How much are ACA enrollees saving on premiums?
The American Rescue Plan boosted subsidy eligibility as well as amount in an effort to encourage more people to enroll. Did it work?
One of the top priorities of the Biden administration upon taking office was reopening ACA markets and giving more opportunities to enroll in a health insurance plan–at an affordable price. According to new data from the CMS, the effort is paying off, with more than 1.5 million Americans signing up for health insurance during the special enrollment period with an average savings of 40% on their monthly premiums.
Related: COVID-19 expected to have minimal cost impact on insurers participating in ACA markets
The savings come from a $34 billion boost to subsidies that was included in the American Rescue Plan, which expanded the number of consumers eligible for a subsidy, as well as the amount of the subsidy for existing health care enrollees. For states utilizing Healthcare.gov, this has resulted in a drop of monthly premium rates from an average of $104 a month to $62 a month.
There’s still just over a week left before the current special enrollment period ends on August 15, and the CMS and HHS are pushing to get more uninsured Americans to take advantage of the available subsidies.
“Americans who need health coverage should act now,” said CMS Administrator Chiquita Brooks-LaSure. “This is your opportunity to find quality, affordable health coverage that will protect you and the health of your family into the future.”
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