Cumberland, RI Obamacare

Cumberland, Rhode Island 02864
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What Rhode Island Residents Need to Know About Obamacare for 2024

Rhode Island open enrollment for 2024 health insurance plans runs from November 1, 2023 until January 31, 2024.

This website provides information about getting health insurance under the Affordable Care Act (ACA), including:

To begin, keep in mind these key points about health insurance in Rhode Island:

1. Rhode Island law requires you to have health insurance.

The federal tax penalty for going without health insurance ended in 2019, but a handful of states, including Rhode Island, have enacted laws to replace it. Since January 2020, Rhode Island residents have been required to have health insurance that meets the requirements of the Affordable Care Act or face a state tax penalty, unless they qualify for an exemption.

To learn more about Rhode Island's health insurance requirement and to find out whether you qualify for an exemption, see Do I Have to Get Health Insurance in Rhode Island?

2. Open enrollment for 2024 health insurance plans runs from Tuesday, November 1, 2023 through Tuesday, January 31, 2024.

Rhode Island residents can sign up for 2024 health coverage from November 1, 2023 to January 31, 2024. For most people, if you enroll by December 15, your coverage will begin on January 1, 2024. 

Once open enrollment has ended, you can get covered for the rest of the year only if you qualify for a special enrollment period, including job or income loss. 

If you're uninsured, you can use Health Source RI to compare plans and enroll in a plan that meets your needs. 

If you already have health insurance, you will be automatically re-enrolled in your existing plan if it is still available. Even if your plan is continuing, open enrollment is an excellent time to review your coverage, compare plans, and switch to a new one if you find a better option. If your insurance company stops offering your current health plan, they may "map" you onto a new plan. In this case, it's vital that you to investigate your options to be sure you get the best plan for you. 

To learn more about enrollment, see How To Sign Up for Obamacare in Rhode Island.

See Also: What Happens If I Miss the Rhode Island Obamacare Enrollment Deadline?

 3. You may qualify for new Affordable Care Act subsidies.

In 2021, President Biden signed the American Rescue Plan Act (ARPA). The law provided $1.9 trillion of federal aid to Americans struggling with the COVID-19 crisis, including additional premium subsidies for those who purchase health insurance through Health Source RI. In 2022, the Inflation Reduction Act extended these more generous subsidies through 2025. Here’s a quick summary of the types of available subsidies.

Federal tax credits. Under ARPA, no one will have to pay more than 8.5% of their household income for a mid-level plan purchased from Health Source RI. Technically, the subsidies are tax credits, but you can choose to have them automatically deducted from the cost of your monthly premiums.

Cost-sharing subsidies. More than half of the people who purchase coverage through Health Source RI receive assistance through cost-sharing reductions (CSRs). CSRs automatically reduce your premiums and lower your costs when you use your insurance benefits—for example, when you go to the doctor, get lab work, or have to stay in the hospital.

CSRs are available to people who make between 100% and 250% of the federal poverty level. (For 2023 health plans, that means a family of four in Rhode Island can't earn more than $75,000 and an individual not more than $36,450.) But these benefits are available only on silver plans. If you think you may qualify, look carefully at the costs for silver plans available at Health Source RI while shopping for coverage.

Medicaid. You may qualify for free or low-cost coverage through Medicaid in Rhode Island if your income is very low.

All subsidies will be automatically calculated when you apply for a plan through Health Source RI.

For more information, see Ways to Save Money on Obamacare in Rhode Island.

4. Average premium rates went up for 2023, but that doesn't mean you'll pay more.

Nationwide, the average rate increase for 2023 health plans was about 7.7%. In Rhode Island, the average number was slightly lower, coming in at an increase of 6.1%. But remember that this number doesn't tell you how much you'll pay for health insurance. Costs vary from insurer to insurer and plan to plan. Also, if premiums for the benchmark plan (the plan used to determine subsidy amounts) go up, subsidies will also go up. This is a long way to say don't let the numbers get you down. Comparison shop at Health Source RI to find the plans and subsidies available to you.

5. No Insurers Sell Short-Term Plans in Rhode Island.

In 2018, the Trump administration made it easier to purchase short-term insurance plans. These plans don't have to cover preexisting conditions or the essential health benefits provided by Obamacare plans. The new federal rules say that short-term plans can last for as long as three years. States can make their own rules, however, and the federal changes will have little effect in Rhode Island. The state requires all insurance plans to meet strict standards, including coverage of preexisting conditions and a comprehensive package of benefits. For this reason, no insurers are offering short-term health insurance plans in Rhode Island.

6. You can get help signing up if you need it.

The Biden administration has greatly increased enrollment assistance, making it much easier to get the information you need to get covered. To connect with local support resources, see How To Sign Up for Obamacare in Rhode Island.



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