Illustration: Lazaro Gamio / Axios

The Affordable Care Act's fifth open enrollment period is now under way.

The bottom line: This will likely be the worst ACA sign-up window yet, in terms of total enrollment — and also the weirdest. It's been weird to see a federal department constantly attacking a program it oversees; it'll will be weird to watch it oversee that program anyway. The politics of health care have also been totally unsettled all year long, and that has produced a surprising set of twists and turns on the ground.

Even though premiums are much higher across the board, more consumers than ever before — about 80% of enrollees, according to HHS — will be able to find a plan for less than $75 per month.In many cases, a more comprehensive "gold" plan will now cost less each month than a middle-of-the-road "silver" plan.This is all a byproduct of President Trump's decision to quit paying the ACA's cost-sharing subsidies — a benefit that, in keeping with the weirdness of this year, consumers will actually continue to receive.Here's what else to expect, today and over the next six weeks:The website will probably work: Despite the Trump administration's reticence to carry out much of the ACA, testing for HealthCare.gov proceeded as usual during September and October.Kelley Turek, who handles policy issues related to the exchanges for America's Health Insurance Plans, told me she hasn't heard any complaints about the technical side of things.A spokesman for California's state-run exchange also said "we do not have concerns" about the pieces of the HealthCare.gov apparatus that interact with state-based marketplaces.The Health and Human Services Department has said it will take HealthCare.gov offline on all but one Sunday morning, for maintenance. Although Democrats cried foul, Turek said the practice is normal and shouldn't hurt enrollment.Overall enrollment will probably fall. No one is sure how big a drop-off to expect. In terms of the markets' stability, the mix of healthy and sick consumers is more important than the overall number of enrollees. But the two go hand-in-hand: the people who need insurance the most are the ones least likely to miss the enrollment window or let their coverage lapse.HHS says it will provide updates on the number of people signing up for coverage "throughout open enrollment," similar to past years, when it released weekly updates.The Trump administration is not looking for silver linings. As far as it's concerned, failure is success.Just yesterday, Trump's campaign arm released a new ad that says "Obamacare is broken," accuses Democrats of blocking a better plan, and promises "Trump will fix it." Much like Trump's repeated assertions that "Obamacare is dead," it's not the message you'd send if you wanted people to sign up.(Also, not to nitpick, but Senate Republican holdouts are the ones who killed all four Senate Republican health care bills this year.)

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The new buyout barons

Illustration: Eniola Odetunde/Axios

Last month I wrote that SPACs are the new IPOs. But I may have understated it, because SPACs are also becoming the new private equity.

By the numbers: Short for "special purpose acquisition company," SPACs have raised $24 billion so far in 2020, with a loaded pipeline of upcoming offerings. U.S. buyout firms raised nearly $102 billion through the end of June — a much larger amount, but not so much larger that the two can't play on the same field.

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Macron visits Beirut promising a "new political pact" for Lebanon

Macron visits the hard-hit Gemmayzeh neighborhood. Photo: AFP via Getty Images

French President Emmanuel Macron walked through the blast-damaged streets of Beirut on Thursday, swarmed by people chanting for the fall of Lebanon's government and pleading for international aid.

Why it matters: Lebanon is at a breaking point. Its economy was collapsing and its government hardly functioning — all before a massive explosion destroyed swathes of the capital city, including its vital port.

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The PGA Championship is golf's first major in over a year

Photo: Gary Kellner/PGA of America via Getty Images

The 2020 PGA Championship tees off Thursday at San Francisco's TPC Harding Park, which is hosting its first-ever major.

Why it matters: It's the first major in more than a year — and the first of seven majors in the next 12 months. Though there won't be any fans in attendance, the excitement is palpable.