Here’s what you need to know before you enroll in a 2024 ACA plan.
If you’re a veteran independent contractor, this may be your 11th year shopping during open enrollment for an Affordable Care Act plan. You have to enroll during open enrollment, which usually runs from November 1 until January 15 of the following year in most states. Here is a complete list of deadlines by state. It is also possible to enroll outside of open enrollment due to “qualifying life events.”
Whether you’re new to the ACA or you’ve been here since the beginning, there are almost always changes and updates each year.
Unsubsidized premiums are rising approximately 5%.
This is due in part to inflation and in part to the rising need for healthcare post-pandemic. (We didn’t go to the doctor much in 2020 or 2021, and now, more people are utilizing their health insurance.) This affects only unsubsidized premiums. The majority of ACA shoppers are eligible for subsidies.
Dependents turning 26 will have until the end of the year to find additional coverage.
In the past, people got kicked off of their parents’ insurance at age 26 (turning 26 was a qualifying life event that allowed for enrollment outside of open enrollment), but starting in 2024, new 26-year-olds will have until Dec 31 to get another plan.
Some states will have their own enrollment websites.
For most people, Healthcare.gov is the one and only site for open enrollment. (Accidentally put your information into a .com site with a similar url, and you’re in for a lot of spam calls and emails.) However, some states such as Virginia will have their own enrollment platforms.
Some states are expanding access.
California, Massachusetts, North Carolina, and Washington are all expanding access to the ACA or to Medicaid.
Enrollment is likely to be at an all-time high.
Last year saw the highest enrollment in the ACA ever, with 15.7 million people. Because of expanded access and the changing Medicaid renewal policies post-pandemic (this varies state-to-state), 2024 is likely to be another record-breaking year for enrollment.
Despite a few high-profile withdrawals, KFF reports that “insurer participation in 2024 will be more robust than in recent years.”
Each year sees changes to the markets as insurers enter and withdraw from certain states. KFF reports that Oscar Health is withdrawing from California, and Cigna is withdrawing from Kansas and Missouri. However, there are new insurers entering other state markets. Even if you’re happy with your plan and intend to let it roll over to next year, it may be worth peeking at any new plans available. Get more information here.
As always, be ready to provide personal information.
ACA enrollment requires:
- Name
- Address
- Social Security Number
- Birth date
- Citizenship or legal residency status
- Payment information for the first month’s premium
Happy hunting, ICBA members! We’re always happy to provide you with essential information to make your life as an independent contractor as simple and enjoyable as possible.