The Maui News announced that the open enrollment period for individual health insurance on healthcare.gov has begun and will run until January 15th. During this time, residents with current health insurance through the Marketplace can renew their plans, while those who are eligible for enhanced premium reduction subsidies in 2024 can take advantage of these benefits.
In 2024, individuals who are eligible for subsidies can benefit from increased financial assistance through the marketplace. This is due to the American Rescue Plan Act of 2021, which expanded the availability of financial assistance, and the Inflation Reduction Act of 2022, which extended these benefits through 2025.
It is important for consumers to shop and compare plans to see if they qualify for these subsidies and lower their premiums. Insurance Commissioner Gordon Ito encourages residents to understand what their health insurance policy covers and identify their current health care needs such as services, health care providers and prescription drugs when comparing plans. He also reminded consumers to keep in mind out-of-pocket costs as well as monthly premiums when making a decision on a plan.
Consumers have until December 15th to enroll for coverage that begins January 1st. For more information about health insurance and how to enroll, visit cca.havaii.gov/ins/consumers/health.