Although August 15 marked no more a one-time COVID-related special enrollment period (SEP) for marketplace medical health insurance in most states, the enhanced subsidies that enticed millions of consumers are still readily available for many individual-market buyers (as noted below, the SEP is ongoing in certain states).
The American Rescue Plan's enhancements to the Affordable Care Act's medical health insurance subsidies continues long after the end of the COVID SEP. That means that whenever you do have an opportunity to buy coverage again – either through open enrollment or due to a personal qualifying life event – you'll likely find individual medical health insurance much less expensive than you might have expected.
The ARP's affordability provisions continue to be helping with premiums
As we've noted in the last few months, the American Rescue Plan included numerous provisions which make ACA-compliant plans more affordable than ever before. The additional medical health insurance subsidy enhancements delivered by the ARP include:
All of those benefits continue being available. The additional subsidies based on unemployment compensation continue through the end of 2022, as the other subsidy enhancements will be available with the end of 2022 (and possibly longer, if Congress extends them).
How popular are the ARP's subsidy enhancements?
HHS reported a week ago that more than 2.5 million people had already enrolled in coverage throughout the COVID-related special enrollment period, and that another 2.Six million existing marketplace enrollees had activated their ARP subsidies.
Among all of the new enrollees, average after-subsidy premiums were just $85/month, as opposed to $117/month before the ARP's subsidies became available. And across all the new and renewing enrollees, about 35% had obtained coverage with after-subsidy premiums of less than $10/month.
That illustrates how substantial premium subsidies have become under the ARP. And again, nothing has changed about those subsidies: the special enrollment window is finished in most states, but the subsidies continue to be available if you are eligible to enroll through out 2022 – and again during open enrollment for 2022, which starts November 1.
So if you're in a state where enrollment is still open, or maybe you're entitled to an individual special enrollment period in any state, it's certainly to your advantage to see what plan choices are available to you.
Enrolling when you're eligible will mean that you're able to begin taking advantage of the ARP's subsidies immediately, instead of having to watch for open enrollment and coverage that starts in 2022.
States where enrollment continues
Although the COVID SEP ended on August 15 in the states which use HealthCare.gov – and some from the states that run their own exchanges – enrollment continues to be actually ongoing in several states:
Enrollment for those who have a qualifying life event
Not in one of those states? Special enrollment periods are available to those who notice a wide range of “life changes.” The most common trigger for any personal SEP is a lack of other coverage – usually job-based coverage.
(Observe that there's usually only a 60-day window to join a brand new plan after losing other coverage. But HealthCare.gov is making the best for people who lost their coverage so long ago as January 2022, when they missed their enrollment deadline simply because they were “impacted by the COVID-19 emergency.” Individuals who need to employ this flexibility need to call industry directly to qualify for a unique enrollment period on the case-by-case basis.)
In addition to a loss of revenue of coverage, there's also other situations by which you'll be eligible for a a SEP. They include events such as the birth or adoption of a child, marriage (so long as a minumum of one spouse already had minimum essential coverage), or perhaps your grandmothered or grandfathered plan coming up for renewal.
More opportunities to sign up for ACA-compliant coverage
In addition to america with ongoing COVID-related enrollment periods and the individual SEPs triggered by qualifying life events, there are more circumstances under which you might still meet the requirements to enroll in affordable health coverage:
Mark your calendar for 2022 open enrollment
If you don't have an enrollment period now, make sure to mark your calendar for that start of open enrollment on November 1. That's when you can sign up for coverage of health that will work in January, with coverage for essential health advantages and pre-existing conditions. During open enrollment, your health background won't matter, and neither will your coverage history.
And if you are already enrolled in an ACA-compliant plan – or soon will be – you'll still want to pay attention to open enrollment this fall. You will find new insurers joining the marketplaces in many areas, which might come with an unexpected effect on your premium subsidy. As well as if you are happy with the program you have now, you will probably find that a different plan works more effectively for the coming year.
Fortunately, the ARP's subsidy enhancements will still be readily available for 2022. And if you're eligible for subsidies – and many people are – your coverage for the coming year is likely to be reasonable priced.
Louise Norris is an individual health insurance broker that has been writing about health insurance and health reform since 2006. She's written a large number of opinions and educational pieces about the Affordable Care Act for healthinsurance.org. Her state health exchange updates are regularly cited by media who cover health reform by other health insurance experts.
