Sign Up For ACA Health Insurance Plans

Posted by CapWay in InsuranceJanuary 13, 2023(Last Updated January 13, 2023)3 min read
Key Takeaways
  • You can officially sign up for a healthcare plan through the Affordable Care Act healthcare exchange (also known as ObamaCare).
  • Open enrollment starts November 1 and lasts through December 15, 2022.
  • The plans offered on the healthcare exchange may be more affordable than you think.
Are you ready to make some real money moves?

You can officially sign up for a healthcare plan through the Affordable Care Act healthcare exchange (also known as ObamaCare). Open enrollment starts November 1 and lasts through December 15, 2022. If you select a plan in time, then your health coverage will begin on January 1. 


The plans offered on the healthcare exchange may be more affordable than you think. It is estimated that 90% of people who sign up for coverage through the healthcare exchange may qualify for a discount on their monthly insurance payment. Some people may even be eligible to have a payment that is less than $100. 


The law requires that all of the plans offered on the exchange meet basic standards to keep people healthy. All the plans offered: 

  • Cover annual wellness check-ups 
  • Emergency room visits
  • Mental health services 

Facts About Health Insurance


The Commonwealth Fund reported some startling facts about working adults with health insurance. Through a survey conducted by the SSRS, 23% of adults do not have adequate insurance to cover their expenses, 11% had a gap in the previous year, and 9% did not have any insurance at all.


women stressing about bills

Image Credit: Thomas Andre Fure /


In total, 43% of working adults need a better plan to help them overcome medical emergencies. As a result, they may run into difficulties with insurance as their plans will not properly help cover their bills. Nearly half of the American population does not have a sufficient strategy to help cover their bills, so when the time comes for them to receive medical attention, they may have financial difficulties paying it off. 

Recommended Read: Credit Bureaus Beginning to Remove Medical Collection Debt

Purpose of ACA Health Insurance


ACA health insurance aims to provide individuals and families with affordable health insurance to get the comprehensive health care they require. Health insurance costs $456 for an individual and $1,152 for a family. With ACA, the rates are similar to these numbers, but tax credits and subsidies will help lower the amount a person pays each month. 


ACA uses these tax credits and subsidies to help those individuals whose income is between 100% and 400% of the Federal Poverty Line. This way, those families whose income may not be can still receive and pay for health insurance to help cover any medical instances. 


Furthermore, you also cannot be denied coverage if you have previously been diagnosed with an illness. ACA ensures that the plans sold on the Health Insurance Marketplace will not prevent people from signing up if they already have pre-existing conditions. 


Why Having Health Insurance is Important

Having health insurance is important because the future is unknown. You never know what will happen to you, and if you do not have insurance when you are faced with a medical emergency, you may encounter difficulties when it comes to paying for the services you receive. In addition, these hefty medical bills could negatively impact your financial position and, as a result, make it difficult for you to pay for other expenses.


medical bills

Image Credit: FabrikaSimf /


However, when you have insurance, whether it is ACA or not, the insurance company covers a portion of these costs, allowing you to pay less out of pocket. When you sign up for insurance plans, you are protecting your family members and yourself from any unexpected situations that may arise in the future. 

Recommended Read: Health Insurance Options for College Students


How to Sign up for ACA Health Insurance


If you think that ACA fits your needs, you can browse plans and sign up by visiting However, it is essential to note that you have until January 15, 2023, to sign up for ACA, and if you miss this deadline, you have to wait until next year. However, you may be eligible for special enrollment, allowing you to sign up for ACA, despite missing the January 15 deadline. If you wish to learn more about ACA and whether you qualify for special enrollment, click here


The Money Wrap-Up


ACA health insurance is a beneficial program that former President Obama implemented during his tenure. For those who cannot afford regular insurance plans, ACA allows cheaper options with similar services. As a result, this plan may be worth looking into if you wish to save money on monthly insurance premiums.


Main Image Credit: Tada Images /

Was this content helpful?
Comments (0)

Sign In to leave a comment.

Download the CapWay App

Access more features to your Money Account

  • Money Goals
  • Request Money
  • Categorize Spending
  • Money Talk

The CapWay, Inc Debit Visa Card is issued by Metropolitan Commercial Bank (Member FDIC) pursuant to a license from Visa U.S.A. Inc. “Metropolitan Commercial Bank” and “Metropolitan” are registered trademarks of Metropolitan Commercial Bank ©2014.

1. For Money Account holders with a negative balance, the CapWay debit card will go into freeze until funds are deposited to bring account back to current. See terms and conditions

2. Sending or receiving money from other CapWay account holders will be instant. Transfers from other accounts could take up to 48 hours, depending on the financial institution.

3. Early access to funds requires direct deposit. Early payment is not guaranteed and is dependent on the timing of payer's submission of deposits. We generally post such deposits on the day they are received which may be up to 2 days earlier than the payer's scheduled payment date.

4. Money Goals allows account holders to save money towards financial goals created within the CapWay platform. Funds can be transferred from your Money Account or saved through the rounding up of your transactions from purchases.

5. CapWay offers financial content through Learn Money free of charge, but may include advertisements through affiliates. Phunds, CapWay's literacy program and session, is paid content or co-branded content.

© 2019-2023 CapWay Inc. All Rights Reserved.