So, a year later, what’s the story on the ACA?

15 million Americans† who didn’t have health insurance before the ACA was signed into law are now covered, bringing the total uninsured adults in the US from 18% to 13.4%. During the year many dropped their plans, or didn’t yet renew them for 2015. Still, for open enrollment in 2015, there is a hint by the numbers that a larger number of total enrollees are anticipated.   Enrollment is expected to increase as people†respond to subsidies and to penalties for failure to†obtain coverage (imposed by the Internal Revenue Service).

Arguments rage among the pundits about the actual numbers, suggesting that more people have dropped their plans because they can’t afford it, and that the coverage is not that good.  With deductibles as high as $6,000, before insurance pays anything is questionable.

What about those penalties if you didn’t enroll?

The IRS reports that 7.5 million tax filers paid the $200 penalty for no insurance for the year 2014.  Seventy six percent (76%) checked the box on the form showing they had insurance, about 76%.  Twelve million had exemptions.  Five million didn’t check the box so no information on those but IRS is sending them letters to amend their tax returns.  In all, the IRS said it has collected $1.5 billion on those penalties.

Who paid for the insurance coverage?

2.7 million people had $9 billion in subsidies, the average for which was $3,400, with 40% claimed less than $2000 in subsidies, and 40% $2000 to $5000, with 20% $5000 or more.
Want to learn more about insurance and how it works?  Enroll now in the Health Insurance Specialist course.

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