One million Americans have gotten covered during the special enrollment period

Photo: courtesy of HealthCare.gov

More than one million consumers have signed up for coverage on HealthCare.gov during the Special Enrollment Period, according to Health and Human Services Secretary Xavier Becerra.

"This milestone reinforces what we know to be true, there is a real demand for quality, affordable healthcare across the United States," Becerra said in a released statement Tuesday. "Now, thanks to the American Rescue Plan, millions of Americans are seeing reduced monthly premiums and lower out-of-pocket costs." 

Becerra promoted passage of the American Families Plan, which would make permanent lower premium costs for Affordable Care Act coverage. 

WHY THIS MATTERS

Getting a million Americans covered means less uncompensated care for hospitals and physician practices at a time when many providers and consumers are still being affected by the COVID-19 pandemic.

The Biden Administration opened the special enrollment period to allow anyone needing health insurance at a reduced cost to sign up. It was particularly important for individuals who lost their jobs and employer-sponsored health insurance because of COVID-19.  

Along with the SEP, the federal government offered financial assistance through reduced premiums made available by the American Rescue Plan.

HealthCare.gov implemented the American Rescue Plan's expanded advance payments of premium tax credit amounts on April 1. Since then, nearly 2 million current enrollees have returned to the Affordable Care Act marketplace and reduced their monthly premiums on average from $100 to $57, after premium tax credits, according to the Department of Health and Human Services.

For new consumers selecting plans during the SEP, after increased tax credits the average monthly premium fell more than 25% percent, from $117 for those enrolling from February 15 through March 31, to $86 for those enrolling in April.

The funding also helped to lower out-of-pocket spending costs for new consumers. The median deductible for new consumers during the SEP fell by nearly 90%, from $450 prior to April 1, to $50.

THE LARGER TREND

The Special Enrollment Period is in effect until August 15.

Consumers who take action in May and confirm updated savings on the plan of their choice will start receiving the savings and lower costs starting with their June 1 premiums.
 

Twitter: @SusanJMorse
Email the writer: susan.morse@himssmedia.com