Uninsured Rates Reach An All-Time Low

President Joe Biden announced that the uninsured rate reached 8%, the lowest rate in U.S. history. Over 5.2 million individuals have gained health coverage since 2020. This news came shortly after the Democratic party released an extensive deal focusing on climate change, health care, and tax. This deal extended generous federal subsidies for people who buy private health insurance, which is credited with driving down the uninsured rates.

In addition, Democrats have also proposed spending $64 billion to extend these price breaks for three more years. Originally set to expire this year, Senator Joe Manchin III of West Virginia agreed to extend the high subsidies until 2025. If Democrats can pass the package on a party-line vote in the Senate, this deal will be extended.

The initial fall in uninsured Americans began in 2021 when Congress and President Biden signed off on a $1.9 trillion coronavirus relief bill. This bill ultimately lowered premiums and out-of-pocket costs for new or returning customers purchasing plans through the Affordable Care Act’s (ACA) private health insurance markets.

Additional Actions

After the ACA was enacted in 2010, the number of uninsured Americans began decreasing. The ACA expanded Medicaid and provided health insurance to individuals who lacked job-based coverage through a mix of subsidized private plans. It also produced improved health outcomes, better access to care, and improved financial security for families.

Additional actions that are being taken to decrease the uninsured rate include expanding Medicaid under Obamacare in all states. Officials are also providing a path to legal status for unlawful migrants living in the U.S., so they can qualify for insurance programs.

Furthermore, President Biden lobbied Congress to pass signature legislation to protect Obamacare gains. This legislation would lower healthcare costs and make health insurance coverage more accessible for families across the country.

How GMS Plays A Part

Although there is a lower uninsured rate, roughly 26.4 million individuals remain uninsured. If you’re an individual who is trying to find insurance, you’ve come to the right place. GMS now offers individuals voluntary benefits at a lower monthly rate. If you don’t receive benefits from your employer, GMS has you covered. Contact us today to learn more.