Enrollment in the PPACA Health Insurance Marketplaces continued to rise in February to a five-month total of 4.2 million.
As in January, the percent of young adults who selected a Marketplace plan was 27%, up just slightly from the first three months of Marketplace operations. HHS expects a surge of enrollees as the open enrollment period comes to a close on March 31.
Of those who selected a plan, 83% are eligible to receive financial assistance to help pay premiums or other plan costs. This financial assistance includes the individual health insurance tax credits and cost-sharing subsidies.
Marketplace Enrollment at a Glance
According to the US Department of Health & Human Services (HHS) report issued on March 11, 2014:
More than 4.2 million (4,242,300) people selected Marketplace plans from October 1, 2013 through March 1, 2014. This includes 1.6 million in the State-Based Marketplaces and 2.6 million in the Federally-Run Marketplace (healthcare.gov).
Approximately 943,000 people (22%) enrolled in the Health Insurance Marketplace plans during February.
55% are female and 25% are young adults between the ages of 18 and 34.
63% selected a Silver plan and 18% selected a Bronze plan.
83% of those who selected a plan are eligible to receive financial assistance.
According to HHS, the report features cumulative data for the five-month reporting period because some people apply, shop, and select a plan across monthly reporting periods. Enrollment is measured as those who selected a plan.
Marketplace Deadline Approaching
Open enrollment for the Health Insurance Marketplaces ends on March 31, 2014.
After March 31, open enrollment in private plans is closed for 2014 and people can only sign up if they experience life changes such as getting married or having a significant change in income.
Also, Americans who have not enrolled in health insurance by April 1 will be liable for tax penalties of as much as 1 percent of their income. Read more about what happens if you miss the open enrollment period here.
For HHS's press release and full report, click here.