16M Enrolled in the ACA Marketplaces During the Open Enrollment Period
Sixteen million people enrolled in the Affordable Care Act
(ACA) Marketplaces during the most recent open enrollment period, which ended on Jan. 15. Over 1.8 million
more people have signed up for health insurance, or a 13% increase, from this
time last year. Though the federal marketplace’s open enrollment period ended
on Jan. 15, some state-based marketplaces remain open until the end of the month.
The final enrollments numbers will likely be adjusted upward once the remaining state-based marketplaces close.
“Ninety-two percent of HealthCare.gov enrollees will have
access to options from three or more insurance companies when they shop for plans.
Also, new standardized plan options are available in 2023 through HealthCare.gov,
which help consumers compare and select plans,” noted the Centers for Medicare
& Medicaid Services (CMS). CMS went on to say, “[s]tandardized plans offer
the same deductibles and cost-sharing for certain benefits, and the same out-of-pocket
limits as other standardized plans within the same health plan category. Most
of these standardized plan options offer many services pre-deductible, including
primary care, generic drugs, preferred brand drugs, urgent care, specialist visits,
mental health and substance use outpatient office visits, as well as speech, occupational, and physical therapy.”
The increased enrollment is attributed to the significant increase
in marketplace subsidies provided in the Inflation Reduction Act. As a result,
marketplace consumers saw their average monthly premium significantly decrease
compared to the 2021 enrollment period.