If you retired early, were laid off in your late 50s, or are about to leave a job that carries your health insurance, the next few weeks matter. HealthCare.gov says that starting November 1 you can apply for 2027 coverage or update your application. If you are between 55 and 64, not yet on Medicare, and buying your own plan, this is the window that sets your costs for next year.
This guide sticks to what HealthCare.gov and the IRS publish, shows you how to check the income line that decides whether you get help paying premiums, and flags the numbers that are not final yet.
The Dates That Matter for 2027 Coverage
HealthCare.gov lists one schedule for the coming plan year. The two dates people confuse are December 15 and January 15. They do not mean the same thing, and the gap between them changes when your coverage starts.
| Date | What happens |
|---|---|
| November 1 | Open Enrollment starts. You can apply for 2027 coverage or update your existing application. |
| December 15 | Last day to enroll or change plans if you want coverage to start January 1. |
| January 1 | Coverage starts if you enrolled or changed by December 15 and paid your first premium. |
| January 15 | Open Enrollment ends. |
| February 1 | Coverage starts if you enroll or change between December 16 and January 15 and pay your first premium. |
The practical takeaway: if your current coverage ends December 31, a December 16 enrollment leaves you with a gap in January. Aim to finish by December 15. State-run marketplaces can use their own calendars, so if your state runs its own exchange, check its dates rather than assuming these.
Which Situation Are You In?
Most people reading this fall into one of a handful of groups. Find yours and follow the matching step.
- You already have a Marketplace plan. Update your application with your 2027 income estimate and compare your current plan against the new ones. Do not assume it renews at the same price or with the same benefits.
- You are leaving a job and losing employer coverage. You may not have to wait for Open Enrollment. HealthCare.gov says you generally have 60 days after losing qualifying coverage to enroll, and you can also qualify if you expect to lose coverage in the next 60 days.
- You are on COBRA and thinking of dropping it. Be careful here. HealthCare.gov states that voluntarily dropping COBRA does not count as a qualifying loss of coverage. Do not cancel COBRA until you know how you will get into a Marketplace plan.
- You turn 65 in the next few months. Your Marketplace plan does not end by itself when Medicare starts. The transition steps are covered in a section further down.
- Your income dropped. HealthCare.gov lists a drop in household income that makes you eligible for Marketplace savings as a reason you may qualify for a Special Enrollment Period.
Not sure which group you belong to? Start with your coverage end date. Whatever date coverage ends, count 60 days either side and write both dates down.
The Income Range That Decides Your Premium Help
The premium tax credit lowers your monthly premium. HealthCare.gov says people with income from 100% to 400% of the federal poverty level qualify for it in every state. Income below 100% usually does not qualify for this savings, although it may qualify for Medicaid.
The upper limit is the one that surprises people in early retirement. Above 400%, the credit generally stops, no matter how high your premium is. The IRS notes that the American Rescue Plan Act removed the 400% limit for 2021 and 2022, so this rule is not a new idea, but it is the one that applies unless Congress changes it.
HealthCare.gov also says that savings are based on your income estimate for the year you want coverage, not last year’s income. It adds that 2027 income levels are not posted yet and that you can get an idea of your 2027 savings before November 1 by using 2026 amounts. The 2026 poverty level amounts HealthCare.gov lists are $15,960 for one person and $21,640 for two. The table below applies the 100% and 400% marks to those figures. These are my own arithmetic on the published amounts, not figures printed on HealthCare.gov, and the 2027 numbers may differ.
| Household | 2026 poverty level | 100% mark | 400% mark |
|---|---|---|---|
| 1 person | $15,960 | $15,960 | $63,840 |
| 2 people | $21,640 | $21,640 | $86,560 |
A Worked Example With Stated Assumptions
Here is how a planning check can look. These figures are made up for illustration, and your own taxable income may be built differently. Assume a married couple, both 62, with no employer coverage, who plan their 2027 income like this:
| Income source (assumed) | Amount |
|---|---|
| Pension | $30,000 |
| Taxable IRA withdrawals | $40,000 |
| Interest and dividends | $4,000 |
| Estimated total | $74,000 |
| 400% mark for 2 people (from the table above) | $86,560 |
| Room left under the line | $12,560 |
With $12,560 of room, this couple should think twice before adding a large taxable item. A $20,000 extra withdrawal, or a $20,000 conversion from a traditional IRA, would push the total to $94,000, which is $7,440 over the line. The result could be losing the credit entirely, not just a smaller one.
