Good news for physicians concerned about the 90-day grace period: Most health exchange enrollees have paid their premiums
More than 80% of people who signed up for insurance through the Affordable Care Act (ACA) exchanges have paid for their coverage, according toa new survey by McKinsey & Company
The proportion of previously uninsured ACA enrollees who have paid for their coverage hit 83%, according to the results of the survey. That’s up from 53% in February. In addition, the proportion of enrollees who had been previously insured prior to the ACA reached 89%.
That’s a good sign for physicians concerned about the ACA’s “90-day grace period” affecting their practice incomes. Under the rule, patients who fall behind on their monthly premiums will still be able to keep their coverage for 90 days. During the first 30 days, insurers will be responsible for reimbursing claims for services provided to the patient. But during the final 60 days, insurers may deny claims, and physicians will be responsible for collecting payments directly from patients.
While the ACA was designed to provide health insurance access to the previously uninsured, McKinsey’s survey results shows that most people who signed up for insurance using the ACA exchanges already had health insurance.
The numbers shows that only 22% of the ACA sign-ups are those who were previously uninsured and had paid their premiums.
The survey was conducted in April by the McKinsey Center for U.S. Health System Reform. More than 2,800 non-Medicaid-eligible ACA enrollees participated in the survey.
The findings are generally consistent with testimony from insurance industry representatives, who told the U.S. House of Representative’s Energy and Commerce Committee earlier this month that more than 80% of their sign-ups had paid for the coverage.