The Affordable Care Act health exchanges, which usually are open only in November and the first half of December, will reopen Monday, Feb. 15, giving millions of uninsured Americans the chance to obtain discounted or free insurance.
The exchange—located at healthcare.gov—will be open through May 15. State-operated exchanges will also be open for the same period.
The reopening of the “Obamacare” exchanges was authorized via an executive order from President Joe Biden last month. The move comes as the U.S. unemployment rate still hovers at 6.3%, meaning over 10 million people are out of work.
While that’s much lower than the highs of April 2020, it’s more than 40% higher than pre-pandemic levels. And COBRA, if it was even offered to those people who were displaced, is expensive.
A study by the Kaiser Family Foundation, published late last month, estimated that as many as 4 million uninsured people qualify for a free bronze plan, and another 4.9 million could purchase Marketplace coverage for a reduced premium. Overall, says the group, there are just under 15 million people in the country who are currently uninsured.
“The reasons behind their lack of coverage are varied, likely ranging from a lack of information about available options, to being discouraged by high deductibles, or being priced out altogether from high unsubsidized premiums,” the foundation said.
While it’s a bit too early to sign up for any programs, you can get an idea of what will be available starting next week at the healthcare.gov site. You can also find out what credits or other savings you might qualify for on the Exchange. Biden is hoping to increase those subsidies as part of the economic relief package currently working its way through Congress.