I did not verify the exact line-by-line rules for what counts as household income on the Marketplace application. Before you move large amounts, use the income questions on the application itself and, if the numbers are close, talk to a tax preparer.
What Happens If Your Estimate Is Wrong
HealthCare.gov explains that the credit amount depends on your household size and the estimated income you enter. If you receive more in advance payments than you qualify for, you repay the difference when you file your federal taxes. The page calls this reconciling, and the final figure is based on your actual income for the year.
If the repayment risk worries you, HealthCare.gov says you can choose to use less of the credit, or none, each month. Ask for the full credit at tax time instead of during the year if your income is hard to predict. Also report income or household changes promptly, because you can update your figures during the year by reporting a life change.
I could not confirm from HealthCare.gov or the IRS page I checked whether any cap on repayments applies for 2026 or 2027, so I am not giving you a number. Do not count on a cap protecting you.
Turning 65: Ending the Marketplace Plan the Right Way
Once you have Medicare Part A or Part C, HealthCare.gov says you will not qualify for any savings to help lower your costs in a Marketplace plan. Also, it states you cannot get a Marketplace plan in addition to Medicare, even if you have only Part A or only Part B.
Marketplace coverage does not end automatically when Medicare starts. You have to update your Marketplace application. HealthCare.gov says you can report a Medicare start date up to 3 months early. Its example: if Medicare starts May 1, you can update as early as February 1, and your Marketplace coverage ends April 30. If you keep a plan you are no longer allowed to have savings on, you risk owing the advance payments back.
For extra coverage on top of Medicare, HealthCare.gov lists Medigap, Part D, or a Medicare Advantage plan as the options.
Timeline to Follow Between Now and February
- This week: Write down your coverage end date, your 2027 income estimate, and your household size.
- Before November 1: Use the 2026 amounts on HealthCare.gov to get a rough idea of your 2027 savings.
- November 1 onward: Update your application or apply, and compare plans on monthly premium, deductible, and whether your doctors and prescriptions are covered.
- By December 15: Enroll or change plans so coverage starts January 1, and pay the first premium.
- December 16 to January 15: Still open, but coverage starts February 1.
- If you turn 65 in 2027: Plan to report your Medicare start date up to 3 months early.
Common Mistakes to Avoid
- Using last year’s income instead of your estimate for 2027.
- Waiting until January because the deadline is January 15, then finding that coverage starts February 1.
- Dropping COBRA before a new plan is secured, since voluntarily dropping it is not a qualifying event.
- Ignoring a large one-time taxable item that pushes income over the 400% line.
- Letting a Marketplace plan keep running after Medicare starts.
- Picking the plan with the lowest premium without checking the deductible and the doctor network.
Frequently Asked Questions
Can I enroll after December 15?
Yes. HealthCare.gov lists January 15 as the end of Open Enrollment. Plans chosen from December 16 through January 15 start on February 1, so you would have a gap if your old coverage ended December 31.
I lose my job coverage in the spring. Do I wait for November?
No. Losing qualifying coverage can open a Special Enrollment Period. HealthCare.gov says you generally have 60 days after losing coverage, and you can also enroll when you expect to lose it within 60 days.
Does the premium tax credit apply if I have Medicare?
No. Once you have Medicare Part A or Part C, HealthCare.gov says you will not qualify for savings on a Marketplace plan, and you cannot hold a Marketplace plan in addition to Medicare.
What is not final yet?
The 2027 poverty level, the 2027 premiums in your area, and the exact amount of your credit were not available to me at the time of writing. Treat every dollar figure in the worked example as an illustration and rerun it on HealthCare.gov.
All dates and rules above come from HealthCare.gov and the IRS. Check the official pages before you act, since details can change before enrollment ends.