HHS data shows that millions of consumers have acquired coverage through HealthCare.gov
The U.S. Department of Health and Human Services (HHS) has announced that as many as 8.2 million people have signed up for health insurance coverage through HealthCare.gov. Of these, 2.1 million were below the age of 35, which has become one of the most sought after demographics for the insurance industry. This is significantly higher than the estimated 6.4 million people who used HealthCare.gov during last year’s open enrollment period.
Majority of consumers receive coverage through federal exchanges
The majority of health insurance exchanges in the United States are managed by the federal government. Consumers can find the coverage they need through such exchanges by accessing HealthCare.gov, which the federal government improved before the open enrollment period began. The improvements made to the federal exchange system ensured that more consumers could use the system, making it easier for them to acquire the coverage that they need.
As many as 10 million people expected to have enrolled for coverage by January 2016
The HHS expects that some 10 million people will have enrolled for health insurance coverage via HealthCare.gov and state-run exchanges by the end of the open enrollment period in January of 2016. The majority of these consumers are expected to also receive subsidies from the federal government, which will make health insurance policies more affordable for many people. These subsidies may be particularly beneficial for consumers as insurers are raising premiums for 2016 coverage.
Large insurers are losing interest in health insurance exchanges
While more people have enrolled for coverage through exchanges, some large insurers are beginning to lose interest in these marketplaces. UnitedHealth, one of the largest insurers in the country, noted that low enrollment rates and high medical costs have become a significant problem, which has lead the company to exist from the exchanges that it operated in. Despite this, however, more consumers have been enrolling in exchanges to find the health insurance policies they need, which may have an impact on UnitedHealth’s decision to exit from exchanges in the future.