We’re trying to make it as easy as possible for you to keep your current Marketplace health coverage when it comes up for renewal.
Here are seven things you should know about renewal and auto-enrollment:
1) All 2022 Marketplace health programs will come up for renewal in 2023. The open enrollment period for 2023 health coverage through the Marketplace begins on November 15, 2022.
2) Your insurance provider will send you details on updated premiums and benefits for 2023 coverage.
3) Examine the 2023 changes to your program to see if it still fulfills your requirements. Call or visit the program’s website to ensure that your physician and other healthcare providers will be in the plan’s network next year. Check to see if any prescriptions you are taking are covered.
4) If you want to continue with the existing plan—and your household size or income hasn’t changed—you don’t need to do anything. The Marketplace will automatically enroll you in the same program for 2023 coverage.
5) If your household size and income have changed, you must notify these changes to the Marketplace, so you receive the appropriate premium tax credit. If you do not update this information, you will continue to receive the same premium tax credit as 2022. If your household size and income change and you don’t report these modifications to the Marketplace, you may owe money when you submit your tax return at the end of 2023.
6) If you want to change your insurance plan, you can:
- Select any other marketplace health policy your provider offers in your service area if you want to keep your current insurance company.
- Select a new health policy from a different insurance provider through the Marketplace.
- Purchase a new individual health policy outside of the Marketplace. And if you do this, you won’t qualify for cost-sharing reductions and premium tax credits offered through the Marketplace plans.
7) In some situations, your current health plan will no longer be available in 2023. If that is the case, they will automatically register you in a similar program, so you don’t have a coverage gap unless you select and sign up for another plan. Because your health policy is ending, you will be eligible for a Special Enrollment Period (SEP) that allows you to register in an individual program outside of the open enrolment.