The findings underscore the financial impact of the American Rescue Plan, which President Biden signed into law in March.
The findings underscore the financial impact of the after advance payments of premium tax credits (APTC) introduced through the American Rescue Plan (ARP), which President Joe Biden signed into law in March.
CMS reported that the increased premium tax credits have reduced monthly premiums by more than 40% for nearly 2.3 million current enrollees. Meanwhile, the average monthly premium after APTC fell 26% for new enrollees.
Median deductibles for consumers who entered the ACA marketplace after February 15 also fell by 83%, according to CMS, compared to those consumers who selected a plan between April 1 and May 31.
In January, the Biden administration announced that a special enrollment period (SEP) for the 36 states that use the HealthCare.gov platform would begin on February 15 in light of the COVID-19 Public Health Emergency. The SEP was slated to end on May 15 but then extended until August 15.
The Department of Health and Human Services (HHS) stated that as of Monday, more than 1.2 million Americans have signed up for coverage since the SEP's launch in February.
"Having access to quality, affordable health coverage gives Americans peace of mind when they need to seek care," HHS Secretary Xavier Becerra said in a statement. "Thanks to the Biden-Harris administration’s Special Enrollment Period and expanded premium tax credits from the American Rescue Plan, each week we continue to see more Americans experience the relief and security that comes with affordable, quality health coverage."
By demographic, 15% of enrollees during the SEP were Black and 18% were Hispanic. Additionally, more than 330,000 consumers were assessed or determined eligible for enrollment in either Medicaid or the Children's Health Insurance Program (CHIP).
Jack O'Brien is the Content Team Lead and Finance Editor at HealthLeaders, an HCPro brand.