Last Thursday, President Biden reopened the Affordable Care Act’s federal insurance marketplaces for three months to give millions of Americans who need coverage during the coronavirus pandemic an extended chance to buy health plans.
The Department of Health and Human Services announced a Special Enrollment Period from Feb. 15 to May 15 through HealthCare.gov, the online marketplace for people who cannot get affordable health benefits through a job.
An estimated 15 million uninsured people in the United States could qualify for the ACA health plans, according to the Kaiser Family Foundation, a health-policy research organization. Nearly 9 million of them would be eligible for a federal financial subsidy for their monthly premiums, the estimates show.
According to the foundation’s analysis — which was published the day before Biden signed the executive order setting up the special enrollment period — found that 39% of those eligible for a free bronze plan are aged 19 to 24.
So, what does this mean for independent agents?
This is great news for agents as it gives your clients the opportunity to enroll in an ACA plan if they were unable to during the open enrollment period or have been unemployed during the pandemic.
This is also an opportunity to increase your business and commission as there is an estimated 15 million people in the United States that could qualify for the ACA health plans. For more information on the Special Enrollment Period, please visit: https://www.cms.gov/newsroom/fact-sheets/2021-special-enrollment-period-response-covid-19-emergency or call us 1-800-806-2527