Open enrollment for federal health insurance marketplace begins with record participation

Open enrollment for health insurance through the federal marketplace has started, allowing individuals to sign up for plans commonly known as Obamacare. This year, enrollment reached over 21 million, a record high. The increase in enrollment is attributed to expanded eligibility for government subsidies, which help lower insurance costs. These changes were made possible by the American Rescue Plan Act of 2021 and the Inflation Reduction Act of 2022. Individuals can check their potential savings through a subsidy calculator based on their location, age, household size, and income. The enrollment deadline for coverage starting January 1, 2025, is December 15.