Folks need to act now if they want health insurance coverage starting Jan. 1 through an Affordable Care Act marketplace, officials and experts say.

Wednesday is the last day folks can enroll in coverage that commences at the top of the year, according to HealthCare.gov.

This is an extension — usually Dec. 15 is the last day to enroll or change plans for coverage that starts Jan. 1, the site says. The federal government announced the extra three days earlier this week.

“Through the Marketplace, millions of Americans seeking health coverage continue to find a high-quality plan at a low cost,” U.S. Health and Human Services Secretary Xavier Becerra said in a U.S Centers for Medicare & Medicaid Services (CMS) news release. 

“With many people shopping online for holiday gifts, you’ll find the best deal in town at HealthCare.gov,” Becerra added.” Sign up for a health plan that meets your needs — and gives you peace of mind.”

ACA marketplaces offer health insurance plans for people who don’t have coverage through their employer.

The marketplaces also help people figure out if they’re eligible for subsidies to lower their premiums or free Medicaid coverage.

If you miss the Wednesday deadline, don’t sweat it. 

You’ll still have through Jan. 15 to enroll in health coverage for 2025, but your coverage won’t start until Feb. 1.

Keep in mind some states have different hard deadlines. Idaho’s is the most strict at Dec. 16, Massachusetts offers a little more time at Jan. 23, and the deadline is Jan. 31 for California, New Jersey, New York, Rhode Island and the District of Columbia, according to KFF.

By early December, nearly 988,000 people without health coverage had signed up coverage at an ACA marketplace, according to the CMS.

People already covered through a marketplace plan typically don’t have to act if they want to keep it, but they are encouraged to return each year to look for a better deal.

Overall, marketplace shoppers are expected to have more choice of insurers this year, according to KFF.

Nearly all (97%) HealthCare.gov enrollees will be able to choose between three or more insurers at the marketplace, up from 78% of enrollees in 2021, KFF reports.

People also have a good chance of finding a cheaper plan, thanks to enhanced subsidies provided by the Inflation Reduction Act of 2022. These subsidies increased premium support to those earning above 400% of the poverty line.

Four out of five HealthCare.gov consumers can find a plan that costs $10 or less per month, thanks to this expanded financial assistance, the CMS says.

This could be the last year these enhanced subsidies are available, though. Unless Congress acts, they will end in 2025, and premiums could increase by double or more in some states in 2026, KFF reports.

“ACA Marketplace open enrollment continues with more than 5.3 million people signing up for coverage since the beginning of the open enrollment period,” CMS Administrator Chiquita Brooks-LaSure said in a news release earlier this month.

“These numbers reflect the strong and ongoing demand that individuals and families have for affordable, high-quality health care coverage and we expect this year will set another plan selection record,” Brooks-LaSure added.

More information

HealthCare.gov has more about enrolling for health insurance.

SOURCE: U.S. Centers for Medicare and Medicaid Services, news release, Dec. 4, 2024; KFF, report, Oct. 30, 2024

Source: HealthDay