Tuesday, February 25, 2014

Tip Tuesday! Affordable Care Act Update

By Jason Cogdill



Marketplace Update
On January 13, 2014, the Department of Health and Human Services released a report on the Health Insurance Marketplace covering the first three months of open enrollment, October 1 through December 28, 2013.
Key statistics include:
  • Through December, 2.15 million enrolled in either the federal Marketplace (1.2 million) or state exchanges (950k). That figure is now around 3 million.
  • Of 7.7 million applications through December, 5.1 million were eligible for an exchange plan (rather than Medicaid or Medicare). 53% of applicants were eligible for subsidy.
  • 80% of enrollees were subsidy eligible.
  • 33% of enrollees were ages 55-64.
  • 60% of enrollees chose Silver plan.  20% chose Bronze plan. 1% enrolled in catastrophic plans.
How Can Employers Reimburse Individual Health Premiums?

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