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If you don’t have health insurance for 2023, you can still get it through the public market.
Open enrollment for the federal health exchange ends Sunday, with coverage taking effect February 1. If the state operates its own exchange, you may have more time.
Most market enrollees – 13 million out of 14.5 million in 2022 – are eligible for federal subsidies (technical tax credits) to pay premiums. Some people may be eligible for help with cost-sharing, such as deductibles and copays in certain plans, depending on their income.
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So far, nearly 15.9 million people have signed up through the exchange during this open enrollment period, which began on November 1. Four out of 5 customers can find a 2023 plan for $10 or less per month after accounting for those tax credits, according to the Center. for Medicare & Medicaid Services.
After the enrollment window closes, you generally have to experience a qualifying life event — that is, the birth of a child or marriage — to be given a special enrollment period.
Generally, people who get insurance through a federal (or state) exchange are self-employed or don’t have access to workplace insurance, or don’t qualify for Medicare or Medicaid.
Subsidies are still lower than before the pandemic. The temporarily expanded subsidies that were implemented for 2021 and 2022 were extended through 2025 in the Inflation Reduction Act, which became law in August.
This means that there is no income limit to get the subsidy, and the amount paid for the premium is limited to 8.5% of the income calculated by the exchange. Before the change, the aid was generally only available to households with incomes between 100% and 400% of the federal poverty level.
The marketplace subsidy you’re eligible for is based on factors including your income, age and the second-cheapest “silver” plan in your geographic area (which may not be the plan you’re enrolled in).