What Open Enrollment season runs between November 1st and January 15th?

a. The ACA (Affordable Care Act)

b. The Marketplace

c. Obamacare

d. All of the above

Choosing “D” is correct! The Federally Facilitated Marketplace, originally dubbed Obamacare, but also known as the Affordable Care Act, features an Open Enrollment period annually between November 1st and January 15th. Here are some questions heard every fall:

Who can enroll in the Marketplace? – Anyone who does not qualify for Medicaid, Medicare, or does not have access to affordable employer-based coverage.

I’m planning to retire in March; do I need to enroll in a plan now? – No. Whenever someone leaves an employer-sponsored plan to retire or start a new job that doesn’t offer coverage, they will have a Special Enrollment Period to choose a plan on the Marketplace at any point during the year.

My COBRA is really expensive; can I switch to Marketplace coverage now? – Yes. This is when you are able to voluntarily leave your current COBRA plan by choice and begin what is often a more affordable plan option for January 1st or February 1st.

Will I be penalized for not having health insurance? In 2019 the penalty for not having coverage was eliminated.

MUST I renew my plan every year? – Technically, no. However, there could also be new plans with better coverage or benefits and lower premiums available. We advise updating your application annually to ensure you have the plan that best suits your needs.

Will I be penalized for making too much money? – At the time this article is being written, the expanded tax credits offered through the Inflation Reduction Act are sun setting at the end of 2025.

This means there will once again be an income “cliff” beyond which a tax household will not qualify for any tax credits to offset their monthly premium expense. This cliff is set at 400% of the Federal Poverty Limit. For tax households the size of 1, 2, 3, 4 and 5 those numbers are: $62,600; $84,600; $106,600; $128,600 and $150,600. It will be imperative for those enrolling in

Marketplace coverage to carefully manage their 2026 income as to avoid paying back all of the tax credit. The option is to find an ACA alternative for 2026 in order to avoid the income “cliff.”

For answers to your questions about the Marketplace or help finding an ACA alternative, contact the licensed insurance agents at On Point Insurance Agency (InsuranceOnPoint.com). We are here to help!