Stimulus Subsidies Cut ACA Costs By 40%, CMS Reports
Data released by the Centers for Medicare and Medicaid Services show big savings for many Americans on their monthly marketplace premiums due to the $34 billion subsidy boost in the American Rescue Plan. More than 1.5 million have signed up during the special enrollment period that ends Aug. 15.
Modern Healthcare:
Higher ACA Subsidies Are Saving Consumers A Lot Of Money
Consumers who buy health insurance through the Affordable Care Act's exchange marketplaces have saved 40% on monthly premiums since new tax credits took effect in April., CMS reported Wednesday. More than one in three shoppers found coverage for $10 or less per month through HealthCare.gov, which is the federal enrollment portal used in 37 states. Another 2.5 million federal exchange enrollees saved at least $40 on their premiums since President Joe Biden's administration opened a special enrollment period in February as part of its COVID-19 response. The CMS report doesn't include information from the exchanges operated by 14 states and the District of Columbia. (Brady, 8/4)
Bloomberg:
Biden Stimulus Increase Cut Obamacare Plan Premiums by 40%
Biden has prioritized expanding enrollment and lowering premium costs in the ACA exchanges, a reversal from his predecessor Donald Trump, who sought to dismantle Obamacare. The shift has boosted enrollment for companies like Centene Corp. that sell ACA coverage and enticed other insurers back to the marketplace. CVS Health Corp. said Wednesday that its Aetna unit planned to offer plans in new states next year. Average premiums for returning customers in the 36 states using the federal marketplace dropped from $104 a month to $62 a month, according to data from the Department of Health and Human Services. (Tozzi, 8/4)
And more on health care affordability —
MarketWatch:
What Does Earning $62,000 A Year Buy You In America? Not Great Access To Health Care, New Report Concludes
What does earning at least $62,000 a year buy you in America? About the same amount of health-care affordability problems as lower-income citizens in three other highly developed countries, according to a new report. Around one-quarter (27%) of higher income Americans said they skipped doctors’ visits, tests, treatments, follow-up appointments or drug prescriptions due to costs last year, according to a comparative report from the Commonwealth Fund about health care systems in 11 countries. (Keshner, 8/4)
