline can sign up for a plan only during a Special Enrollment Period, offered if you lose other coverage, move, get married or have a baby. It’s worth noting, however, that some states offer state health insurance marketplaces outside of the federal website and have the ability to extend open enrollment periods. States like California, Colorado and Washington, for example, have permanently expanded open enrollment. PFIZER QUOTES $110 TO $130 LIST PRICE FOR US COVID-19 VACCINE Whether a person is looking for coverage for the first time or considering a switch, there are some changes this year that you should be aware of when weighing your options. President Joe Biden with former President Barack Obama and Vice President Kamala Harris for an announcement expanding access to coverage under the Affordable Care Act in the Rose Garden at the White House on April 5, 2022. (Photo by Demetrius Freeman/The Washington Post via Getty Images / Getty Images) The Inflation Reduction Act passed by Congressional Democrats and signed into law by President Biden this year extended subsidies from the American Rescue Plan through 2025. There will also be more financial help available to more consumers for its plans 2023 from last year. AMERICANS NOW BELIEVE THEY NEED 20% MORE FOR RETIREMENT THAN A YEAR AGO According to the Biden administration, four out of five consumers will be able to find a plan that costs $10 or less a month after subsidies. Another change this year is that the Treasury Department and the Internal Revenue Service (IRS) issued a new rule that fixes the so-called “family bug,” expanding tax credits to offer coverage to family members of a person with employer-based insurance who is only “affordable” to cover only yourself. THORNTON, CO – August 17, 2022: Pediatrician and Colorado Senator Yadira Caraveo examines the 10 members of the Hernandez family at her clinic in Thornton, Colorado on Wednesday, August 17, 2022. (Melina Mara/The Washington Post via Getty Images / Getty Images ) Experts say that regardless of an individual’s or family’s situation, it’s a good idea to review coverage options annually to make sure no money is left on the table as plans and circumstances change. GET THE FOX BUSINESS ON THE GO BY CLICKING HERE “The bottom line is that you need to review your options each year if you want to optimize your savings and understand what benefits your plan will include next year,” says Louise Norris, health policy analyst for Healthinsurance.org. “Sometimes plan changes are obvious and well-publicized, but sometimes they’re more subtle – like changes in covered prescriptions, provider networks or cost-sharing provisions. You won’t know unless you’re looking.” Julia Musto of FOX Business contributed to this report.
