Around 1.1 Million Cancels ACA Coverage

///Around 1.1 Million Cancels ACA Coverage

Around 1.1 Million Cancels ACA Coverage

According to a data report released by the Centers for Medicare and Medicaid Services on Monday, around 1.1 million people dropped their 2018 health insurance coverage via the Affordable Care Act (ACA). Those 1.1 million customers, which account for almost 9% of the 11.8 million people who enrolled in 2018 coverage, chose not to pay their first month premium. A part of these customers were automatically enrolled in a health insurance plan.

Of the 11.8 million people enrolled in 2018 health insurance coverage, about 10.6 million had already paid their first month premiums and had activated their policies as of February. The 9% who chose not to pay their first month premiums dropped their coverage around the middle of March 2018.

Although fewer people had enrolled in a health insurance plan through the health insurance exchanges, more people had paid their first month premiums. In 2017, that count was about 10.3 million out of 12.2 million, while this year 10.6 million out of 11.8 million paid their first month premium.

An economist speculated that one of the reasons that most of the health insurance exchange customers have kept their 2018 insurance plans is because the average federal premium tax subsidy increased this year, which meant that there were more plans with cheaper or zero premiums.

One of the reasons that the 1.1 million customers chose to drop their cover coverage could be because they are receiving health insurance via their employer or through Medicare or Medicaid services.

Read the original article from Modern Healthcare here.

By | 2018-07-06T13:42:10+00:00 July 6th, 2018|Articles, Government Mandates and Compliance|0 Comments