Open Enrollment for Health Insurance Coverage is Almost Here

The 2024 health insurance Open Enrollment Period is about to start, offering an important opportunity for both existing and new consumers to secure coverage. It’s worth noting that Affordable Care Act (ACA) exchanges are the only place people can shop to receive advanced premium tax credits (APTCs) and cost sharing reductions (CSRs), which can significantly lower the cost of health care coverage for eligible individuals and families. According to the Kaiser Family Foundation (KFF), in plan year 2023, nationwide, the average monthly premium with APTC across all exchanges was $129, with the average tax credit at $526.

In 2021, as part of the American Rescue Plan (ARP) financial assistance was made available to more consumers and at greater levels. These benefits continue through 2025 thanks to the Inflation Reduction Act and are available to eligible new and returning consumers for plan year 2024. CMS estimates that four out of five HealthCare.gov customers will be able to find health care coverage for $10 or less per month for PY 2024 after subsidies. Similar premium reductions will be available in those states operating their own state-based exchanges (SBEs).

For states that operate on HealthCare.gov, the Open Enrollment Period is scheduled to run from November 1st to January 17th, providing a three-month window for individuals to make these crucial decisions about their health care coverage. For plan year 2024, 19 states will be operating SBEs, Virginia being the newest state to operate an exchange. SBE states have the authority to adjust open enrollment dates to better suit their residents’ needs. For example, Your Health Idaho began its open enrollment period on October 15th and Get Covered New Jersey ends their open enrollment period on January 31^st.

As the 2024 Health Insurance Open Enrollment Period approaches, it’s vital for individuals to stay informed about the specific dates and opportunities available in their state. If consumers need help shopping for coverage, many states offer in-person, online or on-the-phone help through navigators, brokers, and assisters. Pennie^®, Pennsylvania’s state-based exchange, and Nevada Health Link, Nevada’s state-based exchange, offer links to these services right on their homepage. Be sure to check with your state’s exchange if you need assistance.