Open enrollment period for state exchanges is coming to a close next month
There are only three weeks left in the current open enrollment period for health insurance exchanges in the United States. The open enrollment period exists as a time when consumers can acquire coverage through insurance exchanges that exist in their states. Some of these exchanges are operated by the states themselves, while others are controlled by the federal government. Once the open enrollment period ends, consumers will no longer be able to acquire health insurance coverage through these exchanges, except under certain circumstances.
299,750 people enroll for coverage through Michigan’s health insurance exchange
In Michigan, some 299,750 people have purchased insurance coverage through the state’s exchange. Many of these people have re-enrolled in the coverage they received during the last open enrollment period. The Michigan insurance exchange has been performing well this year, with consumers reporting only minor problems when trying to enroll or re-enroll for coverage. This is an improvement from last year, when technical problems made it difficult for consumers to purchase coverage through the state’s health insurance exchange.
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Majority of those enrolling for coverage are also eligible for subsidies
According to the Department of Health and Human Services, more than 7 million people throughout the United States have purchased health insurance coverage through exchanges since the beginning of the open enrollment period. The majority of these people are receiving subsidies from the federal government, which help offset the cost of insurance coverage. The majority of those that are receiving coverage are return customers to the exchanges.
Subsidies help make coverage through state exchanges more attractive
According to estimates from the Michigan insurance exchange, 81% of those enrolling for coverage in December had access to health insurance policies with premiums of $100 or less, after subsidies from the federal government were applied. The Department of Health and Human Services notes that 89% of those enrolling for coverage through the state’s exchange were also eligible for subsidies. The availability of these subsidies has encouraged many people to purchase coverage from the state’s health insurance exchange.