The FFM or Marketplace has opened as of November 1,2023 for people who are under 65 to shop for and enroll in health plans for 2024. This Open Enrollment period runs from November 1st through January 15th, 2024. In some places action has to be taken to confirm in your existing plan and sometimes the plan name has changed, or the costs for the plan have changed causing confusion all around! We are here to help you understand and assist with the process.
In some areas there are major carriers entering the marketplace and some leaving so it is a good idea to take a look at what is available in your area and to calculate your subsidy for next year.
The subsidy, or Advanced Premium Tax Credit, is based on your estimated MAGI (modified adjusted gross income) for 2024 and provides premium assistance on a sliding scale. This estimate is reconciled when you file your tax return, so it is important to get as close as you can to the correct number so that you don’t have an issue at tax time with paying back some or all of the subsidy that you weren’t entitled to based on an incorrect estimate. And remember that we can go in and adjust your estimated income at any time during the year to avoid a discrepancy.
If you want to take a look at plans and pricing for subsidized plans here are links to the Federal Marketplace (for most states) and the Colorado state marketplace:
Federally Facilitated Marketplace (for most states)
CO Connect For Health (Colorado only)
Although there has been some rumblings in Washington to make changes, the Non-Marketplace options (such as short-term medical and fixed-benefit plans) are still available. These options may be the right fit for you, and may give you better network coverage at roughly half the cost of the Marketplace options. These plans are not for everyone, but— because they might be a good fit for you— I want you to have some knowledge of them so you can make an informed decision for your family.