It has become an annual ritual in the same type of tradition as shopping the day after Christmas and celebrating Independence day with a neighborhood barbecue. We are talking about the open enrollment period that is an integral part of the Affordable Care Act (ACA). Open enrollment represents the yearly window spanning around 10 weeks that allows both families and individuals to sign up for a health insurance program that is compliant with the regulations established by the ACA.
During the open enrollment period for Americans seeking health insurance coverage for 2022, the number of enrollees set a record high. More than 14.5 million Americans enrolled in an ACA-approved health insurance plan through the open marketplace. Several factors played a role in generating a record number of enrollees. Many healthcare industry observers associated the record number of enrollees in 2022 with the subsidy incentives written into the American Rescue Plan (ARP). Another factor that contributed to the record number of enrollees concerns the considerable publicity given to the open enrollment date.
The financial incentives provided by the ARP motivate an unprecedented number of Americans to participate in the open enrollment for 2022. What lies on the horizon as we approach the open enrollment period for 2023? Let’s find out everything you need to know about the open enrollment period for 2023 that starts in mid-November.
Open Enrollment: What is the ACA?
Passed by the United States Congress and signed into federal law by President Barack Obama in March 2012, the Affordable Care Act achieves three primary goals. First, the landmark law makes affordable health insurance available to a substantial number of additional Americans. The ACA provides financial incentives such as premium tax credits that lower the annual cost of health insurance for households that generate incomes between 100 and 400 percent of the federal poverty level. Second, the ACA expands Medicaid to include every adult who sits below 138 percent of the federal poverty level. Thirds, the ACA supports innovative healthcare delivery strategies that lower the costs of healthcare throughout the United States.
When is Open Enrollment for 2023 Health Coverage?
Open enrollment for health insurance coverage approved by the ACA starts across the United States on November 1, 2022. New York typically delays the start of the open enrollment period, but the state extends the deadline for enrollment. Open enrollment ends for every other state except New York on January 15, 2023. That gives Americans roughly 10 weeks to sign up for affordable health insurance coverage. If you want your health insurance plan to kick in by January 1, 2023, you should submit the proper documents required by the ACA no later than December 15, 2022. States that operate their own health insurance exchanges offer extensions to the December 15, 2022, deadline for qualified enrollees. Every American who enrolls for health insurance coverage under the ACA after December 15, 2022, should expect health insurance coverage to start on February 1, 2023.
What Information Do I Need to Submit with My Health Insurance Application?
If you enroll in a health insurance plan that is sponsored through the ACA open marketplace exchange, you should expect to submit certain information.
You must submit accurate contact information that includes a current email address. After you apply for health insurance coverage under the ACA, a representative from the federal government might want to contact you to gather additional information. Submitting inaccurate contact information makes it difficult for your application to get processed in a timely manner. You also need to submit your date of birth and citizenship status.
The insurance company that you choose from the open marketplace wants your payment information to charge monthly premiums. Although payment information usually consists of bank information for automatic monthly withdrawals, some insurance companies permit payments by credit card. Ensure that you submit accurate route and bank account numbers to allow the insurance company to complete monthly financial withdrawal transactions.
Your new health insurance company wants a list of every medication prescribed to you. Every insurer creates a covered drug list, which is referred to as a formulary, to help policyholders defray the cost of prescription drugs. You must submit the name of your primary physician and the zip code where your primary physician provides healthcare services. Submitting the zip code where your doctor provides healthcare services is important because your insurer wants to verify your physician is a part of the in-network list of healthcare providers.
Open Enrollment 2023: The Bottom Line
If you plan to purchase a health insurance plan through the ACA-sponsored open marketplace, you should act with a sense of urgency and sign up for a policy before December 15, 2022. If you wait until after December 15, 2022, you might experience a gap in coverage between January 1, 2023, and February 1, 2023. We recommend price shopping to find a health insurance policy that fits within your budget. You can get quotes for different policies to determine which one meets your healthcare needs, while allowing you to meet all of your other financial obligations.
Isn’t There an Easier Way?
Finding health insurance is still one of those things that is a mystery for many Americans, and navigating the maze that is healthcare.gov is rarely as easy as promised. If all this sounds confusing, we haven’t even gotten into the nuances that go into each state’s requirements for essential health benefits and the application process.
Don’t you wish there was an easier way?
Because there is. If you miss the idea of corporate open enrollment, having a qualified and knowledgeable health insurance broker walk you through your options at no cost to you, fret not. You can still get the assistance you need at no cost to you.
Our free service gives you access to an independent network of national brokers who have the experience and expertise to design a plan around your needs and budget. Our network of brokers will tailor a complete solution for your health coverage needs.
Ready to get started? Simply request a no obligation health insurance quote here.