CMS reported that 10.7 million consumers had gained coverage through the Exchanges in February 2020.
Federal Health Insurance Exchange enrollment in early 2020 held steady for the third year in a row, with the number of consumers who paid for coverage in February 2020 up 1% compared to February 2019, the Centers for Medicare & Medicaid said.
CMS reported that 10.7 million consumers had effectuated enrollment through the Exchanges in February 2020, which means they selected a plan, paid their first month's premiums, and had coverage in February 2020.
Those 10.7 million consumers represent 94% of the 11.4 million consumers who picked a plan in the 2020 enrollment period.
The average monthly premium for Exchange enrollees in February 2020 was $576.16, a drop of 3% from the February 2019's average premium of $594.17, CMS said.
About 9.2 million (86%) of Exchange enrollees in February received Advance Premium Tax Credit, a decrease of 1 percentage point from February 2019. The average monthly APTC fell by 4% from February 2019, to $491.53.
John Commins is a content specialist and online news editor for HealthLeaders, a Simplify Compliance brand.
KEY TAKEAWAYS
Those 10.7 million consumers represent 94% of the 11.4 million consumers who picked a plan in the 2020 enrollment period.
The average monthly premium for Exchange enrollees in February 2020 was $576.16, a drop of 3% from the February 2019's average premium of $594.17.
About 9.2 million (86%) of Exchange enrollees in February received Advance Premium Tax Credit, a decrease of 1 percentage point from February 2019.