What’s New in the ACA Health Plan Marketplace® for 2023?
Affordable Care Act (ACA) health insurance open enrollment runs from November 1, 2022 through January 15, 2023. During this time, you can enroll in a marketplace plan for the first time or switch your current health plan. If you enroll by December 15, your health coverage will start January 1, 2023. If you enroll between December 16 and January 15, your coverage will not start until February 1, 2023.
What’s New in 2023?
Premium prices are rising for most plans. But the news is not all bad. There are several changes that make healthcare coverage more affordable for more people in 2023.
Premium Prices are Rising
Monthly premiums costs are going up in most states and the District of Columbia. The average increase is 4%, but depending on where you live, your costs could be higher or lower. Because most ACA plan enrollees receive subsidies to help lower costs, you may not even notice the increase in premiums. You may need to switch plans to take full advantage of the subsidies.
Subsidies Will Reduce Net Costs for Most ACA Enrollees
Expanded and enhanced premium subsidies will lower payments for people who were already eligible for subsidies and increase eligibility for middle-income people by removing the upper income limit on subsidies.
If your income is below 150% of the federal poverty level (FPL), your cost for a benchmark silver plan premium will be $0 (or near $0). Additional subsidies greatly reduce deductible and copayment cost sharing.
The “Family Glitch Was Fixed
The Treasury Department released a new rule to fix the family glitch that prevented many working families from getting subsidies through ACA health plans. Before the rule change, employees qualified for an ACA subsidy only if the cost of their job-based coverage was considered unaffordable based on an IRS-determined threshold. But the IRS looked only at how affordable it was for the worker to pay for insurance, not the cost of covering the entire family.
The new rule requires covering the cost of the family to be used to determine if job-based insurance is affordable.That means that workers are eligible for ACA subsidies if their share of the premium for their job-based coverage is more than 9.12% of their expected 2023 income.
Many People Are Eligible for ACA Plans But Don’t Enroll
Millions of people are eligible for ACA health plans but do not enroll. Many of them would qualify for $0 or low cost premiums. Those who do not enroll are not aware that they qualify. That typically includes people with a high school education or less, young adults, Hispanics, people who live in rural areas, and those without internet access at home.
If you know anyone who needs health insurance, let them know that they may be eligible for no or low cost insurance through an ACA health plan. Spread the word!
If I am Enrolled in a Plan, Do I Have to Pick a New Plan for 2023?
If you currently have an ACA health plan and do nothing, you will automatically be enrolled in the same or similar plan if that plan is no longer available. Your coverage would start on January 1, 2023. You will have until January 15 to change your plan if you do not like the new plan you were auto enrolled in.
But plans change each year, and so do your healthcare needs. But with all the changes this year, auto renewing might actually cost you more money than choosing a new plan.
For more information about the risks of auto renewing your ACA plan, read 9 Reasons You Should Compare ACA Health Plans Each Year.
Need Help to Enroll in an ACA Health Plan?
American Exchange’s compassionate insurance experts can see what subsidies you are eligible for and help you find the right plan for your health and lifestyle needs. There is no cost to you.
1.888.995.1674 enroll@americanexchange.com
Our extended open enrollment hours to speak to an enrollment expert are:
Monday through Friday from 8:00 a.m. to 8:00 p.m. Eastern Time
Saturday 8:00 a.m.to 5:00 p.m.
Sunday 12:00 p.m. to 5:00 pm.
