2023 Open Enrollment

2023 Open Enrollment

| November 25, 2023

Open Enrollment 2023: What You Need to Know

Open enrollment is the time of year when you can sign up for health insurance or change your plan. It’s important to review your options and make the best choice for your health and budget. Here are some key dates and tips to help you navigate open enrollment 2023.

When is open enrollment 2023?

The open enrollment period for 2023 depends on the type of health insurance you are looking for. For marketplace plans, which are offered through HealthCare.gov or your state’s exchange, open enrollment is from November 1, 2022 to January 15, 2023 . This means you have to enroll by December 15, 2022 if you want your coverage to start on January 1, 2023. You can also enroll or change plans until January 15, 2023, but your coverage will start later.

For Medicare, which is the federal health insurance program for people 65 and older and some younger people with disabilities, open enrollment is from October 15, 2022 to December 7, 2022. This is the time when you can join, switch, or drop a Medicare Advantage plan or a Medicare prescription drug plan.

If you have health insurance through your employer, your open enrollment period may vary depending on your company’s policy. Check with your human resources department or benefits administrator for more information.

What are the benefits of open enrollment?

Open enrollment is your opportunity to compare different health insurance plans and find the one that best suits your needs and budget. You can also see if you qualify for financial assistance to lower your monthly premiums or out-of-pocket costs. Depending on your income and household size, you may be eligible for subsidies, tax credits, or Medicaid.

Open enrollment is also the time to update your personal information, such as your income, address, or family status. This can affect your eligibility for certain plans or financial assistance. If you don’t report these changes, you may end up paying more or less than you should, or even lose your coverage.

What are the consequences of missing open enrollment?

If you miss open enrollment, you may not be able to enroll in or change your health insurance plan until the next open enrollment period, unless you qualify for a special enrollment period. A special enrollment period is a 60-day window that allows you to enroll or change plans outside of open enrollment due to certain life events, such as getting married, having a baby, losing your job, or moving to a new state. You have to apply for a special enrollment period within 60 days of the event.

If you don’t have health insurance for 2023, you may have to pay a penalty when you file your taxes. The penalty for 2023 is $695 per adult and $347.50 per child, or 2.5% of your household income, whichever is higher. However, some people may be exempt from the penalty due to hardship, religious reasons, or other circumstances.

How can I prepare for open enrollment 2023?

To make the most of open enrollment 2023, you should do some research and planning before you enroll or change plans. Here are some steps you can take to get ready:

  • Review your current health insurance plan and see if it still meets your needs and budget. Consider how much you use your plan, how much you pay in premiums and out-of-pocket costs, and what benefits and services are covered.
  • Compare different health insurance plans and see what options are available to you. You can use tools like the "Plan Finder" on HealthCare.gov or the "Medicare Plan Finder" on Medicare.gov to compare plans based on your location, income, and health care needs.
  • Check your eligibility for financial assistance and see how much you can save. You can use tools like the the "Medicare Savings Programs" on Medicare.gov to estimate your subsidies, tax credits, or other benefits.
  • Gather the documents and information you need to enroll or change plans. You may need to provide your Social Security number, income, citizenship or immigration status, current health insurance information, and employer information.
  • Enroll or change plans online, by phone, by mail, or in person. If you have any questions or need help, you can reach out to our Life and Health department at The Craft Agency, Inc.
  • Call 517-787-0077 and ask to speak with one of our agents regarding health insurance open enrollment.

Open enrollment 2023 is your chance to secure your health and financial well-being for the next year. Don’t miss this opportunity and enroll or change plans today!