PROVIDENCE, RI – When it comes to health insurance, HealthSourceRI’s got Rhode Island covered – and now that open enrollment season is here, Rhode Islanders can pick out a plan that’s right for them.

As open enrollment begins for consumers across the nation to sign up for health insurance under the historic Affordable Care Act (ACA), which U.S. Senator Jack Reed helped pass to make health coverage more accessible and affordable, Reed is encouraging Rhode Islanders to check out the options available and choose a plan that fits their needs at a price that’s right for them.

Rhode Islanders can use HealthSourceRI’s (HSRI) online marketplace to compare dozens of affordable health plans and find out if they are eligible for financial assistance that helps make health insurance coverage easier to afford. In the past year, 6 out of 7 HSRI customers received assistance to help them get coverage, including nearly $9.6 million in Advance Premium Tax Credits (APTC). Furthermore, 31 percent of HSRI customers pay less than $20 a month to stay covered.

HealthSourceRI’s annual Open Enrollment Period began on November 1st and runs through the end of January 2024.  Those seeking coverage starting on January 1, 2024 must pick and pay for a plan by December 23, 2023.

Senator Reed says, thanks to the American Rescue Plan Act (P.L. 117-2) and the Inflation Reduction Act (P.L. 117-169), which President Biden signed into law, many Rhode Islanders can save even more.  For instance, thanks to the American Rescue Plan Act, most HSRI customers may qualify for financial help to lower their monthly coverage cost – even those who weren’t eligible in the past.  And the Inflation Reduction Act included key health provisions to deliver cost savings to Rhode Islanders, such as lower premiums, capping insulin copays, and allowing Medicare to negotiate for reduced costs for prescription drugs.

Individuals who wish to enroll, change, or renew their health coverage through HSRI may do so at: HealthSourceRI.com/OE or by calling: 1-855-840-HSRI (1-855-840-4774).

“Picking the right health insurance coverage can be tricky, but HealthSourceRI provides helpful tools and resources online, over the phone, and through face-to-face personal assistance that make navigating the process much easier. They have supports that help you shop, compare, and identify the plan that fits your needs. I encourage all Rhode Islanders to get coverage and learn more about the options available that may help you save big,” said Senator Reed. “Health care is essential and I will continue working to pass laws that make it more affordable. When people have access to health insurance, they have a chance to lead healthier, more productive lives. So don’t delay – enroll today.” 

Even if you don’t get health coverage through the Affordable Care Act, the law promotes affordability for Rhode Island consumers and businesses and provides federal protections for all Americans with pre-existing conditions (including 443,900 Rhode Islanders who live with a pre-existing condition, according to the Center for American Progress). 

In the wake of the COVID-19 pandemic, many health insurers have sought to hike rates, but changes to the law such as enhanced APTCs have helped millions of families pay less for health coverage. These credits that help consumers lower their monthly health insurance payment, or premiums, based on expected yearly income were extended through 2025 by the Inflation Reduction Act.

Since its inception in 2013, HealthSourceRI has helped cut Rhode Island’s uninsured rate by two-thirds.  Last year, 28,661 Rhode Islanders enrolled in health insurance through HealthSourceRI, including more than 4,000 new customers. Today, 97 percent of Rhode Island residents have health coverage, an all-time high for the state, which ranks Rhode Island among the highest in the country.

The last possible day to enroll and pay for a 2024 plan is January 31, for coverage that starts February 1, 2024.