ACA Enrollment Surges Due to Premium Increases
A recent report from the U.S. Department of Health and Human Services (HHS) shows that over one million more people enrolled in Affordable Care Act (ACA) plans in 2017. This increase is due in part to rising premium costs for employer-sponsored health insurance, which are driving more people to seek coverage through the ACA exchanges.
How the ACA Works
The ACA, also known as Obamacare, was signed into law in 2010. The law provides subsidies to help low- and middle-income individuals and families afford health insurance. The ACA also created health insurance exchanges, where individuals and small businesses can shop for and compare plans from different insurers.
Why Premiums Are Rising
The cost of health insurance has been rising for years, and the ACA has not been able to stop this trend entirely. There are a number of factors that contribute to rising premiums, including:
Increasing medical costs
An aging population
The rising cost of prescription drugs
More People Enrolling in ACA Plans
Despite the rising premiums, more people are enrolling in ACA plans. This is because the ACA provides subsidies that make health insurance more affordable for many people. In addition, the ACA has made it easier for people to sign up for health insurance, thanks to the creation of the health insurance exchanges.
If You’re Uninsured, Now is the Time to Enroll
If you are uninsured, now is the time to enroll in an ACA plan. The open enrollment period for 2024 plans runs from November 1, 2023, to January 15, 2024. During this time, you can shop for and compare plans from different insurers and find a plan that fits your needs and budget.
Getting Help with Enrollment
If you need help enrolling in an ACA plan, you can contact a licensed health insurance agent. Agents can help you compare plans, understand your coverage options, and enroll in a plan that meets your needs. You can also get help enrolling in an ACA plan through the Health Insurance Marketplace website at HealthCare.gov.
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