US consumers may be able to save $2 billion on health insurance coverage

health insurance agents websites

HHS suggests people could find less expensive coverage this year through insurance exchanges

Consumers throughout the United States may be able to save a large amount of money if they switch health insurance policies this year. According to the Department of Health and Human Services (HHS), more than 70% of consumers enrolled in insurance exchanges could find less expensive policies than the ones they are currently paying for. These policies can be found through HealthCare.gov, which has recently been revamped to be more accommodating of online traffic and offer better services to consumers.

A combined $2 billion could be saved if people purchase low-premium policies

Even those that are satisfied with the policies they have purchased through state exchanges could find the same type of policies, but at a lower cost. According to the HHS, if all 7 million people that purchased low-cost insurance policies through exchanges last year switched to the lowest-premium policies that are now available, they would save a combined $2 billion. Though these policies have lower premiums, they do not necessarily offer fewer coverage benefits.

States encourage consumers to enroll for insurance coverage through their exchanges

health insurance agents websitesConsumers are being encouraged to shop around for insurance coverage that suits their needs. The federal open enrollment period began in November this year and will run through February 2015, giving consumers ample time to find insurance policies they may be interested in. Consumers can use the information they enrolled with last year to re-enroll in their state’s insurance exchange. For those that have received financial aid from the government, providing updated information concerning any changes to their financial or employment situation may be required.

Lack of awareness may impair enrollment numbers

According to the HHS, more than 765,000 people have enrolled for coverage through HealthCare.gov during the first two weeks of open enrollment. Several states are working on promoting their insurance exchanges, hoping to lower their uninsured population and reach new enrollment goals. Thus far, lack of awareness about insurance exchanges and the services they provide have been a major barrier for enrollment.

Related posts

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.