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ACA’s Annual Enrollment Period Will End Soon

The deadline for enrolling in an Affordable Care Act plan is coming up. Here's some information you need to know.
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The deadline for enrolling in health insurance plans through the Affordable Care Act program is December 15th, but many people don’t know that there is another deadline. Meeting the December 15th deadline will make sure that the chosen plan will go into effect on January 1st. According to Jae Oh, author of Maximize Your Medicare, the official deadline is not until January 15th, so those who miss the upcoming deadline will still have a chance but coverage would not begin until February 1st.

Oh adds that for those who qualify for the APTC - advanced premium tax credit - the application needs to be in by the first deadline or it will be canceled. “Many people in the United States are eligible for the APTC,” he says. “It does depend on an accurate measure of your estimated household income. From there, you can be awarded an APTC, which will lower your health insurance premium and possibly lower your deductible and out-of-pocket maximum more than listed for those persons who do not qualify for the APTC.”


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For those who are already enrolled in an ACA plan, it’s recommended that they take a look at their plan again. The APTC does increase as people age if your income stays the same, so if your income may have changed, that could be something to look into. There are also new carriers that enter the marketplace that could be of interest to you. Oh recommends having a professional help when you’re figuring out what to do with your ACA plan.

Oh emphasizes that people who need to get APTC need to use healthcare.gov or their state-specific exchange as this open enrollment period applies to health insurance offered by both the federal and state governments. He also mentions some news about the Inflation Reduction Act. “[It] has notably changed the retirement trajectory for many because of the fact that these subsidies, which can be enormous, over a thousand dollars a month for a household, have been extended for the next three years,” Oh says. “It’s a welcome relief for those persons who may be considering early retirement.”

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