ACA Open Enrollment: Financial Help is Likely Available For You
Open Enrollment for Affordable Care Act (ACA) Marketplace health insurance is now. Nov. 1 to Jan. 15 marks the period each year when individuals and families can enroll in a health plan or change to a different one. Open enrollment will continue through Jan. 16 this year due to the federal Martin Luther King Day holiday on Jan. 15.
This is the time to evaluate the health needs of you and your family and pick a plan that works for those needs – and your budget. It’s important to know that you have options for making healthcare more affordable for you.
Did you know?
Financial help is available! Nine out of 10 Arizonans qualify for financial help toward their plan, and you may be eligible for a $0 premium or low-cost plan.
Do you qualify for financial help from the government?
Most likely yes! Subsidies are given to individuals and families based on their household income and family size.
What is a health insurance subsidy?
Subsidies are financial assistance provided by the government to help eligible individuals and families afford their health insurance coverage.
What types of subsidies are there?
There are two types of subsidies that can lower your overall cost of health insurance:
- Premium tax credit: helps pay for all or part of your premium depending on your household income. A premium is the amount you pay to keep your health plan active each month.
- Cost-share reduction: a discount on your out-of-pocket costs like deductibles, copayments, and coinsurance. To be eligible for cost-sharing reductions, you must choose a Silver-level plan on the ACA Marketplace and meet specific income requirements. If you don’t know what a Silver plan is, learn more here.
Even if you didn’t qualify previously – you may now!
The American Rescue Plan, which Congress passed in March 2021, increased the generosity of ACA premium tax credits and expanded eligibility. The Inflation Reduction Act extends those expanded subsidies through 2025. In simple terms, this temporary legislation is making ACA plans more affordable for more people.
How will you know if you qualify?
After you fill out an application and provide details, like your income, you’ll find out if you qualify for a premium tax credit. You’ll also find out if your income qualifies you for extra savings (cost-sharing reductions). If it does, you can save money a second way: by paying less out of pocket each time you get medical services.
Sign up soon
Again, Arizona’s Open Enrollment period to sign up for ACA Marketplace individual and family health plans began on Nov. 1 and lasts through Jan. 16. This applies whether you enroll through the Marketplace at www.Healthcare.gov or directly with an insurer like Blue Cross Blue Shield of Arizona. BUT – if you want your coverage to begin on Jan. 1, you must enroll by Dec. 15.