For 2022 coverage, the open enrollment period for HealthCare.gov closes at the end of the day on Jan. 15, 2022, for coverage that will take effect on Feb. 1, according to Jae Oh, author of Maximize Your Medicare.
This is an especially important deadline for individuals who want to receive the advanced premium tax credit or APTC. That's the tax credit you can take in advance to lower your monthly health insurance payment or premium.
According to healthcare.gov, if, at the end of the year you’ve taken more premium tax credit in advance than you’re due based on your final income, you’ll have to pay back the excess when you file your federal tax return. If you’ve taken less than you qualify for, you’ll get the difference back. More than 16 million individuals have used the APTC through 2021, according to Oh.
Oh also said individuals should pay their first premium in a timely fashion, especially if they intend to receive the APTC.
There's also a "luxury of choice" in the federal Marketplace and state-based exchanges, said Oh. And having many more choices is a double-edged sword. Having choices is good but it becomes "very important" to carefully check your network, he said.
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