Report highlights the growing number of people with insurance coverage in the US
The Census Bureau has released data that shows that 8.8 million people in the U.S. were able to gain health insurance coverage in 2014 due to the Affordable Care Act. The organization’s report notes that 2014 was the first full year wherein the provisions of the Affordable Care Act were in effect. The federal law has allowed many consumers to receive insurance coverage through expanded health care programs and through state-based exchanges, which offer relatively inexpensive insurance policies.
Uninsured population is dwindling throughout the country
According to the report, some 33 million people did not have health insurance coverage in 2014. This is a decrease from the 41.8 million people that did not have insurance coverage in 2013. Another report from the Centers for Disease Control and Prevention found that some 15.8 million people gained health insurance coverage as of the first quarter of 2015. By March, an estimated 16.4 million people gained access to coverage due to provisions of the health care reform law.
_________________________Random Quotes to Remember ~ “The best investment is in the tools of one’s own trade.” – Benjamin Franklin
More people are gaining access to health insurance policies
The report from the Census Bureau notes that the uninsured rate was relatively stable between 2008 and 2013. Over the past two years, however, the uninsured population has begun to shrink. One of the reasons being that the Affordable Care Act requires all those living in the United States to have health insurance coverage. The federal government is also offering subsidies for some of those that have trouble affording insurance coverage. Exchanges, which can be found in every state, have also served as valuable marketplaces where consumers can purchase inexpensive coverage.
Insurance exchanges prove to be a popular way for consumers to purchase coverage
Notably, the number of people with employer-sponsored coverage has declined, but only by 0.3%. The number of people purchasing insurance coverage through exchanges has increased by 3.2% and the number of people covered by government programs has increased by 2%. One of the issues, however, is that health insurance premiums are rising quickly throughout the country, which is placing many consumers under a greater degree of financial burden.