Open enrollment 2023 & IRS family glitch.
The ACA (Affordable Care Act) Open Enrollment period runs from November 1st thru January 15th. During this time, people who want to obtain or switch their health insurance coverage, can do so. Every year these plans change, so it is best to check the upcoming changes and policies to make sure you are getting the best coverage for your family. The best source of information about this coverage is www.healthcare.gov. This can be a confusing process, so it is best to have a licensed insurance agent who specializes in health insurance coverage to help you make the right decisions. Many people have their health insurance through the ACA Marketplace® (otherwise known as Obamacare). The health plans that are sold on the marketplace are primarily HMO (Health Maintenance Organization) major medical policies and are guaranteed issued. These policies provide coverage that is outlined by the Affordable Care Act. There are other options for medical coverage available too. These types of coverages can range from short-term to indemnity policies. These type of plans usually don’t have network restrictions and provide a large range of coverages. These plans are usually sent through the underwriting process to qualify for coverage. Many people choose to purchase these plans as an alternative to the market place because the offer less network restrictions. These types of plans don’t have an enrollment period, so they can be purchased throughout the year. During Open Enrollment, one can decide which health insurance policy provides them with the best coverage and price that fits their family needs and budget. Also, this year there is a much needed ruling from the IRS to help families. From 2014 through 2022, families that had access from an employer were generally ineligible for financial assistance if they wanted to purchase their own health coverage instead, through the exchange/marketplace. But that’s changing as of 2023. The IRS has finalized a new regulation that replaces a 2013 IRS regulation that created the “family glitch.” The new regulation fixes the family glitch, making some families newly eligible for marketplace premium subsidies as of 2023. This provides help for those families where the offered employer insurance is not affordable for when adding the employees family. With many changes happening all the the time, I can’t stress enough how important it is to have an experienced licensed and independent insurance agent who specializes in health insurance. Having someone who answers your questions at all times of the year is vital to keeping your coverage where it needs to be, in addition to keeping your monthly premiums as low as possible. Choose an agent who is competent and trustworthy, one on whom you can rely on for straightforward answers and continued support for any health insurance related questions and concerns. I encourage you to contact a trusted agent during this enrollment period to navigate you through the process to determine whether your current coverage still meets your needs. After January 15th 2023, you will not be able to make any changes to your health insurance for 2023 without a special enrollment period (SEP).