The additional seven days will help New Yorkers to obtain the coverage they need in time.
Residents of the state are receiving an additional week in which to purchase coverage within the New York health insurance deadline. This added seven days will help people to make sure they can get the health plans while shopping on the state exchange.
Following the extension, the new deadline for state residents has become February 7.
The new deadline gives residents an additional opportunity to shop on the New York health insurance exchange. This will give even more New Yorkers the chance to ensure they have medical coverage through the next year.
So far, 4.8 million people across the state have already enrolled in health plans through the exchange. That said, with the extension, it is expected that the number will have the opportunity to rise in a meaningful way.
The majority of the people who enrolled through the exchange did so for Medicaid, the state program providing health insurance coverage for low-income individuals and families and for disabled individuals. There are over 259,000 people currently enrolled in private health plans. These are individuals and families who do not already obtain coverage through their employer or by way of another qualified means.
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Approximately 60 percent of those enrolled through the New York health insurance exchange receive subsidies.
The subsidies are in the form of tax credits that help to reduce their monthly premiums and make the coverage more affordable. This was a substantial component of the Affordable Care Act, also nicknamed Obamacare.
Many states, such as California, have a deadline of today in which to purchase their coverage for the rest of 2020 through the exchanges while potentially qualifying for subsidies. However, N.Y. residents have been granted an extension in order to help ensure more people enroll.
It is not abnormal for states to grant extensions on the days leading up to a deadline or even on the day of. While it is certainly not recommended that residents wait until the last moment in the hopes of an extension, that said, many states have chosen to take this action to make sure more of their residents are covered.
This is particularly true in the even that there have been technical difficulties or other enrollment struggles that would make it difficult for residents to meet the original deadline. Those intending to enroll in coverage through the New York health insurance exchange are advised to do so earlier rather than waiting until the day of the newly extended deadline.