The Affordable Care Act (ACA) Marketplace enrollment is witnessing a historic surge, according to recent announcements from the Biden-Harris Administration. Preliminary data suggests that by December 15 and December 9, 2023, for HealthCare.gov states and State-based Marketplaces respectively, over 19 million consumers are projected to enroll in 2024 coverage through the ACA Marketplaces. This marks an increase of over 7 million since President Biden assumed office.
Of these, 15.3 million individuals have opted for a health plan via the HealthCare.gov platform, including a record-breaking single-day enrollment of over 745,000 people on December 15, the deadline for coverage starting January 1, 2024.
The unprecedented uptick in enrollment underscores the administration’s steadfast commitment to expanding access to health insurance and reducing healthcare costs for American families. The Inflation Reduction Act and the American Rescue Plan, both instrumental in keeping Marketplace coverage affordable, further highlight this dedication.
The administration urges all families to explore the health care coverage options and savings available on HealthCare.gov. Owing to continuing provisions in the Inflation Reduction Act, it is anticipated that nine out of 10 customers will qualify for savings. Those currently insured through HealthCare.gov are encouraged to revisit the site and shop around to see if a different plan better suits their needs at a lower cost.
While many qualify for Medicaid and the Children’s Health Insurance Program (CHIP), those who no longer meet eligibility criteria are advised to visit HealthCare.gov to explore other low-cost, high-quality health plan options.
Adding to the benefits is a highly competitive Marketplace. More than 90% of HealthCare.gov enrollees will have the choice of three or more plans. The administration has facilitated the selection process by standardizing plans that offer similar benefits at the same cost-sharing amounts, enabling consumers to focus on other crucial plan features like premiums and provider networks.
The Marketplace Open Enrollment Period on HealthCare.gov typically runs from November 1 to January 15. However, due to January 15 being a federal holiday in 2024, the deadline for enrollment has been extended until midnight Tuesday, January 16 (5 a.m. EST on January 17). Consumers enrolling before this deadline will have their coverage start on February 1, 2024.
As enrollment continues to rise, ACA Marketplace coverage is also evolving. In addition to offering more choices, improved shopping tools, more providers, and enhanced health equity for 2024 coverage, the Centers for Medicare & Medicaid Services (CMS) has proposed measures to further expand access to robust, affordable health coverage options for 2025. Notably, these measures, if finalized, would permit states to include routine adult dental services as an essential health benefit by updating their EHB benchmark plans. Comments on these proposed policies are due by January 8, 2024.
The next snapshot of nationwide plan selections, including state-specific plan selection information, is set to be released on January 10, 2024. This data will offer further insights into the effectiveness of the Biden-Harris Administration’s initiatives to make quality healthcare accessible to all Americans.
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