What the End of Open Enrollment for ACA Means For You

Key Takeaways

• If you lose ACA-compliant health insurance due to a qualifying life event (job loss, reduced hours, relocation, or employer coverage ending), you have a special enrollment period to switch to another ACA plan—you'll need to provide proof of prior coverage
• When COBRA expires, immediately compare ACA plans to COBRA continuation coverage; COBRA requires you to pay 100% of premiums plus administrative fees, whereas ACA plans may qualify you for Advanced Premium Tax Credits (APTC) to lower costs
• Act the moment your employer tells you coverage is ending—don't wait until COBRA is offered—to maximize your special enrollment window and compare all available options in the individual market
• You must have had prior health insurance coverage to qualify for special enrollment periods triggered by life events; maintaining current insurance premiums is critical to preserve future enrollment rights
• Record ACA enrollment numbers and increased carrier competition mean over 100 plans are available in many locations; the APTC combined with the Inflation Reduction Act has made early retirement possible for pre-Medicare individuals by reducing effective premiums