Money flying out of a box

A new analysis by McKinsey finds that the individual health insurance market is seeing a period of growth of enrollment, while premiums have increased only moderately.

The report comes at a time of change as the country transitions out of the COVID pandemic and seeks to find a new normal in a range of health care areas. Over the past few years, Congress funded an expansion of Medicaid and aspects of the Affordable Care Act (ACA) — including extending more generous subsidies for those on the individual market. As the federal government ends the public health emergency enacted to address the pandemic, some Medicaid aid will be phased out this year, but the individual market subsidies will continue until 2025.

The new findings mark the 10-year anniversary of the launch of the individual marketplaces, the article notes. "The individual market has remained fluid during this time, with insurer participation, pricing, and plans changing from year to year. Consumer participation increased 25% to approximately 16 million from 2020 to 2022, coincident with extended enrollment periods and enhanced subsidies implemented under the American Rescue Plan Act of 2021 and extended through 2025 by the Inflation Reduction Act of 2022."

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.