May 26, 2024

Record Number of Americans Sign Up for Affordable Care Act

In a significant milestone for the Biden administration, it has been announced that 20 million Americans have already signed up for health insurance under the Affordable Care Act (ACA). With only a few days remaining before open enrollment closes, this number marks a quarter more sign-ups compared to the previous year’s record-breaking enrollment of 16.3 million Americans.

President Joe Biden expressed his satisfaction with the achievement, stating, “Today, we hit a major milestone in lowering costs and ensuring all Americans have access to quality, affordable health care.” He also highlighted the efforts made by his administration to make ACA coverage more popular and affordable. “Thanks to efforts by my Administration, millions of Americans are saving hundreds or thousands of dollars each year on health insurance premiums, and most people who shop for coverage at HealthCare.gov can find a plan for $10 a month or less.”

The increase in sign-ups can be attributed to the tax breaks introduced by Democrats after Biden assumed office. These tax breaks provided millions of Americans with access to low-cost plans, some even without premiums. In addition, the administration has invested in hiring navigators, who assist individuals in enrolling in health insurance plans.

However, it is worth noting that the enrollment figures may also include individuals who were recently removed from Medicaid rolls. The federal government lifted a pandemic ban that had prevented states from eliminating ineligible individuals from government-sponsored health insurance programs. Consequently, several states began removing millions from Medicaid last year, a process that has resulted in thousands of children and pregnant women being left without health insurance coverage in certain states.

While the open enrollment period for health insurance plans purchased under the ACA ends on January 16th, individuals who have been removed from Medicaid may still be eligible to enroll until the end of July.

This record-breaking number of sign-ups demonstrates the continued importance of the ACA in providing affordable health care options for millions of Americans. The efforts made by the Biden administration, such as implementing tax breaks and hiring navigators, have undoubtedly played a crucial role in increasing enrollment figures. However, the situation surrounding Medicaid removals highlights the need for ongoing efforts to ensure that vulnerable populations have access to the health insurance coverage they require.

As we approach the final days of open enrollment, there is still time for eligible individuals to sign up for health insurance under the ACA. The availability of affordable plans and the potential for substantial savings on premiums make it an attractive option for Americans looking for comprehensive and affordable health care coverage.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it