Being one of the most burning topics among Americans, health insurance is prioritized by the vast majority of people, 92% of whom are covered by either public – Medicare or Medicaid – or private insurance companies. The current year, though, has witnessed a surge in the number of people buying insurance through the Affordable Care Act (ACA) online marketplace.
According to Joe Biden, over 4.6 million Americans gained health coverage in 2021 through the ACA marketplace, which became possible after the current President reopened the ten-years-old marketplace. The President also added that more than 12.6 million Americans signed up for ACA insurance in only six months since November 1.
It’s worth noting that the notorious pandemic – over 51.8 million cases are registered as of mid of December 2022 – has made ACA insurance especially relevant since it grants substantial benefits for the insured:
- Customers with income from 100% to 400% of the FLP are subsidized, which makes health insurance more affordable.
- Medicaid is expanded to cover adults with income below 138% of the FLP (does not apply to all states).
- Innovative medical care lowers the cost of health insurance.
The President is sure that in light of the fight against the COVID-19, it is especially important to expand health insurance coverage and lower its cost. Americans can still apply for ACA health insurance until January 15.
Oleksandr is an expert in deep research. He covers insurance topics across four major insurance verticals – auto, health, life, and home insurance – while taking into account the legal landscape of the state in question. Come rain or shine, you can expect regular quality blogs and timely updates from Oleksandr.