Open Enrollment For The Affordable Care Act Ends This Weekend With 10 Million Americans Insured
The Affordable Care Act’s second open enrollment period ends on February 15th and 10 million people have already signed up or been automatically re-enrolled in federal and state-run marketplaces since November. If you haven’t already done so, log on to HealthCare.gov this weekend to sign up for a plan or shop around to make sure your current plan is still the best fit for you. At least 2.4 million people have signed up through state run exchanges, and more than 7.75 million people have signed up in the 37 states that use the federally-facilitated exchange. Here are just a few highlights of the 2015 enrollment period so far:
- Almost 9 in 10 qualify for tax credits. 87 percent of people, or close to 6.5 million, who have signed up for a 2015 plan through the federal marketplace qualify for an advance premium tax credit.
- Tax credits reduce monthly premium costs by almost 75 percent. The average premium tax credit is $268 a month and on average covers 72 percent of an individual’s monthly premium.
- Most people could pay less than $100 a month. Nearly 80 percent of people have the option of choosing a plan with a monthly premium of $100 or less. The average monthly premium for those enrolled in the federal marketplace is $105.
- Tax credits will save individuals over $1 billion a month. The advance tax credits will reduce premium costs by over $1 billion a month.
Despite the fact that millions of Americans finally have access to quality, affordable health insurance, ideologically-motivated Republicans are working to take that away for political gain. A few weeks ago the House voted to repeal the law for the 56th time. And the Supreme Court case King v. Burwell, which we’ve written about before, threatens to strip the premium tax credits from the millions of Americans enrolled in the federally facilitated exchange, which would cause a ripple effect that could destroy the entire health care system.
A report by the Urban Institute breaks down the characteristics of the people most likely to lose access to health care if the Supreme Court rules against the law, and found that those most likely to lose their credits are white, single adults living in the South. It is important to note that while the Supreme Court case could make insurance unaffordable for millions, it currently has no effect on people’s ability to receive tax credits. So if you have yet to visit HealthCare.gov to enroll or renew a current plan, be sure to log before February 15th.
BOTTOM LINE: Millions of Americans have already taken advantage of open enrollment and reaped the benefits of the Affordable Care Act. Nevertheless, ideologically-driven conservatives continue to attempt to dismantle the law with no regard for the devastating consequences that would have on millions of Americans.