There has been an increase recently in the number of Americans acquiring a health insurance plan. You may be wondering what is causing that positive trend, especially since the uninsured rate has been declining in the United States for the past few years, according to the Census Bureau’s American Community Survey. Let’s explore some of the major factors behind more people getting a health insurance plan.
Plenty of New Options
The most obvious reason for the growing number of insured individuals is that there are more health insurance options available now than in the past few years. The launch of the Affordable Care Act marketplace has made it easier for consumers to compare health insurance plans and sign up for coverage. There are also more types of plans to choose from, including different levels of benefits and the added option to see your favorite doctor. Whether you’re getting insurance through an employer or you’re purchasing your own plan, you have more choices than ever.
Greater Affordability
Increased coverage is also being driven by health insurance becoming more affordable for many Americans. Per our experts, premium rates for individual and family health plans have not been rising as quickly over the past few years, which makes getting covered less of a financial burden for some. With certain subsidies and tax credits available, a health insurance plan can be cheaper than expected for those qualifying. As plans have started to fit more budgets, you’ve seen corresponding increases in the number of insured individuals.
Penalties for Lacking Insurance
Another key reason for the increase is that the ACA mandates people to have coverage or face penalties. The requirement that individuals pay fees for lacking health insurance has encouraged many to get a plan that may otherwise have opted out of coverage. With more awareness around those consequences, it has acted as another catalyst towards growth in the insured population. You may even know people who got covered just to avoid paying those fees.
Getting a health insurance plan is a wise goal for sustaining your health and financial well-being. With more options available now that appeal to a wider range of needs, it’s positive that insured rates keep increasing across the country. According to the American Hospital Association, nearly 20 million individuals are newly insured, which has helped to increase the number of people with health insurance significantly in recent years. If you need help finding a health insurance plan, reach out to Insurance Advisors Agency, Inc today.