Report: Enrollees Have Qualified for $10B in PPACA Premium Subsidies

Through the end of February, approximately 3.5 million people qualified for about $10 billion in annual premium subsidies to help cover the cost of coverage purchased through the health insurance exchanges, according to a Kaiser Family Foundation report.

As of March 1, 4.2 million people had applied for and selected health plans through the Patient Protection and Affordable Care Act exchanges. Kaiser analysts found 83 percent of those enrollees have qualified for premium subsidies, which are available for people who earn from 100 percent to 400 percent of the federal poverty level ($11,490 to $45,960 for single people and $23,550 to $94,200 for families of four).

The average subsidy nationwide is about $2,890 a person, according to the report. Average subsidy amounts vary considerably from state to state, from $1,350 in the District of Columbia to $4,980 in Wyoming. These averages depend on the number of eligible residents who have enrolled in health plans, the level of premiums in the state and the age distribution of enrollees.

As of yesterday, the PPACA exchanges had enrolled 6 million people, achieving the most recent Congressional Budget Office benchmark. The 2014 open enrollment period for the health insurance exchanges ends Monday, although the Obama administration recently announced it will extend the deadline for certain people who can demonstrate they weren't able to get health insurance because of errors on the part of HHS or 

More Articles on Health Insurance Premiums:
Commonwealth Fund: New Coverage Options Could Help Millions of Underinsured
HHS Expands Access to Tax Credits in States With Failed PPACA Exchanges
Study: PPACA, Employer-Based Health Insurance Premiums Similar 

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