Affordable Care Act Marketplace Opens for 2024 Enrollment; Record Participation Expected Following Medicaid Coverage Losses in Pandemic

Experts Caution Against Single Focus on Price, Highlight Importance of Understanding Coverage Details Amid Expected Surge in ACA Marketplace Enrollment

ACA's annual enrollment window for 2024 opens in November and runs through December, and a surge in enrollment is expected due to loss of Medicaid coverage people held during the COVID-19 pandemic.
The ACA marketplace offers plans in bronze, silver, gold, and platinum levels where premiums vary and the less expensive generally require patients to pay more toward their care.
Income-based tax credits are available to assist with coverage costs, but accuracy in income reporting is key as future underestimations could lead to repayments.
Many low-cost marketplace plans accompany high deductibles, with annual out-of-pocket maximums potentially exceeding $9,000 for individuals and $18,000 for families.
Cost-sharing reductions are available for those with incomes below 250% of federal poverty levels who select a silver plan, offering lower deductibles and out-of-pocket maximums.
Consumers are advised to assess if their regular healthcare providers are included in a potential plan's network as most non-emergency care outside of the network may not be covered.