Obamacare open enrollment 2023: What to know

The open enrollment period for Americans seeking to obtain or change health insurance coverage under the Affordable Care Act, commonly known as “ObamaCare,” is about to begin.

Beginning November 1 and running through January 15, consumers can select plans on HealthCare.gov for 2023. To ensure coverage is in place early in the year, consumers must enroll or renew their insurance before December 15. For those who sign up for coverage between December 16 and January 15, coverage does not begin until February.

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

Anyone who misses the Jan. 15 deadline can only sign up for a plan during the Special Enrollment Period, which is offered in the event of losing other coverage, moving, getting married or having a baby.

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However, it’s worth noting that some states offer state-run health insurance marketplaces off-site that are federally run, and have the ability to extend open enrollment periods. States like 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 a move, there are some changes this year to be aware of when weighing options.

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President Joe Biden with former president Barack Obama and Vice President Kamala Harris for an announcement expanding 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)

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The Inflation Reduction Act passed by Congressional Democrats and signed into law by President Biden this year extends subsidies from the American Rescue Plan through 2025. There will also be greater financial assistance available to more consumers for 2023. plan than last year.

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

Another change this year is that the Department of Treasury and the Internal Revenue Service (IRS) issued a new rule that fixes the so-called “family glitch,” expanding tax credits to offer coverage to family members of a person with employer-based insurance who is “affordable” for self-only coverage.

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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 Wednesday August 17, 2022. (Melina Mara/The Washington Post via Getty Images/Getty Images)

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Experts say that regardless of an individual or family’s situation, it’s advisable to review coverage options annually to make sure money isn’t being left on the table as plans and circumstances change.

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“The bottom line is, you need to review your options each year if you want to optimize your savings and understand the benefits your plan will include next year,” says Louise Norris, a health policy analyst for at Healthinsurance.org. “Sometimes plan changes are obvious and well-publicized, but sometimes they’re more subtle — like changes to covered prescriptions, networks of providers, or cost-sharing provisions. You never know. if you don’t look.”

Julia Musto of FOX Business contributed to this report.

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