During ACA Open Enrollment 2024, you can apply for an individual or family health insurance plan. Those who qualify can select from bronze, silver, gold, and platinum plans based on their coverage needs, cost savings eligibility, and budget.
This blog will help you better understand the enrollment dates, information needed to apply, and potential cost savings for the 2024 ACA Open Enrollment.
Let’s begin by reviewing the Open Enrollment dates.
When to Apply During ACA Open Enrollment
To ensure you have insurance for 2024, you must apply for coverage during the Open Enrollment Period which typically runs from November 1, 2023 to January 15, 2024 in most states, and runs slightly longer in select locations, such as California.
Those who want their plans to start on Jan. 1, 2024, must purchase coverage by Dec. 15. Policies selected between Dec. 16 and Jan. 15 will begin on Feb. 1, 2024.
You have two options if you miss the ACA Open Enrollment Period for 2024.
- You can wait for the next Open Enrollment Period near the end of 2024.
- Second, you might qualify for a Special Enrollment Period, allowing you to apply for coverage any time of the year.
It is important to note that Special Enrollment is only open to those who experienced significant life changes, such as losing health insurance coverage or getting married.
What’s Needed to Apply for ACA Marketplace Insurance
You will need to provide information about yourself and all others who will be on the plan when applying for ACA Marketplace coverage. For instance, if you want coverage for your children and spouse, you must include them when applying.
After deciding who you want to include in your plan, gather the following information:
- Addresses
- Social security numbers
- Immigration documents, if applicable
- Employers
- Estimate of household income for 2024
- Health Reimbursement Arrangement notice, if applicable
- Current coverage information
Applying for Coverage
After gathering the information, you can complete the application. The ACA Marketplace divides applications into four sections, starting with the application setup. During this step, enrollees are able to determine whether they qualify for cost-sharing reductions or premium tax credits.
In the second section, enrollees provide personal and household information, while they supply details about their current coverage and life changes in section three. Applicants who have gotten married, moved, or started new jobs should provide that information in this section.
Finally, enrollees review their information and submit the application. The ACA immediately reviews the application and approves or denies the applicant for marketplace coverage. If approved, the coverage begins Jan. 1 or Feb. 1, depending on enrollment date. Then, it automatically renews the following year unless the applicant cancels or changes the policy.
Estimating Income When Applying During ACA Open Enrollment
Enrollees must estimate their incomes for 2024 when applying for coverage. Most enrollees estimate their earnings based on their incomes in 2023 while also considering factors such as upcoming raises. This is straightforward for those with consistent incomes from year to year but creates challenges for those experiencing job loss and other factors.
Even though this is just an estimate, the ACA Marketplace compares it with official records from the Social Security Administration and Internal Revenue Service. If your historic income is over $12,000 or 50% more than your estimated income, you must provide supporting documentation.
Previously, the ACA Marketplace gave applicants 90 days to submit the supporting documentation, but now, applicants have 150 days. The ACA still initially imposes a 90-day deadline but automatically extends it for another 60 days for those who do not submit the information in time.
Those eligible for income-based credits still receive them while the ACA Marketplace waits for the documentation. If the marketplace does not receive the requested documentation within 150 days, or if it does not support an income-based reduction, it will adjust the payment amount. Also, individuals and families may have to repay any extra assistance they have received.
Re-Enrolling in Existing Coverage
ACA marketplace plans automatically renew unless consumers cancel or change them by Dec. 15. Depending on plan availability, consumers are re-enrolled into their existing plans or new plans of comparable costs and benefits.
Consumers with bronze plans who are eligible for cost-sharing reductions could be enrolled in a silver plan as long as it meets the criteria. It must cost the same or less than the bronze plan, come from the same provider, and be the same product type.
However, silver plans are a step above bronze plans, so these policies provide better coverage.
Consumers receive renewal letters with the plan details. Those happy with the new plan do not need to do anything. However, those who want to make changes need to do so during the Open Enrollment Period.
Find the Best ACA Marketplace Plan for Your Budget and Needs
The ACA Marketplace is confusing for those who do not have experience with health insurance. Consumers often make mistakes regarding cost-sharing savings, tax credits, and choosing a plan with the appropriate benefits.
Yara Health Plans works directly with individuals and families to help them navigate the marketplace and find the right policies. Contact Yara Health Plans today for expert assistance.