State has made progress in making its exchange more popular among consumers
New York ranked fourth in the U.S. in terms of enrollment in health insurance exchanges, according to a report from the Kaiser Family Foundation. The state has made significant strides in raising awareness about its exchange and the services that it offers, which lead to more people enrolling in the exchange throughout the state. Several other states have seen an increase in enrollment as well, due to the marketing efforts that they have made to improve awareness among consumers.
Report highlights 89% increase in insurance exchange enrollment in New York
The report from the Kaiser Family Foundation shows that enrollment in the New York health insurance exchange rose by 89% during the 2014 open enrollment period. Arkansas and Rhode Island beat New York in terms of increased enrollment, seeing a spike of 168% and 104% respectively. Florida fell behind New York when it comes to increased enrollment, but Florida ranks second in the number of people that have enrolled for health insurance coverage through the exchange marketplace.
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11.7 million people have enrolled in exchanges nationwide
An estimated 11.7 million people signed up for health insurance coverage as of the end of the 2015 open enrollment period. This is an increase over the number of people that enrolled for coverage in 2014, which was around 8 million. The majority of consumers that have received coverage from an exchange are eligible for subsidies from the federal government. This financial aid is meant to reduce the financial pressure that consumers face and has helped make coverage more accessible for many people throughout the country.
Uninsured individuals will face tax penalties imposed by the federal government
While exchanges have helped make insurance coverage more accessible, many people still lack coverage. This could become a problem, as they will be struck with tax penalties from the federal government. The tax penalty is meant to create an incentive for people to purchase health insurance coverage, but many consumers had been unaware that they would be penalized for not having coverage of any kind.