ACA Marketplace Changes for 2023: What You Need to Know

ACA Subsidies Ending and Their Impact on Insurance Costs

Many individuals who have relied on ACA subsidies to make health insurance affordable are facing significant premium increases. The American Rescue Plan (ARP), which provided enhanced subsidies for ACA plans, expired at the end of 2021. This means that for 2023, subsidies will return to their pre-pandemic levels, resulting in higher premiums for many people.

Eligibility for ACA Subsidies

To qualify for ACA subsidies, individuals must meet certain income requirements. In general, individuals with incomes below 400% of the federal poverty level (FPL) are eligible for subsidies. The FPL is a measure of poverty used by the U.S. government to determine eligibility for various programs. For a single person in 2023, the FPL is $13,590.

How to Estimate Your Income for ACA Subsidies

When applying for ACA subsidies, individuals must estimate their income for the year. This estimate is used to determine the amount of subsidy they will receive. It is important to note that the income estimate does not have to be exact, but it should be a reasonable estimate based on your current financial situation.

Checking Your Subsidy Eligibility

If you have already enrolled in an ACA plan and are concerned about your subsidy eligibility, you can check your status on the HealthCare.gov website. You can also contact a licensed agent or visit a local health insurance enrollment center for assistance.

Canceling Your ACA Plan

If you decide that you can no longer afford your ACA plan, you can cancel it at any time. However, it is important to remember that you will be responsible for paying any outstanding premiums. If you cancel your plan and do not have other health insurance coverage, you may be subject to a tax penalty.

Seeking Help

If you are having trouble affording your health insurance, there are several resources available to help you. You can contact a licensed agent or visit a local health insurance enrollment center for assistance. You can also apply for Medicaid or CHIP, which are government programs that provide health insurance to low-income individuals.