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If you don’t have health insurance for 2023, you can still buy it through the public market.
Open enrollment for the federal healthcare exchange ends Sunday, with coverage effective February 1. If your state operates its own exchange, you can have more time.
Most of the subscribers in the market — 13 million out of 14.5 million in 2022 — eligible for federal aid (technically tax credits) to help pay premiums. Some people may also qualify for cost-sharing help, such as deductibles and copays for certain plans, depending on their income.
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To date, nearly 15.9 million people have signed up through the exchange in this open registration, which started November 1, 4 out of 5 customers can find 2023 packages for the price. $10 or less per month after those tax credits are calculated, according to the Centers for Medicare & Medicaid Services.
After the enrollment window closes, you typically need to undergo a qualifying life event — that is, the birth of a child or marriage — in order to qualify for a special enrollment period.
For the most part, people who get insurance through their federal exchange (or their state) are self-employed, either uninsured at work, or they don’t qualify for Medicare or Medicaid.
The subsidies are still more generous than before the pandemic. Temporary expansion grants in place for 2021 and 2022 are extended until 2025 in Inflation Reduction Actbecame law in August.
This means that there is no income limit to qualify for the subsidy, and the amount anyone pays for the premium is capped at 8.5% of their earnings as calculated by the exchange. . Before the changes, aid was generally only available to households with incomes between 100% and 400% of federal poverty level.
The market grants you’re eligible for are based on factors including income, age, and the second-lowest cost “silver” plan in your geographic area (probably the plan you’re subscribed to). or not).
