Spring has officially sprung around the country. While the leftover snow in many parts of the U.S.has made the season's arrival somewhat uninspiring, the vernal equinox always brings with it new beginnings – both in Mother Nature and for people themselves – eager to dust off the winter cobwebs.
And for millions of Americans, this is certainly true in the health care realm, as thanks to insurance agents, they're now able to pay for medical services.
Close to 12 million consumers have selected health plans through the Affordable Care Act's exchanges, according to newly released data from the U.S. Department of Health and Human Services. As of Feb. 22, more than three-quarters of adults signed up through the federal exchange, available at HealthCare.gov. The remaining 25 percent – amounting to approximately 2.8 million – were through those established by the states. Fourteen states have set up their own.
"The figures released today tell a story of health coverage consumers rely on for financial and health security – and of coverage they don't want to lose," said Sylvia Burwell, HHS secretary in a press release. "Millions of marketplace consumers in HealthCare.gov states qualified for tax credits to make their coverage affordable and accessible."
She added that consumers have turned to these exchanges because either they themselves – or perhaps with the guidance of insurance professionals – have deemed them to be the outlet that's most convenient for them.
Tax credit averages vary by state
Many people who have enrolled have been able to have their plans subsidized. Last year, HHS confirmed that 87 percent of people who selected plans through HealthCare.gov were eligible for financial assistance in the form of tax credits. In Florida, the average resident got a tax credit of roughly $300, while the typical credit in Texas was approximately $240.
As insurance agents might expect, affordability is what most people are after when it comes to health coverage. More than 50 percent of the 11.7 million consumers who've signed up selected a plan that has a monthly premium total of $100, after accounting for the tax credits that apply, HHS confirmed.
Though this is the second year in which the coverage exchanges have been open to the public, many enrollees are first-timers. Approximately 4.6 million plan selections were from consumers who haven't used the marketplaces before, according to HHS data. About 4.2 million consumers renewed their plans from last year.
Despite the 11.7 million new enrollees, the total is short of what the Congressional Budget Office had predicted. When combining those who purchased coverage through Medicaid, sign-ups totaled approximately 65 percent of what the CBO had forecasted.
However, the total may be closer to 16.5 million. The White House released its own figures, indicating that 16.4 million adults have gained health insurance thanks to insurance agents and the ACA, The Washington Post reported. The discrepancy between the estimates from the White House and HHS may stem from young adults who gained coverage by using their parents' plans.
