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Obamacare Enrollment - What You Need to Know

Feb 11, 2021 3 min read Zina Kumok

Key takeaways

  • Missed open enrollment for Affordable Care Act health insurance late last year? You’ll get another opportunity to sign up.
  • The special enrollment period will run from Feb. 15 through May 15, 2021.
  • You’ll be able to apply for new coverage or update an existing application through HealthCare.gov. Opens in new window

 

At the end of January, President Joe Biden signed a number of health care-related executive orders that will reopen the health insurance marketplace on HealthCare.gov Opens in new window, for a three-month period, starting on February 15.

This is welcome news for Americans without health insurance, especially those who have faced unemployment in the wake of COVID-19, as they will now be eligible to enroll in their state’s health insurance options offered through the Affordable Care Act (also known as Obamacare). The normal enrollment period runs from November 1 through December 15, so reopening Obamacare enrollment will provide many Americans with another chance to get insurance for an additional three months through May 15.

You’ll have three options for applying for new coverage or updating existing coverage. You can fill out an application on HealthCare.gov Opens in new window, you can contact the Marketplace call center, or you can look to direct enrollment channels such as state-based marketplaces.

 

 

What is Obamacare and the Affordable Care Act?

The Affordable Care Act (ACA) is commonly referred to as Obamacare because it was championed and passed into law by President Barack Obama in 2010. It's a piece of legislation that increased access to health insurance for millions of Americans.

Many facets of the ACA changed the health insurance landscape, like allowing children to stay on their parents' health insurance until they're 26 years old — even if they're married or have access to insurance through an employer.

 

Increased access to health insurance

The ACA also banned health insurance companies from charging patients with preexisting conditions higher premiums. Previously, many of these people were unable to buy health insurance or had to pay extremely high rates.

It also created a national health care marketplace where insurance companies could sell directly to consumers. Like traditional employer-based insurance plans, there's an open enrollment period each fall where people can log in to HealthCare.gov Opens in new window to see what plans are available in their state.

Before the ACA, consumers could buy health insurance either through their employer or directly through insurance companies, which could be difficult to do. The ACA makes it easier to buy health insurance if you are self-empoyed or own your own business.

 

More affordable health insurance

The federal government also provides subsidies for individuals who can't afford to pay the entire premium. These subsidies apply if you earn 400% of the federal poverty guidelines or less Opens in new window. The subsidies also make insurance more affordable for more people.

Under the ACA, states could choose to expand Medicaid and provide more coverage to low-income populations. While 37 states and the District of Columbia have expanded Medicaid Opens in new window, 13 states, including Texas and Florida, have not.

Many preventative services are free under the ACA, including annual physicals, flu shots and screenings for breast and lung cancer. Before the ACA, policyholders had to pay for these services out of pocket if their insurance provider didn't cover them.

 

Coverage limits removed

The ACA also removed annual and total limits for essential health benefits. Before Obamacare, companies could limit how much they covered in a given year. That meant cancer patients or those with chronic illnesses often reached their annual or lifetime caps quickly and had to switch providers.

Thanks to the ACA, insurance companies are no longer allowed to cancel a plan if a patient is diagnosed with a serious illness. As long as you pay your premiums, you'll continue to have coverage. If you miss a payment, there's a grace period that allows you to make up the payments without losing your coverage.

 

What you can do next

You can get assistance choosing a health plan by visiting HealthCare.gov Opens in new window and clicking on “find local help.” The site also provides a preview of 2021 plans and estimated prices Opens in new window.

Footnotes

Zina Kumok is a freelance writer specializing in personal finance. She has written for the Associated Press, Indianapolis Monthly and more. She also writes a blog about how she paid off her student loans in three years.

 

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