Enrollment in state’s insurance exchange continues to accelerate as people become more conscious of March 31 deadline
In Illinois, enrollment in the state’s health insurance exchange has begun to pick up momentum. Nearly 900 people are enrolling for coverage through the exchange on a daily basis, according to figures released by the Department of Health and Human Services. Some 113,733 people throughout the state have enrolled for coverage through the exchange in the first five months of its existence. Similar results are being seen in other states when it comes to enrollment rates in insurance exchanges.
HHS shows that 4.2 million people have enrolled in exchanges throughout the country
According to the Department of Health and Human Services, more than 4.2 million people have enrolled into exchanges nationwide. Currently, the country is on track toward meeting its enrollment goals by the time the open enrollment period for exchanges comes to a close. Illinois officials note that the state is expected to reach its goals before the March 31 deadline, when the state’s exchange is no longer able to accept new enrollees.
March 31 deadline may be the most effective marketing tool for insurance exchanges
Illinois has been making attempts to market the exchange and its services to consumers throughout the state for months now. The best form of marketing for the exchange may actually be coming from the looming March 31 deadline. After the open enrollment period for exchanges ends, consumers will only be able to find coverage through the private market. This also means that they will not be able to take advantage of the services offered by the state’s exchange, including access to federal subsidies that could reduce the cost of health insurance coverage significantly.
The uninsured could face federal penalties if they continue to live without insurance coverage
When the open enrollment period comes to an end, the uninsured are likely to face penalties from the federal government. These penalties are meant to incentivize the acquisition of insurance coverage. The penalties are, however, quite modest and may do little to encourage people to purchase insurance policies from the private market.