The Affordable Care Act (often referred to as Obamacare) introduced numerous changes in the health insurance industry, including the establishment of a federally regulated health insurance marketplace.
Some states established exchanges that defined essential health benefits that plans must provide at each level. They then selected and certified the plans that are to be offered at each level. Other states chose to have the federal government directly facilitate their exchange. Given the variations by state, there will be specific health insurance plans available at each level through the marketplace depending on where you live.
When comparing plans available to you through the marketplace or an insurance broker, consider your monthly premiums and your out-of-pocket costs (copayments, deductibles, coinsurance, and out-of-pocket maximums), but also consider your anticipated needs, the types of plans, the providers available to you, and the benefits offered.
The open enrollment period this year is scheduled for November 1, 2024 through January 15, 2025. Much like an employer’s plan, you have to have a Qualifying Life Event (e.g. job change, involuntary loss of other coverage, marriage, divorce, birth of a child, etc) to make plan changes or to purchase a marketplace health insurance plan until the annual enrollment period.
You can cancel coverage at any time however with the limitations in the insurance market today, purchase health insurance coverage through an insurance broker who has the knowledge and expertise on what can and can’t be done.
