Participation rate leads nation
Sign-ups for federal marketplace health insurance plans, better known as Obamacare, are up 32% in Florida over last year with almost a million more people registering, according to the group Get America Covered. Nationally, through December 5, 3.8 million people have signed up for coverage via the federal government’s HealthCare.gov website, a 14% increase over last year’s nationwide enrollment. The open enrollment period ends tomorrow.
Florida has had among the highest participation in the program since it began in 2014, with a current total of 1.9 million enrollees. Almost 25% of those people live in Miami-Dade County, which has the highest number of enrollees of any county in the nation.
Experts say at least part of the reason for the enrollment surge for 2021 plans is the number of Americans who’ve lost their jobs and their health insurance due to the coronavirus pandemic. Despite the availability of subsidized coverage offered on the federal marketplace, industry estimates show 1 in 5 Florida adults don’t seek medical care because they can’t afford it.
Ten health insurance companies are offering marketplace plans in Florida for 2021. According to the Florida Office of Insurance Regulation (OIR) website, the average monthly premium ranges from $501 to $668, not including available federal subsidies. Those premiums represent an average 3.1% increase over 2020 plan rates approved by OIR. Silver plans represent approximately 70% of the Florida Exchange market. Federal Cost-Sharing Reductions are available on Silver plans and are in addition to the federal premium subsidies.
LMA Newsletter of 12-14-20
