HHS releases new data concerning enrollment in state and federal insurance exchanges
The U.S. Department of Health and Human Services has released new data concerning enrollment in health insurance exchanges throughout the country. These exchanges are meant to provide consumers with access to affordable insurance coverage. The policies sold through these exchanges are offered by private insurance companies and must provide certain benefits according to federal regulations. Enrollment in exchanges has been somewhat slow due to ongoing technical problems with the exchange infrastructure.
Young consumers are beginning to show more interest in insurance coverage
According to the data released by the Department of Health and Human Service, more than 1.1 million people enrolled for insurance coverage through state and federal exchanges in January. The data shows that a growing number of young and healthy consumers are enrolling in exchanges, helping alleviate some of the financial concerns that insurers had concerning the Affordable Care Act. Many insurers noted that young consumers would not be purchasing coverage through exchanges, leaving the market filled with older consumers that suffer from chronic and expensive medical conditions.
Young people turn to exchanges to find coverage they can afford
Many young consumers are enrolling for coverage for various reasons. Many are turning to exchanges to find insurance policies they can actually afford while others are enrolling for coverage simply to avoid federal penalties associated with being uninsured. According to the Department of Health and Human Services, people between the ages of 18 and 34 account for approximately 25% of the 3,299,492 that have enrolled in state and federal exchanges throughout the country. The agency expects more young people to continue enrolling in exchanges throughout the coming months.
Once open enrollment for exchange comes to an end, uninsured people may face federal penalties
The open enrollment period for health insurance exchanges is set to end on March 31 of this year. Consumers have time to enroll for coverage and seek out assistance in finding policies that best suit their medical needs and financial situation. After the open enrollment period ends, those without insurance coverage may be exposed to federal penalties.