More people are enrolling in the state’s insurance exchange as the open enrollment period draws to a close
More residents of North Dakota are enrolling in the state’s health insurance exchange as the end of the open enrollment period approaches. As of the end of January, some 15,997 people have signed up for coverage through the exchange, according to information from the Department of Health and Human Services. For comparison, 10,597 people enrolled in the exchange last year. The growing popularity of the exchange may be due to the rising awareness of the subsidies that are available to offset the cost of coverage.
Employer-sponsored insurance coverage means that fewer people need the state’s exchange
When compared to other states, North Dakota’s enrollment rates are relatively low. The state has a low population, but its low unemployment rate may also be the reason for low enrollment numbers. Because many people receive health insurance coverage from their employers, they have little need for the exchange. Those that do not have sponsored coverage, however, are coming to the exchange to find policies that meet their needs both medically and financially.
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Enrollment numbers are expected to climb as the open enrollment period comes to an end
Jeff Hinson, regional administrator for the Department of Health and Human Services, predicts that enrollment numbers will swell as the deadline for the open enrollment period approaches. Consumers have until February 15 of this year to enroll in the states exchange and receive coverage for this year. Those that miss the deadline will not be able to find coverage through the exchange, except under special circumstances. Moreover, those without any health insurance coverage could be subjected to fines from the federal government.
Subsidies help popularize the state’s health insurance exchange
According to the Department of Health and Human Services, 87% of those that have enrolled in the state’s insurance exchange also qualify for subsidies from the federal government. These subsidies have been one of the major selling points of exchanges throughout the country, as they have helped reduce the financial burden of insurance coverage.