Key Considerations for Open Enrollment 2024
As Open Enrollment for Individual and Family health insurance in 2024 approaches, there are several key steps to follow when choosing your plan.
1. Review Your Current Plan
Review your current health insurance plan, if you have one, to determine if it still meets your needs. Consider any changes in yours or your family’s health, financial situation, or lifestyle that may require different health coverage.
2. Explore Plan Options
During Open Enrollment, it is important to explore different individual and family insurance plan options to find one that fits your healthcare needs and budget. Look for plans with a network of doctors and hospitals that align with your preferences and care needs.
3. Assess Your Monthly Premium
Your monthly premium is the amount you pay for health insurance coverage each month. Consider how much you can afford to pay and how it fits into your overall budget.
4. Consider Health Insurance Subsidies
Update your personal information with the Marketplace, especially your financial details, as you’re reviewing and comparing insurance plans. If you meet certain income requirements, you may qualify for health insurance subsidies that can significantly reduce the cost of your monthly premium. Additionally, Silver Marketplace plans offer cost-sharing reductions (CSRs), which can lower your out-of-pocket expenses by reducing your deductible, copays, and coinsurance.
5. Understand Out-of-Pocket Costs
In addition to your monthly premium, you may also have out-of-pocket costs, such as a deductible, copays, and coinsurance. Make sure you understand these costs and how they impact your overall healthcare expenses.
6. Think About Additional Coverage
While Marketplace health insurance plans cover a range of medical services and include prescription drug benefits, you may want to consider additional coverage, such as dental and vision plans, to round out your overall health.
7. Enrollment Dates and Deadlines
Remember, some states have different Open Enrollment dates, so refer to the table above to find out the dates applicable to where you live. If you don't enroll in a plan by your state’s health insurance deadline, you won't be able to purchase coverage for 2024, unless you qualify for a Special Enrollment Period (SEP).
By keeping these key considerations in mind, you can make an informed decision about your healthcare coverage during Open Enrollment in 2024.
What Happens if You Miss Open Enrollment for 2024?
If you miss the Marketplace’s 2024 Open Enrollment period, you may not be able to enroll in an ACA health insurance plan unless you qualify for a Special Enrollment Period.
A Special Enrollment Period allows you to enroll in a plan outside of Open Enrollment if you experience a qualifying life event (QLE) that impacts your existing health coverage, such as loss of job or divorce.
Alternatively, you may be eligible to enroll in a health plan offered by your employer. Some employer-sponsored health plans have their own enrollment periods that may differ from the ACA Marketplace Open Enrollment Period. Also, if you change jobs, you may be eligible to enroll in your new employer-sponsored health plan outside of their traditional enrollment period.
Or, if you are 65 years or older, you likely qualify for Medicare coverage.
Special Enrollment Period for Those Impacted by Medicaid Unwinding
If you or a family member no longer qualify for Medicaid or Children’s Health Insurance Plan (CHIP), there is an opportunity to enroll in other healthcare coverage through a special enrollment period (SEP). The length of this period may vary depending on the state you reside in.
Learn more about Medicaid unwinding and explore alternative health coverage options.