Record-breaking number of Americans enrolled in health insurance for 2023
A record-breaking 16.3 million people signed up for health insurance coverage on the Affordable Care Act marketplace during the latest open enrollment period, according to the Department of Health and Human Services (HHS).
The signups come after President Biden expanded healthcare subsidiaries to help more people find affordable insurance plans. Since Biden took office, the number of people who have signed up for plans on the ACA healthcare marketplace has increased nearly 50%, and 3.6 million people signed up for a plan for the first time. On average, families saved an average of $800 on their health insurance premiums last year, HHS stated.
Of those who signed up for a healthcare plan during the latest open enrollment period, 12.7 million people (78%) had active 2022 coverage and made a plan selection for 2023 coverage or were automatically re-enrolled. Compared to the same time last year, 13%, or 1.8 million, more people signed up for coverage on the ACA marketplace.
“Unprecedented investments lead to unprecedented results,” HHS Secretary Xavier Becerra said in a statement. “Thanks to President Biden’s leadership, more than 16 million Americans have health insurance through the Affordable Care Act Marketplaces––an all-time high. The Biden-Harris Administration has made lowering health care costs and expanding access to health insurance a top priority––and these record-breaking numbers show we are delivering results for the American people. We will keep doing everything we can to ensure more people have the peace of mind that comes with high-quality, affordable healthcare.”
According to HHS, 92% of the enrollees had access to options from three or more insurance companies when shopping for plans. Plus, new, standardized plan options were introduced in 2023 to help consumers compare and shop plans. More Americans were also eligible to receive subsidized plan options thanks to the Inflation Reduction Act, which expanded qualifications for purchasing quality health coverage with financial assistance. According to HHS, four out of five people returning to the marketplace were able to find a plan for $10 or less after-tax credits.
Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."