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A milestone has been achieved as a record-breaking 21.3 million Americans enrolled for Obamacare health insurance coverage in 2024, marking a remarkable 31% increase from 16.3 million a year ago.
The announcement by the U.S. government on Wednesday highlights a substantial surge and underscores the growing importance of the Affordable Care Act (ACA).
Among the enrollment figures, more than 5 million individuals registering for 2024 plans are new enrollees.
Despite the impressive numbers already recorded, the open enrollment period persists in four states and Washington, D.C., extending through January 31, as confirmed by the agency.
This extension provides further opportunities for individuals to secure Obamacare coverage for 2024.
HHS Secretary Xavier Becerra emphasized, “For decades, when it came to federal programs we could depend on to keep Americans covered, three were always top of mind — Medicare, Medicaid, and Social Security, but now it’s crystal clear that we need to add a fourth — the Affordable Care Act.”
The Inflation Reduction Act (IRA) and the American Rescue Plan have played crucial roles in maintaining the affordability of Marketplace coverage.
As a result, four out of five HealthCare.gov customers secured healthcare coverage for $10 or less per month for the 2024 plan year, thanks to subsidies provided by the IRA.
These measures have significantly increased access to comprehensive and affordable Marketplace coverage for millions of middle- and lower-income families nationwide.
Compared to the previous Open Enrollment Period, an additional 4.2 million individuals with household incomes below 250% of the federal poverty level enrolled in coverage for 2024, underscoring the effectiveness of making coverage affordable in encouraging enrollment.
Moreover, Marketplace coverage has proven essential for individuals transitioning from Medicaid or the Children’s Health Insurance Program (CHIP) during eligibility renewals conducted by states.
As of December 31, 2023, approximately 15% of plan selections in states utilizing HealthCare.gov, totaling 2.4 million, were made by individuals previously enrolled in Medicaid or CHIP coverage.
Photo by Michael Havens via Flickr
