Every American deserves affordable coverage and access to high-quality care – regardless of their income, health status, or pre-existing conditions. Consumers who do not get coverage through their job or through a government program like Medicare or Medicare Advantage may shop for and enroll in coverage through the federal or state health insurance Marketplaces.
And as states continue with Medicaid redeterminations, the Exchanges can help millions of Americans get and stay covered should they lose coverage through Medicaid.
For individuals and families who buy coverage on their own, open enrollment for 2024 begins November 1. Consumers must enroll by December 15, 2023 for coverage that starts January 1, 2024 or by January 16, 2024 for coverage that starts February 1, 2024.
This year marks the 11th open enrollment period for the Affordable Care Act’s (ACA) health insurance marketplaces. The marketplaces have continued to stabilize and grow, providing comprehensive and affordable coverage to a record 16.3 million Americans in 2023.
With the August 2022 passage of the Inflation Reduction Act (IRA), enhanced subsidies were extended through 2025. These savings will continue in 2024 as households with income levels greater than 400% of the Federal Poverty Level (FPL) are now eligible for subsidies. This year, four out of five people will be able to find a plan for $10 or less after subsidies.
In addition, Marketplace enrollees have greater choice of issuers compared to 2023. In 2024, 96% of enrollees have access to three or more Qualified Health Plan (QHP) issuers, compared to 93% in 2023. The average 2024 enrollee has just under seven QHP issuers available, similar to 2023. However, due to high prescription drug costs, provider consolidation, and other factors, the average second lowest cost silver plan premium—also known as the benchmark plan premium—will increase by 4% from 2023.
By November 1, enrollees will receive a notice from their current health plan regarding information for 2024 open enrollment. Consumers are encouraged to visit their Healthcare. gov applications as soon as possible to receive the most accurate and up-to-date information.
Shopping for a plan on Healthcare.gov or a state marketplace may look different from prior years. This year, Healthcare.gov will offer fewer plan options compared to previous years. There will also be more “Easy Pricing” plans available, which offer the same deductibles and cost-sharing for certain benefits. However, new federal rules limit the number of plans health insurance providers can offer, meaning many consumers’ current plans will no longer be available for 2024.
In addition, consumers enrolled in a Bronze plan may be re-enrolled into a different Silver plan if they meet certain criteria so they can qualify for extra cost savings in 2024. Consumers should look out for notices from Healthcare.gov and their health plan to see whether they may be re-enrolled into a new Silver plan.
There are a lot of important factors to consider when choosing a plan – such as cost-sharing, premiums, deductibles, provider networks, and out-of-pocket costs.
Health insurance plans are committed to helping all Americans make informed health coverage decisions for themselves and their families. Here are key considerations for anyone who is navigating the individual market:
- If you don’t enroll in a plan by January 16, 2024, you cannot purchase coverage for 2024 unless you qualify for a Special Enrollment Period.
- There are seven states with different Open Enrollment dates. You’ll find those dates below.
- It is important to consider expected health care utilization – including prescriptions, doctor’s visits, and specialty care needs – when selecting a health plan, and especially when considering premiums and deductibles.
- It is critical to update information—especially financial information—when reviewing options and shopping for insurance plans. Based on this information, people may qualify for subsidies to help them afford coverage.
- Shopping for coverage can be done safely and securely—either online or via the telephone. Starting November 1, consumers can log in to HealthCare.gov and CuidadoDeSalud.gov or call 1-800-318-2596 to fill out an application and enroll in a 2024 Marketplace plan.
To find someone local or to be contacted by a Marketplace-registered agent or broker, consumers should visit www.healthcare.gov/find-assistance.