December 18th 2024.
Great news! The Affordable Care Act Marketplace has decided to give people a little more time to enroll in health insurance for the upcoming year. The Centers for Medicare and Medicaid announced that the deadline has been extended to December 18th. This means that those who were worried about not having coverage for January 1st now have an extra three days to secure a plan. The new deadline ensures that their insurance will kick in on February 1st.
This is only the second time that an extension like this has been granted. The last time was back in 2016. USA Today reported on this development and spoke to Noah Lang, the CEO of Stride, a company that helps individuals find health insurance. Lang believes that this extra time could make a big difference for the millions of Americans who are still uninsured. He stated, "This extra three days gives people time to shop. Millions are still not insured or can save money."
Despite the efforts of the Affordable Care Act, the number of new enrollees this year is down by 32%. Stride conducted a survey earlier in December and found that 55% of respondents were worried about their future health insurance coverage under the incoming administration. This fear may have deterred them from enrolling in the ACA Marketplace. However, Lang reassured them that there is no need to worry. The plan options and prices are locked in for 2021, and the ACA credits will remain the same.
Aside from concerns about the new administration, another reason for the decrease in enrollment could simply be the timing. As Lang pointed out, the enrollment deadline this year was on a Sunday night, which is not an ideal time for people to be searching for insurance coverage. With the holiday season in full swing, most individuals are focused on spending time with their families and doing their holiday shopping.
One major factor that affects people's decision to enroll in health insurance is the cost. While 40% of those who obtain insurance through the marketplace pay less than $10 a month, the average monthly premium for a 40-year-old on a Silver plan is $621. This may not seem like a lot to some, but for many Americans, it is a significant expense, especially when combined with other household expenses.
According to ValuePenguin, health insurance costs vary based on age. Generally, the older you are, the more expensive your coverage will be due to the increased need for medical care. However, there are two exceptions to this rule – Vermont and New York. In these states, a person's age does not affect their health insurance rates.
The goal of the Affordable Care Act was to provide coverage for those who were not covered by their employer's insurance but made too much to qualify for Medicaid. However, despite these efforts, Americans still have the highest rate of skipping insurance due to cost compared to other developed nations. This is due in part to the lack of a public option, which would allow more people to opt into government-funded plans like Medicare and Medicaid.
Many believe that the reason for this is the healthcare industry's focus on profit rather than the well-being of the average American. This is why Senator Bernie Sanders's push for a Medicare-for-all plan failed. Instead, moderate Democrats like President Joe Biden and Vice President Kamala Harris have chosen to pursue incremental reforms. These reforms have resulted in the most complicated healthcare system among developed nations.
While there may not be enough political will to completely transform the healthcare system, there are ways to make it more accessible. Robert Hughes, a professor of business ethics at Wharton University, believes that the United States can learn from other industrial countries that have universal health insurance. He stated, "We can't wave a magic wand and go back to 1946. I don't see the United States completely uprooting all these insurances. And that means we might need to create a model that keeps a lot of what we have, making it more accessible to more people, rather than creating all new institutions from scratch."
In light of recent events, the healthcare insurance industry is facing pressure to secure its company leaders. This has brought attention to the flaws in the current system and the need for change. While it may not happen overnight, it is essential to keep working towards a healthcare system that works for all Americans.
[This article has been trending online recently and has been generated with AI. Your feed is customized.]
[Generative AI is experimental.]
