According to the statistics from the Centers for Medicare and Medicaid Services, open enrollment signups is still growing, but is not as substantial as previous years’ enrollment. Currently, it is Week 3 of open enrollment, which officially began on November 1, 2019, and the enrollment count is down by 13% compared to last year’s numbers.
Although the enrollment for Week 3 is comparatively lower than last year, the current enrollment for Week 3 has risen 20% since Week 2. Looking closer at the numbers, Week 1 of enrollment this year had 1,669,401 people signed up, while last year had 1,925,476 people signed up. Currently, the number of 2020 enrollees is broken down as 431,574 are new consumers and 1,237,827 are those renewing their health care coverage.
Many significant changes have had an influence on the influx of enrollees, with one being that more insurance companies are participating in the health exchanges. In 2018, there was a massive cutback of participation in the health exchanges, with less plan offerings. This year though, more insurance companies are participating and offering more plans, along with increasing premiums, which are lower than other years’ premium rates.
Another factor includes the fact that the individual mandate has been repealed, meaning that there is no tax penalty for those individuals who opt not to have health care coverage. This was a major reason for those not to enroll. Many individuals are now getting their healthcare coverage via their employers.
Read the original article from Modern Healthcare here.