Consumers who buy health insurance through the Affordable Care Act's exchange marketplaces have saved 40% on monthly premiums since new tax credits took effect in April., CMS reported Wednesday.
More than one in three shoppers found coverage for $10 or less per month through HealthCare.gov, which is the federal enrollment portal used in 37 states. Another 2.5 million federal exchange enrollees saved at least $40 on their premiums since President Joe Biden's administration opened a special enrollment period in February as part of its COVID-19 response. The CMS report doesn't include information from the exchanges operated by 14 states and the District of Columbia.
"Americans who need health coverage should act now. This is your opportunity to find quality, affordable health coverage that will protect you and the health of your family into the future. Please go to HealthCare.gov to enroll in a comprehensive plan that is affordable," CMS Administrator Chiquita Brooks-LaSure said in a news release.
Congress temporarily increased subsidies for plans purchased through Affordable Care Act marketplaces in the American Rescue Plan, the $1.9 trillion COVID-19 relief package enacted in March. But that extra financial assistance is set to expire after 2022, which could give policyholders sticker shock if their premiums skyrocket the following year.
Biden wants to make sure that doesn't happen, so he's working with Democrats to extend the subsidies beyond next year.