If you didn’t manage to sign up for health insurance through the Affordable Care Act (ACA) marketplace by the original deadline this past Sunday, you’re in luck. The Centers for Medicare & Medicaid Services (CMS) have extended the enrollment period, giving you a few extra days to secure coverage for the new year.
Those looking to have their ACA, commonly referred to as Obamacare, coverage start on January 1 now have until midnight local time on Wednesday, December 18 to enroll, according to a CMS representative. The initial deadline was set for December 15. For those who enroll after the extended December 18 deadline, their coverage will commence on February 1.
Current statistics reveal a 32% decrease in the number of new sign-ups compared to last year, as reported by Noah Lang, CEO of Stride, a company that assists individuals in finding health insurance. As of December 4, CMS had registered nearly 988,000 new ACA plan enrollments.
This extension marks only the second time CMS has offered additional days for enrollment, the first being in 2016.
“This additional three-day window provides a crucial opportunity for shopping,” Lang emphasized. “There are still millions of people who are uninsured or could benefit from more affordable options.”
What’s Behind the Drop in ACA Enrollment?
A December survey by Stride showed that 55% of participants expressed concerns about how the upcoming Trump administration may affect their future health insurance. Many are apprehensive about potential changes to their coverage or increases in costs, which might be discouraging them from signing up in the ACA marketplace.
However, Lang advises not to worry. “The plan options and prices for 2025 are already established,” he reassured. “Your coverage and ACA credits will remain consistent.”
The premium tax credit, a refundable credit designed to help eligible individuals and families afford their ACA health insurance premiums, will also remain unchanged.
Lang also speculated that the timing of the deadline could have affected enrollment numbers. “This might be the first time the enrollment deadline fell on a Sunday night,” he noted. “People are busy with holiday shopping and family time over the weekend, which may distract them from health insurance matters.”
Can the Extended Enrollment Period Make a Difference?
While updated enrollment figures won’t be available until January, Lang is optimistic that the non-weekend extension could trigger a surge in enrollments.
Additionally, many individuals are currently receiving notifications about their insurance premiums for the upcoming year, which could prompt them to explore ACA plans. According to a report from ValuePenguin.com, an insurance research website, the average premium is projected to increase by about 7%.
For those concerned about potential long wait times to get enrolled through CMS, Lang mentioned that CMS has partnered with services like Stride, which streamline the enrollment process. By entering personal information such as prescriptions, preferred doctors, and health conditions, individuals can quickly find and enroll in a health insurance plan that meets their specific needs through these platforms.
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Passionate about analyzing economic markets, Alice M. Carter joined THE NORTHERN FORUM with a mission: to make financial concepts accessible to everyone. With over 10 years of experience in economic journalism, she specializes in global economic trends and US financial policies. She firmly believes that a better understanding of the economy is the key to a more informed future.
