The Affordable Care Act (ACA) is witnessing a surge in enrollment, with a record 15.7 million enrollees expected this year, as the ongoing enrollment period provides health insurance to millions of Americans not covered through work. The increase in enrollment comes as pandemic safeguards for Medicaid recipients have expired, and the Federal aid under the Inflation Reduction Act continues to keep monthly costs affordable for 2024, according to Cheryl Fish-Parcham from Families USA.
Most customers on HealthCare.gov can find coverage for $10 or less per month after subsidies. This trend is likely reflected across other marketplaces in 18 states and Washington D.C. Despite an average rise of 4.5 percent in unsubsidized premiums for a benchmark silver plan due to inflation and increased healthcare usage since the pandemic began, premium tax credits based on family size, income, and regional plan costs are reducing monthly payments for most marketplace customers.
Changes in rules during 2021 have enabled middle-income earners to qualify for subsidies that cap premiums at 8.5 percent of household income for those earning more than four times the poverty level. A new rule on HealthCare.gov set to debut in 2024 will automatically renew lower-income people into similar silver plans with lower deductibles if they would pay a similar or lower premium.
The Biden administration continues to fund trained “navigators” to assist shoppers in evaluating coverage options. States like California and Massachusetts are implementing additional subsidies to keep marketplace plans affordable in 2024. The Centers for Medicare and Medicaid Services has set the deadline for 2024 coverage enrollment on HealthCare.gov and some state marketplaces as January 16. However, the cutoff for coverage starting January 1 is December 15.
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