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If you don’t have health insurance for 2023, you may still be able to get it through the public marketplace.
Open enrollment for the federal health exchange ends Sunday, with coverage taking effect on February 1. If your state runs its own exchange, you may have more time.
Most Marketplace registrants — 13 million up from 14.5 million in 2022 — are eligible for federal subsidies (technically tax credits) to help pay rewards. Some people may also be eligible for cost-sharing assistance, such as: B. Deductibles and co-payments for certain plans.
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So far, nearly 15.9 million people have signed up through the exchange during this open registration, which began on November 1st. Four out of five customers can find 2023 plans for $10 or less a month after factoring in those tax credits, according to the Centers for Medicare and Medicaid Services.
After the enrollment window closes, you must generally experience a qualifying life event—ie, child birth or marriage—to receive a special enrollment period.
Most often, individuals who insure through the federal (or state) exchange are self-employed or do not have access to workplace insurance, or are not eligible for Medicare or Medicaid.
Subsidies are still more generous than before the pandemic. The subsidies, which were temporarily expanded for the years 2021 and 2022, were extended until 2025 in the Anti-Inflation Act, which came into force in August.
This means there is no income cap to qualify for subsidies and the amount anyone pays for rewards is capped at 8.5% of their income as calculated by the exchange. Prior to the changes, assistance was generally only available to households with incomes between 100% and 400% of the federal poverty line.
The Marketplace Subsidies you are eligible for are based on factors such as income, age, and the second cheapest “Silver” plan in your geographic area (which may or may not be the plan you sign up for).
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