About 3 million people have dropped Obamacare health coverage after subsidies expire and costs rise
Summary
About 3 million fewer people had Affordable Care Act (ACA) health plans in February 2024 compared to the same time last year. This decrease is mainly because federal subsidies that made insurance more affordable ended on January 1, causing many people to stop paying their insurance premiums.Key Facts
- ACA enrollment dropped from 22.1 million people in 2023 to 19.2 million in 2024.
- The U.S. Department of Health and Human Services suggested fraud crackdowns may have contributed to the drop.
- Experts say the main reason is the end of federal subsidies, which raised the cost of insurance plans.
- Many people faced large increases in their monthly payments after subsidies ended.
- The data shows coverage loss after a grace period for nonpayment ended.
- About 800,000 fewer people had signed up for ACA plans in January 2024 than in January 2023.
- The enrollment decline could continue, possibly dropping to 17.5 million people this year.
- ACA plans serve many workers without employer insurance, such as gig workers and farmers.
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