Health insurance exchanges serve as effective safety net

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Federal data shows that consumers can find coverage through exchanges if they have lost their insurance

Health insurance exchanges in the United States are performing well as a safety net for those that lose their coverage. The federal government has released data concerning how exchanges operate as a safety net, which is something that is often overlooked by those involved in the insurance sector. These exchanges were meant to expand the availability of insurance coverage to millions of consumers, but they have also managed to ensure that people have a fallback option if they ever lose their existing coverage.

Nearly 500,000 use exchanges as safety net when they lose their insurance coverage

According to the data from the federal government, nearly 500,000 people have taken advantage of exchanges serving as safety nets. Typically, exchanges get more attention for their open enrollment periods, during which time consumers can shop around for coverage that is offered through these exchanges. One of the key features of the exchanges is their ability to serve those that lose their insurance policies, which can often happen when someone loses their job.

Data from state-run insurance exchanges is lacking

online health insurance technology exchangeThe data shows that many people have sought coverage through their state’s health insurance exchange after they lost their jobs. The majority of this data concerns consumers using exchanges that are operated by the federal government through the HealthCare.gov system. Data is less available for states that operate their own insurance exchanges.

Those that have lost their job qualify to use exchanges outside of open enrollment periods

Losing a job qualifies many people to access a health insurance exchange even outside of the open enrollment period. Typically, consumers can only find coverage through an exchange during the enrollment period, which is opened near the end of the year. This has proven to be a benefit for those that have lost their coverage as the result of their job ending, as they can typically find inexpensive coverage and they can gain access to subsidies that are offered by the federal government that further offset the cost of health insurance coverage.

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