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Obamacare Open Enrollment 2023: What you need to know

Obamacare Open Enrollment 2023: What you need to know

The open enrollment season for Americans who want to get or change is about to begin Affordable Care Act health insurance, commonly known as “ObamaCare”.

Beginning Nov. 1 and running through Jan. 15, consumers can select plans on HealthCare.gov for 2023. To ensure coverage is in effect on the first of the year, customers must enroll or renew their insurance by Dec. 15. For those who apply for coverage between December 16 and January 15, coverage will not begin until February.

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Open enrollment for health insurance under the Affordable Care Act of 2023 begins on November 1. (Photo by Jeff Greenberg/Education Images/Universal Images Group via Getty Images/Getty Images)

Anyone who misses the Jan. 15 deadline can sign up for the plan only during a special enrollment period, offered in the event of losing other coverage, moving, getting married or having a baby.

It’s worth noting, however, that some states offer state health insurance marketplaces outside of the federal location and have the ability to extend open enrollment periods. States such as California, Colorado, and Washington, DC, for example, have permanently extended open enrollment.

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Whether an individual is looking for coverage for the first time or considering switching, there are a number of changes this year to be aware of when weighing your options.

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President Joe Biden with former President Barack Obama and Vice President Kamala Harris to announce expansion of access to coverage under the Affordable Care Act in the Rose Garden at the White House on April 5, 2022. (Photo by Demetrius Freeman/The Washington Post via Getty Images/Getty Images)

The Inflation Reduction Act passed by congressional Democrats and signed into law by President Biden this year extended subsidies from the US bailout until 2025. There will also be more financial help available to more consumers for 2023 plans than last year.

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According to the Biden administration, four out of five consumers will be able to find a plan that costs $10 or less per month after subsidies.

Another change this year is that the Ministry of Treasury et al Internal Revenue Service (IRS) issued a new rule to fix the so-called “family problem,” expanding tax credits to offer coverage to family members of a person with employer-provided insurance who is “affordable” just for the coverage itself.

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THORNTON, COLORADO – August 17, 2022: Pediatrician and Colorado State Senator Yadira Caraveo examines 10 members of the Hernandez family at her clinic in Thornton, Colorado on Wednesday, August 17, 2022. (Melina Mara/The Washington Post via Getty Images/Getty Images)

Experts say regardless of an individual’s or family’s situation, it’s a good idea to review your coverage options every year to make sure money isn’t being left on the table as plans and circumstances change.

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“The bottom line is that you need to review your options every year if you want to optimize your savings and understand the benefits your plan will include next year,” says Louise Norris, health policy analyst for Healthinsurance.org. “Sometimes plan changes are obvious and well-publicized, but sometimes they’re more subtle—like changes in covered prescriptions, provider networks, or cost-sharing provisions. You won’t know unless you look.”

Julia Musto of FOX Business contributed to this report.



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