Wednesday marks a crucial deadline for Americans who still need to enroll in health insurance.
The Affordable Care Act (ACA) marketplace is open until January 15, and those in need of coverage will need to join a plan through the ACA by Wednesday night.
Why It Matters
As of 2024, roughly 45 million Americans are enrolled in health care coverage via the ACA, otherwise known as Obamacare.
When the ACA expanded Medicaid coverage to adults with incomes up to 138 percent of the federal poverty level, 18.6 million more Americans qualified for the coverage. This coverage can save patients tens or hundreds of thousands of dollars when it comes to necessary medical care.
What To Know
Obamacare Enrollment Period
Open enrollment ends for ACA 2025 health insurance on January 15. Open enrollment initially began November 1.
Is Obamacare Still Available?
Obamacare still provides health insurance through the government. To secure coverage, you must enroll through the HealthCare.gov Marketplace.
All plans available will cover health care essentials like doctor and hospital visits as well as prescription drugs, mental health treatment and maternity care.
You are also guaranteed to receive comprehensive coverage even if you have preexisting conditions.
Who Qualifies for Obamacare?
Under Obamacare, most uninsured people in America can secure coverage. This is true as long as you are a U.S. citizen who lives in the country or are a legal noncitizen, not in prison and not covered by Medicare.
Around a week ago, nearly 24 million Americans had already secured health coverage through the ACA marketplace, according to the Centers for Medicare and Medicaid Services.
What People Are Saying
Alex Beene, financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "Annual open enrollment in most states runs until January 15, and you want to make sure you submit your information for a plan through ACA by that time so you won't experience any gaps in coverage. The greatest problem many encounter by failing to meet the deadline is encountering a period they aren't insured and facing the financial repercussions that come with that."
Kevin Thompson, finance expert and founder/CEO of 9i Capital Group, told Newsweek: "If you miss it, you can only qualify outside of open enrollment if you experience a life-changing event or lose your current health care coverage. Previously, there were penalties for not having coverage, but those are no longer applicable in most states. However, the primary consequences of missing the deadline include not having health coverage, facing high out-of-pocket expenses in the event of a medical emergency, and experiencing delays in receiving necessary care."
Michael Ryan, finance expert and founder of MichaelRyanMoney.com, told Newsweek: "Missing this deadline has real financial implications. Without a qualifying life event, individuals won't be able to access comprehensive ACA coverage until next year's enrollment period. While alternative options like short-term plans exist, they typically offer less protection against catastrophic medical expenses - which, in my experience advising clients, is one of the leading causes of financial hardship."
What Happens Next
If you end up experiencing a life-changing circumstance like a change in employment or family situation, you will still be able to enroll during a special enrollment period, but it's still safer to meet the deadline on Wednesday, experts say.
"The consequences of missing this deadline extend beyond health care - they affect retirement planning, emergency savings, and overall financial stability," Ryan said. "Throughout my career, I've seen how unexpected medical bills can derail even the most carefully constructed financial plans. That's why I consider health insurance a fundamental component of sound financial planning."
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