The Affordable Care Act (ACA) seeks to make individual health insurance more accessible for millions of Americans by increasing premium subsidies on the marketplace and expanding Medicaid in many states.
These changes have led to an unprecedented signup period for 2022.
Will the Affordable Care Act be available in 2022?
The Patient Protection and Affordable Care Act, commonly known as Obamacare, was passed in 2010 and began taking effect in March of that year. This groundbreaking health care reform law includes several provisions designed to expand health insurance coverage while simultaneously taking steps to decrease costs.
This year, more than 6 million consumers signed up for health insurance through the Marketplace and premiums have become more affordable thanks to federal subsidies and 39 states offering additional state subsidies that make coverage even easier to afford for low-income residents.
2023 open enrollment period for Affordable Care Act-compliant individual and family health plans will run from November 1 through January 15 in most states for coverage to start on or before March 1. However, your specific circumstances could qualify you for special enrollment periods throughout the year; find more about them at eHealth. AMA remains dedicated to providing patients with information regarding their options while supporting meaningful health system reform going forward.
Will the ACA be available in 2023?
The Affordable Care Act is the 2010 health care reform law designed to ensure you receive maximum value from your premium dollar by holding insurance providers accountable to consumers and fostering competition in the marketplace. Furthermore, this legislation helps reduce health care costs by mandating insurance providers spend at least 80% of premium dollars directly on medical care rather than advertising costs, overhead expenses or bonuses for executives.
Millions of Americans have found assistance through the Affordable Care Act to lower monthly insurance costs and afford out-of-pocket costs such as deductibles and copayments. Employers, the ACA marketplace, Medicare or Medicaid all make coverage accessible.
Expanded marketplace premium subsidies enacted under ARPA will continue uninterrupted into 2023. Furthermore, the recently passed Inflation Reduction Act extends a special enrollment period (SEP) for individuals earning under 150% of FPL to ensure continuous coverage without gaps for low-income clients.
Will the ACA be available in 2024?
The Affordable Care Act’s health insurance markets are performing admirably and an unprecedented number of people signed up during open enrollment this year. The ACA ensures that your premium dollars go toward health care and quality improvements instead of overhead or bonuses for executives; additionally, insurers must spend 80 percent or more of your premium dollars directly towards actual healthcare costs or provide rebates back to customers.
This year, the Affordable Care Act was expanded and improved via the American Rescue Plan Act, while recently passed Inflation Reduction Act extends marketplace premium assistance by three years.
In 2024, the Affordable Care Act will continue helping millions of Americans access affordable healthcare coverage via federally-facilitated and state-based marketplaces. Furthermore, low-income special enrollment periods will remain open allowing people to enroll in marketplace plans up to 60 or 90 days before or 90 days after losing Medicaid or CHIP coverage in order to avoid gaps in coverage.
Will the ACA be available in 2025?
Millions of Americans can afford individual health insurance thanks to the Inflation Reduction Act’s renewal of Affordable Care Act premium subsidy enhancements, making market premiums affordable and leading to record enrollment this year and reduced uninsurance rates. The renewal of these subsidies ensures continued access for millions.
Without ARPA COVID-19 relief law, a “subsidy cliff” would have returned, and enrollees whose household income exceeds four times poverty (or $51,520 for single persons) would no longer be eligible for subsidies and must instead cover both market rate increases as well as premium increases.
This year, an unprecedented 14.5 million people enrolled in Affordable Care Act plans during the most recent open enrollment period. If the enhanced ACA subsidies weren’t extended for another year, many may be forced to go without coverage or seek alternative healthcare plans like short-term policies and healthcare sharing ministries with limited benefits at higher costs.
