12/12/2023 0 Comments Cps data table creatorOur analysis explains how the overwhelming majority of people in the individual market will obtain more affordable coverage under the health care law because they will be income-eligible for financial assistance to help pay for comprehensive insurance at a lower cost. Others will decide that they are better off with higher-value plans in the new insurance marketplaces. Even among this 0.6 percent, some have insurers who will not or cannot cancel their plans. Our analysis shows how, under the ACA, only 0.6 percent of Americans under age 65 will be at risk of losing their current individual market plan and will not be income-eligible for financial assistance that will make their new insurance plan more affordable. Families USA’s new report and accompanying infographic offers a new perspective on this issue: The individual market covers 5.7 percent of the non-elderly population-a small slice of all insured Americans. Public debate around the Affordable Care Act (ACA) has focused recently on recipients of private, individual (non-group) insurance whose health plans are being terminated and who fear they may need to pay more for new coverage. Prior to today’s announcement, catastrophic plans were available only to a smaller pool of consumers (young adults under the age of 30 or those 30 and older who could demonstrate financial hardship). But once the deductible is met, these plans do cover the essential health benefits and preventive care that the Affordable Care Act requires, so they may be a viable option for consumers in search of limited, low-cost health coverage. These plans are designed to cover a major catastrophic health event and typically have high deductibles and limited coverage. Politico reports that senior administration officials attributed these shrinking estimates to the grandfathering of many policies and automatic renewals by health insurers, a claim echoed by Families USA in our original report below, and the reason we characterized our methodology as conservative.Īnd the administration also announced that people who have had their substandard plans canceled will now be considered part of the “hardship” group that can buy less costly catastrophic plans from the health insurance marketplace. That’s a far cry from earlier projections that millions of people would lose coverage on January 1. New data released yesterday by the Obama administration estimates the number of people whose health insurance was canceled and who have yet to sign up for new coverage in the marketplace to be less than half a million, according to Politico. State and National Strategic Partnerships.State Innovation Learning Collaborative.The National Center for Coverage Innovation (NCCI).Children’s Health Insurance Program (CHIP).Health Equity Task Force for Delivery & Payment Transformation. Health Equity Academy in System Transformation.
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