I run a small business and previously had insurance through my wife’s job. Last year (2023), she retired, so we switched to a plan on the marketplace. I mistakenly underestimated my income and now owe money, which I understand. My question is, can I cancel my Marketplace insurance and switch to private insurance since I don’t qualify for any credits? Or is it too late, and do I have to wait for open enrollment? I’m quite anxious about this situation, so any help would be greatly appreciated.
You can cancel your Marketplace insurance at any time, but moving to private insurance often involves waiting for open enrollment, unless you qualify for a Special Enrollment Period. If you do not qualify for credits, you may want to look into private insurance plans that enable year round enrollment. Contacting the Marketplace or a qualified insurance agent can provide more tailored advice.
You can switch to private insurance outside open enrollment if you have a qualifying event. Since your situation involves losing coverage due to retirement, you may qualify. Check with the Marketplace ASAP.