Covered California Conference Call for OE3: 1.575M total QHPs (1.15M renewals, 425K new)
- PRELIMINARY numbers since they still have an overtime period
- 100K in final 4 days
- 425K new consumers (295K - 450K target)
- 18-34: 37% of new folks vs. 29% & 34% in first 2 years
- That means better rates/more stable market
- weighted avg. of 4.2% & 4.0% hikes in 2015 & 2016
- 2016 active switchers: reduced premiums by 4.5% on average
- demographic data coming soon
- 1.15 million renewals (vs. 940K renewals last year)
- (me: that's 1.575M QHPs total)
- REMINDER: If you started before 1/31/16, you still have until Saturday night to finish the process
SACRAMENTO, Calif. — With three days left for consumers to finish their applications for affordable, quality health care coverage through the Patient Protection and Affordable Care Act, Covered California announced that more than 425,000 consumers had made plan selections during its third open-enrollment period.
“In the last four days of open enrollment, nearly 100,000 consumers signed up for quality health care coverage,” Covered California Executive Director Peter V. Lee said. “Those who started an application still have time to finish the process and get the health care and the peace of mind they deserve.”
In addition to the strong enrollment, Covered California’s initial analysis shows that its new consumers got younger for a second consecutive year. The number of young adults in the crucial 18- to 34-year-old demographic has increased to 37 percent this year, compared with 29 percent during the first open-enrollment period.
“Even more important than the strong numbers of those enrolling is the fact that we appear to be continuing to attract a younger and healthy mix of consumers,” Lee said. “We continue to have a broad and healthy mix of those signing up for coverage — which has already been declared among the healthiest in the country — which means better rates and a more stable system, both for all of our enrollees, and for the entire individual health insurance marketplace in California.”
Covered California’s healthy risk mix has previously resulted in weighted average rate changes of 4.2 percent in 2015 and 4 percent in 2016, well below what consumers saw before the Affordable Care Act. In addition, because consumers can now shop and change plans during open enrollment, consumers who switched to the lowest-cost plan in their area could reduce their premiums by an average of 4.5 percent for 2016.
Covered California also announced that 1,149,000 consumers who were enrolled in 2015 had plan selections made for 2016. This compares to 944,000 consumers who were enrolled in 2014 and made plan selections for 2015. Later this year, Covered California will release data on how many of these returning consumers and new enrollees have paid for their coverage.
(OK, ok...1.574 million...yeesh...but it also says "more than" 425K new, so never mind)