Treasury Dept: Nearly 50 MILLION Americans have had #ACA exchange coverage since 2014

via the U.S. Dept. of Treasury:

1 in 7 U.S. residents covered through Affordable Care Act health insurance marketplaces over the last decade, with all-time high enrollment under Biden-Harris Administration

WASHINGTON – Today, the U.S. Department of the Treasury released new data showing that nearly 50 million Americans, or 1 in 7 U.S. residents, have been covered through the Affordable Care Act marketplaces since January 2014. Under the Biden-Harris Administration, which has lowered the cost of marketplace coverage by expanding the premium tax credit, the number of Americans covered through the marketplaces has significantly increased, reaching an all-time high of 20.8 million following open enrollment for 2024—18.2 million Americans have enrolled for the first time since January 2021.

“Nearly 50 million Americans have been covered through the Affordable Care Act’s health insurance marketplaces over the last decade. The marketplaces have benefitted nearly 1 in 7 Americans by expanding access to affordable coverage for Americans who could not get health insurance or had previously struggled with the cost,” said U.S. Secretary of the Treasury Janet L. Yellen. “Marketplace enrollment has surged under the Biden-Harris Administration, which has especially helped American families with their monthly bills and entrepreneurs who are looking for coverage as they start new businesses.” 

Under the American Rescue Plan and Inflation Reduction Act, health insurance through the marketplaces has been made significantly more affordable through an expansion of the premium tax credits. This expansion has reduced premiums of available plans to $10 or less per month for four in five customers in the federal marketplace, HealthCare.Gov, according to the U.S. Department of Health and Human Services.

In addition to improving affordability at all income levels, families over 400% of the federal poverty level (FPL), about $58,000 for a single person and $120,000 for a family of four for 2024 enrollment, gained access to the Affordable Care Act premium tax credit for the first time under the Biden-Harris Administration. Previously, financial assistance was only available to those with an annual income under 400% FPL. 

The number of people ever covered through the Affordable Care Act’s health insurance marketplaces substantially exceeds the number of people covered at any point in time, reflecting the Affordable Care Act’s role in providing coverage during life transitions like periods between jobs. 

The Affordable Care Act’s health insurance marketplaces have been especially critical to residents of states that have not expanded their Medicaid programs or recently expanded their Medicaid programs. On average, 20% of the population in non-expansion states have enrolled in an Affordable Care Act marketplace plan at some point in time, compared to 12% of the population in expansion states.

It's important to understand the distinction between how many people are currently enrolled in ACA exchange plans (around 20.8M as of February 2024) and how many people have ever been enrolled. Many people enroll in ACA exchange policies temporarily...for a few months or a few years...before moving to other types of coverage as their circumstances change. Some return again later on.

My own family is an example of this: We were covered through an exchange-based ACA plan from January 2014 - December 2019. In January 2020 we switched to my wife's university plan (she returned to school to get her master's degree), which was a better deal for us thanks to the wonders of how risk pools work for thousands of college-age kids vs. a middle-aged couple with a child.

However, she graduated recently, which meant her university plan expired at the end of August, so we're actually enrolled in an off-exchange individual market policy through the end of 2024 only (we did this because we were able to get Blue Cross Blue Shield of Michigan to agree to transfer over our deductible/max out of pocket balance for the rest of the year, but they could only do it via an off-exchange policy).

In November, however, we'll be returning to HealthCare.Gov to enroll in an on-exchange policy for 2025 again going forward.

Statement from President Biden:

Today, a new report shows that nearly 50 million people have had coverage in the Affordable Care Act Marketplace over the past decade. That’s 1 in 7 Americans who have benefited from the peace of mind that comes with knowing if an illness strikes or an accident occurs, they can get the care they need. It’s a really big deal – and yet Republicans in Congress remain committed to taking us backward by repealing the Affordable Care Act.

The Affordable Care Act is more popular than ever, and Affordable Care Act coverage is more affordable than ever. That’s because Vice President Harris and I have worked tirelessly to protect and build on the ACA. We lowered costs for ACA coverage by an average of $800 per year for millions of Americans, invested in outreach and in-person assistance to help people get the coverage that is right for them, and eliminated red tape. As a result, more Americans have signed up for health care coverage through the Affordable Care Act Marketplace than ever before.

We are not stopping now. The Vice President and I will keep fighting to make health care more affordable for all Americans, and we will always stand up to attempts by Republicans in Congress to roll back access to health care. Congressional Republicans have voted more than 50 times to repeal the Affordable Care Act, which would take health care away from tens of millions of Americans, threaten coverage for more than 100 million with pre-existing conditions, increase health care and prescription costs for families, and so much more. We know Republican officials will stop at nothing to get rid of the Affordable Care Act, ripping health coverage away from Americans in every part of our country. While they try to take us backward, we’ll keep fighting for the future.