How to Enroll in the ACA Marketplace and the Cost of an Individual Health Insurance Plan

Individual health insurance is a type of health coverage that is purchased for an individual. It can be purchased through an exchange or off the exchange. It is sometimes referred to as the nongroup market. If you are looking for an individual health insurance plan, there are several factors you need to consider. In this article, we will discuss how to enroll in the ACA marketplace and the cost of an individual health insurance policy.

Enrollment on ACA exchanges

As the enrollment period for individual health insurance on ACA exchanges draws to a close, there is still time to sign up and change plans. In fact, enrollment for 2022 coverage has already surpassed the previous record set in 2018. This growth is largely due to the introduction of subsidy enhancements created by the American Rescue Plan (ARP).

The ACA’s individual health insurance exchanges are supposed to facilitate side-by- side comparisons of health plans, thereby encouraging competition among insurers and making coverage more affordable. The exchange administrators will also help people enroll in health plans and determine whether they are eligible for federal tax subsidies and public programs. The exchanges will serve individuals and small groups. Individuals who qualify for federal subsidies will only be able to buy insurance on the exchanges.

Open enrollment runs from November 1, 2022, through January 15, 2023. However, if you need a plan to take effect on January 1, you must complete your enrollment by December 15 to meet the deadline. Otherwise, plans will take effect on February 1.

Cost of individual health insurance

The average cost of individual health insurance has risen dramatically over the past few years, and it’s no longer the same as it was five years ago. According to MLR data, an individual’s monthly premium is now $244, up 129 percent … Read More