Founders Life and Health Blog
Obamacare Enrollment 2023, What's new this year?
Obamacare enrollment period for 2023 is officially upon us, and you might be wondering if Obamacare is something that will work for you. HOW to get enrolled, WHEN to get enrolled, WHY it's important. That is exactly what we are going to be talking about today.
Obamacare Enrollment for 2023
My name is Jo Hutchison. I am with Founders Life and Health. We are based here in beautiful St. Louis, Missouri, but my team and I work with clients all over the United States to help them with their health insurance choices and Medicare choices. As I said, today we're going to be talking about Obamacare. The Obamacare enrollment period just started today, November 1st, 2022. We're going to talk a little bit about how it works, why you might be interested in a plan, what you would need to know to get enrolled. Let me mention first that if you are reading this post and open enrollment has already passed, that's fine. There are lots of opportunities to still enroll in Obamacare or ACA or Marketplace, which is all the same kind of coverage. There are lots of opportunities after open enrollment to still get enrolled, and we will talk a little bit about those opportunities here in just a minute.
Let's start with the what. So what is Obamacare? I'm not going to go too far into detail on that. I think most people know what Obamacare is also called ACA or marketplace coverage. I will put a link to a video right here that goes over all the pros and cons of Obamacare, kind of digs a little bit deeper into all of that. Definitely if you have time, give that video a watch. That'll give you a little bit more background.
What about, who is Obamacare for? So typically Obamacare is for anybody that pays for their health insurance themselves. You could be an independent contractor, you could be maybe retiring early, you could maybe work for an employer that doesn't offer healthcare. They might even reimburse you for some healthcare, which is pretty common.
Obamacare going to be for somebody that has to pay for the healthcare on their own. Something important to talk about here is some of the changes in Obamacare and why Obamacare might actually be a better option for you. If you had looked at it in the past and it was too expensive, why some of that has changed. The main reason for that is the American Rescue Plan Act. That was something that Congress came out with in March of 2021 to help with recovery from the Coronavirus. What it did was it increased the amount of subsidies that can be offered to people that are applying for Obamacare. It increased basically the income level to 400% over the poverty level for the area that you are in.
The American Rescue Plan Act made Obamacare a lot more affordable for everybody in the country, depending on your income.
The really exciting part is that in late summer of this year, those subsidies were extended through the end of 2025. We were kind of on the fence for a little while trying to figure out if the subsidies were going to end at the end of this year, and they did not. They extended them to the end of 2025. Obamacare, ACA, Marketplace care is all going to be a lot more affordable for everybody, at least for the next three years, which is great.
Why is Obamacare an attractive option as far as health insurance goes? The main reason really for me is that it covers preexisting conditions. I talk to clients all day long that have anything from just recovering from a knee surgery all the way to a history of cancer or heart attack or stroke.
With an Obamacare plan, you will not be denied coverage and your rates will not be higher because you have a preexisting condition.
For a lot of people, that is huge! The other thing that's really great about Obamacare is that all preventative medicine is covered.
Something else I really like about Obamacare is that they cover mental health services and maternity care, so you will have mental health coverage under an Obamacare plan, which is I think for a lot of people, really important.
Those are really the main reasons why Obamacare can be a great option for people. There are obviously other options for people that pay for their own health insurance, but Obamacare is going to be absolutely the most comprehensive. Another reason why Obamacare is kind of exciting right now is coming up for 2023, there are a lot more carriers that are entering the marketplace for Obamacare.
When do you enroll in Obamacare? Well, right now is open enrollment. Today is November 1st, 2022. Open enrollment is going to go here in Missouri to January 15th and several other states mostly till January 15th. It depends on where you live, but for the most part, you can expect, you can use open enrollment all the way through January 15th.
November 1st through January 15th
You may want to check your area and just make sure that you've got that long. Some may be a little bit shorter, but we are currently in open enrollment. You don't need to have a qualifying event to enroll right now. Anybody can enroll and those plans will start on January 1st, 2023. There are lots of other opportunities to enroll in an Obamacare plan outside of the open enrollment period.
If you have questions about whether or not you are in a special enrollment
period, reach out to a healthcare advisor like myself or somebody in
your area that can answer those questions for you. Any of those opportunities
you would be able to enroll in Obamacare outside of the open enrollment period.
Last but not least, how do you enroll in Obamacare? Well, there are a couple ways to go about that.
Hello! I’m Jo Hutchison and I’m the owner of Founders Life & Health. I’m a proud baseball mom, lover of live music and all things potato.. My husband and I have two great boys and two lazy hound dogs. My boys play a LOT of baseball so when I’m not helping my clients we can almost always be found on a baseball field somewhere in the Midwest.