The ACA Open Enrollment 2024 deadline is quickly approaching, but there is still time to secure coverage. Individuals and families have until 11:59 PM on Jan. 16 to enroll, and plans start on Feb. 1.
With limited time remaining, it is essential to understand how the ACA Marketplace works. We will explain eligibility requirements, types of policies, and how to activate your insurance coverage.
Open Enrollment Eligibility
You must meet basic eligibility criteria to purchase a health insurance plan on the ACA Marketplace during Open Enrollment. To qualify, you must reside in the United States and be a citizen or have an eligible immigration status.
The Marketplace is also only open to those not currently incarcerated due to a conviction. You may apply for coverage if you are on probation or parole or incarcerated but not yet convicted.
If you are convicted and incarcerated after obtaining coverage, you will lose coverage until your sentence is complete. Upon release, you can apply for health insurance during a special enrollment period.
Job-Based Insurance and ACA Open Enrollment
There is a misconception that you can only apply for coverage during ACA Open Enrollment 2024 if you do not have insurance. The Marketplace is open to those insured and uninsured, including people who have coverage through their employers. Still, there are considerations for those with job-based insurance.
If your job-based insurance meets the standard of minimum coverage, you will not qualify for premium tax credits through the ACA Marketplace. Gather your insurance information before comparing plans on the Marketplace. You can then determine if you qualify for savings if you apply for a plan during Open Enrollment.
It is also important to consider employer payments regarding health insurance. If you purchase a plan on the Marketplace, your employer will no longer make payments toward your coverage. Keep that in mind when comparing the costs of plans.
Types of ACA Marketplace Plans
ACA Marketplace plans are divided into four categories:
- Bronze
- Silver
- Gold
- Platinum
Bronze is the first tier and offers the lowest monthly premiums, but consumers can expect higher out-of-pocket costs when paying for care. On average, insurance companies pay 60% of healthcare costs for those with bronze plans, leaving the insured to pay the remaining 40%.
Premiums are higher for silver plans, but insurers cover around 70% of healthcare costs. Those eligible for cost-sharing reductions through the ACA Marketplace must get silver plans. These plans are also popular with people who want manageable premiums and deductibles.
Consumers who are not eligible for cost-sharing reductions and are willing to pay higher premiums in exchange for lower deductibles can choose gold or platinum plans. Gold plans cover approximately 80% of costs, while platinum policies pay for around 90% of healthcare costs. Those with medical issues benefit the most from these plans.
Activating Health Insurance During ACA Open Enrollment
Consumers must pay the first premium to activate coverage during ACA Open Enrollment 2024. Payments are made directly to the insurance company instead of through the ACA Marketplace.
After clicking on the plan in the Marketplace, consumers are redirected to the insurance company’s website for payment. Some insurers do not accept online payments. When that is the case, consumers are given the information needed to mail the payment and activate the coverage.
After paying the premium, people can verify that their insurance is active through the ACA Marketplace. Completed applications are listed under “Your Existing Applications.” Consumers navigate to “My Plans and Programs” to see active plans. If the plan is not active, consumers should contact the insurance company for more information.
What to Do If You Miss ACA Open Enrollment 2024
Individuals and families should sign up for coverage during ACA Open Enrollment 2024. Those who miss Open Enrollment may be eligible for a Special Enrollment period if they have one or more qualifying factors.
Qualifying factors include household changes, such as marriage, divorce, or childbirth. The loss of health insurance coverage or a change in residence can also qualify people for the special enrollment period.
The Special Enrollment period is only open for 60 days before or after the event. Those who miss the special enrollment period must wait for the next Open Enrollment period to obtain health insurance through the Marketplace.
Act Quickly to Participate in ACA Open Enrollment 2024
Since ACA Open Enrollment 2024 is almost over, you must act quickly to obtain coverage. Still, you want to ensure you choose the best plan and receive eligible savings.
The certified agents at Yara Health Plans can assist with each step, beginning with cost-sharing reduction eligibility. Contact Yara Health Plans today to secure a policy before Open Enrollment ends.