The open enrollment period for individual health insurance coverage on healthcare.gov has officially started and will continue until January 15, the Maui News announced. Those with current health coverage through the marketplace can renew their plans during this period as well.
Enhanced subsidies to reduce premiums are available for eligible new and returning consumers in 2024. The American Rescue Plan Act of 2021 expanded the availability of financial assistance through the marketplace, and the Inflation Reduction Act of 2022 extended these benefits through 2025.
Insurance Commissioner Gordon Ito emphasized the importance of shopping and comparing plans to see if consumers are eligible for enhanced subsidies to reduce their premiums. He also urged people to understand what their health insurance policy covers, including services, healthcare providers, and prescription drugs, before enrolling in a new plan.
The deadline for coverage that starts on January 1 is December 15. For more information on health insurance, residents can visit cca.hawaii.gov/ins/consumers/health.
Consumers should take advantage of this open enrollment period to compare different plans and find one that best fits their needs while taking into account any available subsidies that may help reduce premium costs. It’s important to understand what your policy covers and how it compares with other options available in the marketplace.
In summary, consumers who are eligible should consider renewing their health coverage during the current open enrollment period while also exploring their options for enhanced subsidies that may be available in 2024 under the American Rescue Plan Act of 2021 and Inflation Reduction Act of 2022.
“We encourage consumers to shop around and compare plans,” said Insurance Commissioner Gordon Ito in a news release earlier this month. “What you pay each month for health insurance is important, but you also need to understand what your policy covers.”