The Department of Health & Human Services (HHS) released an updated health insurance marketplace report from Oct. 1 through Dec. 28 revealing that nearly 2.2 million people have selected plans from the state and federal marketplaces.
Of those enrolled, 30 percent are under 34 years old.
Also in the report, of those who have selected Marketplace plans, nearly eight in 10—79 percent—have received financial assistance, such as the states that have expanded Medicaid benefits, which discounts the cost of their health care plans they select.
An article posted by The New Republic states, “The underlying principle of insurance is to spread risk—get enough healthy people to sign up for insurance, and there are enough premium dollars to cover the relatively high costs of that small minority who are sick.”
‘Healthy’ can be a broad term, however in this circumstance, the term refers to the Millennial age group—individuals ages 18 to 35—simply because younger groups tend to need less medical treatment.
However, the New Republic post claims that the younger crowd will eventually join; they just take longer than most would expect.
The post compares the recent enrollment numbers to Massachusetts’s health insurance (also known was the Commonwealth Fund that implemented a similar health reform in 2007) first year of enrollment numbers.
Those numbers show that only 15.2 percent of individuals ages 19 to 34 enrolled in the month of February and increased to 34.7 percent seven months later for the month of November.
Thus proving, younger generations tend to enroll later.
Besides, the new report by HHS shows an eight-fold increase for young adults ages 18 to 34.
HHS Secretary Kathleen Sebelius stated, “Our outreach efforts have ramped up, so whether it’s through public service announcements, events, our champions or other means, we are doing all we can to find, inform and enroll those who can benefit from the Marketplace.”