A special enrollment period implemented by the Biden administration saw more than 2.5 million people sign up for health insurance.
The SEP, which ends August 15, proved to be very popular during the COVID-19 pandemic. A record high of nearly 81.7 million people received healthcare through Medicaid and the Children’s Health Insurance Program (CHIP) as of March 2021, according to the Department of Health and Human Services. Biden also helped expand healthcare coverage by offering more reimbursements for individuals buying insurance on the Affordable Care Act marketplace.
Roughly 1.8 million people have signed up for coverage on Healthcare.gov, with an additional 723,000 people who signed up through the 15 State-based Marketplaces that operate their own platforms.
Families are seeing average savings of $40 per person per month on premiums due to funding from the American Rescue Plan. Plus, more than one-third of buyers on the exchange have found coverage for less than $10 per month. The median plan deductible has fallen around 90%, from an average of $450 per month to $50, the SEP report revealed.
The enhanced tax credits in the ARP have also helped families affected by unemployment find even lower plans and save more. While the SEP is ending, enrollment is still surging, with Healthcare.gov seeing a 64% week-over-week increase in people signing up for coverage, the second-highest week of enrollment since February 15, HHS reported.
“Across the country, a continued demand for high-quality, low-cost health coverage persists,” said HHS Secretary Xavier Becerra. “Through strengthening the Affordable Care Act and pushing the Build Back Better Agenda, we remain committed to ensuring Americans find health coverage that works at the lowest cost possible.”
The Biden administration also promoted the SEP with a $50 million marketing campaign. The additional tax credits are scheduled to last for two years.
Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."