ACA Health Insurance: Understanding the Marketplace and Renewal Periods
The Affordable Care Act (ACA), also known as Obamacare, created a health insurance marketplace where individuals and families can shop for health plans that meet their needs and budget. The marketplace is open for enrollment every year during a specific period, known as the open enrollment period. If you miss the open enrollment period, you may still be able to enroll in a plan during a special enrollment period if you experience a qualifying life event, such as losing your job or getting married.
Understanding the Marketplace
The health insurance marketplace is a website where you can compare plans from different insurance companies and choose the one that best meets your needs. You can also get help from a licensed insurance agent to find a plan that is right for you.
Renewal Periods
Once you have enrolled in a health plan through the marketplace, your coverage will renew automatically each year unless you make changes to your plan or experience a qualifying life event. Your renewal period is the time when you can make changes to your plan, such as switching to a different plan or changing your level of coverage.
Important Dates to Remember
The open enrollment period for 2024 health plans runs from November 1, 2023, to January 15, 2024. If you miss the open enrollment period, you may still be able to enroll in a plan during a special enrollment period if you experience a qualifying life event.
Getting Help
If you need help finding a health plan or understanding your coverage, you can contact a licensed insurance agent. Insurance agents can help you compare plans, answer your questions, and enroll in a plan that meets your needs.
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