Enrollment Period for Federal Marketplace Insurance Now Open

The arrival of November not only signals the approach of the holiday season but also marks the beginning of the open enrollment period for health insurance through the federal marketplace.

These open enrollment plans, commonly referred to as Obamacare, differ from employer-sponsored insurance or Medicare.

This year, enrollment in the Affordable Care Act Marketplace set a new record, with over 21 million individuals enrolling. This significant increase can be attributed to several factors.

The American Rescue Plan Act of 2021 broadened eligibility for government subsidies that help cover insurance premiums. Furthermore, the Inflation Reduction Act of 2022 extended these expanded eligibility criteria through 2025.

"For some people, they can sign up for coverage at no cost because of the subsidies and the cost-sharing help that's available on the marketplace," said Christopher Garmon, an assistant professor of health administration at the University of Missouri-Kansas City. “It's a time where knowing what you qualify for can save a lot of money.”

Martin Rucker shares that he is insured through his wife's employer and emphasizes how vital health insurance is for his family.

"You know, honestly the first thing is affordability,” he mentioned. "We've got three little kids. They're 7, 5, and 3, and you just never know when something's gonna go wrong. Something's going around school. And then before you know it, the whole family's got it."

If you're curious about potential savings from subsidies, there are calculators available online where you can enter your zip code, age, household size, and income to estimate your monthly subsidy.

Important Deadline: The deadline to enroll for coverage starting January 1 is December 15.