With 2015 Obamacare open enrollment coming to an end, how many enrolled in health coverage and how much does it cost?
During the 2015 Obamacare open enrollment, nearly 11.7 million consumers nationwide enrolled in Marketplace health insurance coverage - up nearly 3.7 million from 2014’s open enrollment period. And, the average subsidized individual health plan costs $101/month.
This is according to a new Marketplace report, released yesterday by the Department of Health and Human Services (HHS).
Here’s a snapshot of the Obamacare enrollment numbers for the 2015 open enrollment period, November 15, 2014 through February 22, 2015.
Obamacare Enrollment Numbers - Highlights
Of the nearly 11.7 million people who selected a plan, 76 percent used the federal Health Insurance Marketplace, HealthCare.gov and 24 percent used a state-run Marketplace.
Nearly 7.7 million individuals with a plan selection in the states using HealthCare.gov qualified for an average tax credit of $263 per month. More than half (55 percent) paid $100 or less per month after premium tax credits.
3.3 million young adults (ages 18 to 34) signed up for Marketplace coverage, representing 28 percent of all plan selections.
Average Subsidized Health Plan Costs $101/month
According to HHS, the average premium before tax credits is $364/month for plans purchased through the federally-run Marketplace, HealthCare.gov. Eighty-seven percent (87%) are receiving tax credits and are paying an average of $101/month across all types of plans. The average premium tax credit is $263/month.
According to the Kaiser Family Foundation, the average cost to cover an individual with group health insurance in 2014 is $502/month (source).
38% are Paying $50/month or Less
For those receiving premium tax credits, 38 percent are paying $50/month or less and 63% are paying $100/month or less.
If you think health insurance is too expensive for your family or your employees, think again. The average cost of individual health insurance in 2015 through the federally-run Marketplace is $101/month after premium tax credits are applied. The vast majority (87 percent) qualify for a discount.
Compare this to the average cost of health insurance purchased by an employer - $502/month -- and it’s easy to see why experts predict a massive shift to individual health insurance.
What do you think? Leave a comment below.