Janet Yellen Secretary of the Treasury | Twitter Website
Today, the U.S. Department of the Treasury released new data indicating that nearly 50 million Americans, or 1 in 7 U.S. residents, have been covered through Affordable Care Act (ACA) marketplaces since January 2014. The Biden-Harris Administration has expanded premium tax credits to lower marketplace coverage costs, resulting in a significant increase in enrollment. As of the open enrollment for 2024, an all-time high of 20.8 million Americans are covered through these marketplaces, with 18.2 million enrolling for the first time since January 2021.
"Nearly 50 million Americans have been covered through the Affordable Care Act’s health insurance marketplaces over the last decade. The marketplaces have benefitted nearly 1 in 7 Americans by expanding access to affordable coverage for Americans who could not get health insurance or had previously struggled with the cost," said U.S. Secretary of the Treasury Janet L. Yellen. "Marketplace enrollment has surged under the Biden-Harris Administration, which has especially helped American families with their monthly bills and entrepreneurs who are looking for coverage as they start new businesses."
The American Rescue Plan and Inflation Reduction Act have made marketplace health insurance significantly more affordable by expanding premium tax credits. According to the U.S. Department of Health and Human Services, this expansion has reduced premiums to $10 or less per month for four out of five customers using HealthCare.Gov.
Additionally, families earning over 400% of the federal poverty level (FPL)—about $58,000 for a single person and $120,000 for a family of four in 2024—gained access to ACA premium tax credits under the Biden-Harris Administration for the first time. Previously, financial assistance was limited to those earning below this threshold.
The number of individuals ever covered through ACA marketplaces far exceeds those covered at any given moment due to its role in providing transitional coverage during life changes such as job transitions.
The ACA marketplaces have been particularly crucial for residents in states that did not expand Medicaid or recently expanded it. On average, 20% of residents in non-expansion states have enrolled in an ACA marketplace plan at some point compared to 12% in expansion states.
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