What New York Residents Need to Know About Obamacare for 2024

 

Essential facts about the Affordable Care Act (ACA or Obamacare) in New York, including whether you must get health insurance, how much it costs, and how you can save money.

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New York open enrollment for 2024 health insurance plans runs from November 16, 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 New York:

1. Open enrollment for 2024 health insurance plans runs from Wednesday, November 16, 2023 through Tuesday, January 31, 2024.

New York residents can sign up for 2024 health coverage from November 16, 2023 to January 31, 2024. Yes, this makes New York different from every other state in the country. Open enrollment for New Yorkers starts later, but it lasts longer, too. 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. 

To learn more, see What Happens If I Missed the New York Obamacare Enrollment Deadline?

2. You won’t face a tax penalty for going without health insurance in 2024—but there are big downsides to being uninsured.

Obamacare’s tax penalty went away in 2019. That means that if you don’t have health insurance, you won’t have to pay a penalty when you file your federal income taxes. That said, think about whether it makes sense to forego health insurance. A medical crisis could knock the financial wind from your sails and do more damage than the penalty. (A study published in 2019 showed that a lapse in health insurance coverage can double a person's chances of ending up in bankruptcy.)

 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 NY State of Health. 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 NY State of Health. 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 NY State of Health 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 New York 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 NY State of Health while shopping for coverage.

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

All subsidies will be automatically calculated when you apply for a plan through NY State of Health.

For more information, see Ways to Save Money on Obamacare in New York.

4. New York does not allow short-term health plans.

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. This is not true in New York, however. New York state law forbids short-term health insurance plans altogether.

5. 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 New York.


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Jurisdictional relevance: ST

There are versions of this article for each State.



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