ACA sign up

[ncbound]

I'm planning on retiring on Sept 2nd this year. How long in general does it take to get approved for Obamacare?

Thanks

[FLSUnFIRE]

Will likely be state dependent. Mine was pretty much immediate (effective 1st of the month) as Florida uses healthcare.gov. I'm super happy with the experience and even pleased with the options that were available to me but I know that's not the case everywhere. Before I quit, I already chose my target plan and confirmed my doctors participated and knew what I would have to pay.

[Rianne]

The signup period starts is Nov. 1. It may be different since Covid as the maximum income amount increased. I suggest finding a broker in your area (zip code matters). A broker can walk you through the best plan for you based on your income. We chose bronze HSA. The deductible is high. But you can contribute to an HSA-health savings account. If you're healthy and don't go to the doc often, you can save a lot of $$.

[xlf11]

Quote:

Originally Posted by Rianne The signup period starts is Nov. 1. It may be different since Covid as the maximum income amount increased. I suggest finding a broker in your area (zip code matters). A broker can walk you through the best plan for you based on your income. We chose bronze HSA. The deductible is high. But you can contribute to an HSA-health savings account. If you're healthy and don't go to the doc often, you can save a lot of $$.

+1
And it's free and paid for by the insurance company and lots of them good for Medicare as well. So definitely worthwhile to explore your best options now and down the road...

[PaunchyPirate]

Quote:

Originally Posted by Rianne The signup period starts is Nov. 1. It may be different since Covid as the maximum income amount increased. I suggest finding a broker in your area (zip code matters). A broker can walk you through the best plan for you based on your income. We chose bronze HSA. The deductible is high. But you can contribute to an HSA-health savings account. If you're healthy and don't go to the doc often, you can save a lot of $$.

Since the OP is retiring September 2nd, they can sign up for ACA to be effective that date and do not need to wait until November 1st. November 1st is the open enrollment period, but the OP would qualify for a special enrollment period due to their apparent loss of employer-provided health coverage.

OP, I would start the sign up process during the first week of August. Technically, I think you can start it 60 days prior to your anticipated loss of coverage, but 3-4 weeks is plenty of time. Use the healthcare.gov exchange or your own state's exchange if they have one. Or as Rianne says above, you could work with a broker in your location. The broker would really just be filling out the exchange forms for you, but that may be helpful to you. I never bothered. You will likely be approved while you are filling out the forms. However, they MAY ask you provide supporting evidence of your estimated income and/or newly retired status. You would then have to upload the requested documents.

You can actually determine the policies and pricing that will be available to you right now by going to the exchange site and pretend you're looking for coverage now. You don't have to create an account yet (and I wouldn't until August or so) to determine the policies and pricing you will be selecting from for your September start date. Prices and policies won't change until January 1 from what you see today. That will give you plenty of time to research the available networks and coverages.

Then on November 1, you will need to go through the process again for the new year starting on January 1, 2023.

[Rianne]

Quote:

Originally Posted by PaunchyPirate Since the OP is retiring September 2nd, they can sign up for ACA to be effective that date and do not need to wait until November 1st. November 1st is the open enrollment period, but the OP would qualify for a special enrollment period due to their apparent loss of employer-provided health coverage.

OP, sorry, I didn't realize you lost your employer-based insurance. I thought you were retiring on your own.

[Trailwalker]

We've been researching the plans for awhile, knowing that our Cobra runs out this month. Signed up last month. Entire process to create an account, apply, approval and first payment took about an hour. Coverage effective July 1st. Went with a Gold HSA plan.

[sengsational]

On the federal exchange, as long as you complete it by the 15th of the month, it will start on the first of the next month. So presuming you would need coverage starting September 1st, you'd need to submit your application before August 15th for September 1st start date. You could have your account set-up and identify your plan much earlier, but just don't buy a plan until a day or two after July 15th or you'll waste a month of premiums.

[SecondCor521]

It's been a while, but I thought all ACA plans started on the 1st of a month *and* one couldn't sign up for ACA under an SEP until after the event causing the SEP had happened.

So given the OP's timeline, they would not be able to sign up for a plan starting September 1st (because September 1st is before the event on September 2nd). They could sign up for a plan starting October 1st, but that would leave them bare from September 3rd through September 30th.

Or perhaps if their resignation date is September 2nd, their employer coverage will be in place for September. I'd check on that.

If OP is offered COBRA, then there are ways to go bare during most of September using the retroactive signup rules if something happens. But in this scenario I think they'd have to stay on COBRA for the rest of the year and only switch to ACA during open enrollment for 2023.

If I were in OP's shoes, I'd probably move my retirement date back to August 31st and start ACA coverage on September 1st (or verify employer coverage through September).