On April 15th, the two week extension to enroll in a health care plan ended. This extension came as a result of the website crashing as 4 million people tried to get covered prior to the looming March 31st deadline. According to a recent Gallup Poll, the new healthcare law has had a great impact in getting millions of Americans covered (more than initially expected). Gallup stated that the uninsured rate decreased from 18% in the 4th quarter of last year to 15.6% during the first quarter of 2014. There are now 8 million people covered under the Affordable Care Act. These gains in health coverage are reported through Medicaid, employer provided coverage, and individual coverage purchased directly through insurers.
The question remains: Is Obamacare a success? That answer is to still to be determined. Polls and surveys are slowly being released about the ew law including vital information to the answers you have. Here are some of the answers revealed to your questions about the new law below:
- How many people have paid their premiums? It is estimated that about 80-85% of participants have paid their premiums
- Are the costs as low as initially predicted? No, a recent report came out stating that the cost of health coverage is increasing and the numbers were inflated.
- Will subsidies still be available for Americans in the next few years? Yes, and it looks like they may be increasing if projected correctly.
Many supporters of the law are celebrating while Republicans are still wary of its impact. The enrollment period for 2015 health plans begins November 15.
If you have any questions about your plans, or the penalties in 2015, please feel free to contact us.