Obamacare Insurance has 4.2 million enrollees through FebruaryThe Obama Administration has long argued they would hit their enrollment projections of six million people enrolled in Obamacare insurance by 2014, but they would not say as of Tuesday whether or not they had met their goal. According to a spokeswoman for Centers for Medicare & Medicaid Services, however, they do expect millions more Americans to enroll in coverage before the March 31 deadline.
The Administration did acknowledge that last month enrollments for Obamacare insurance were below their projections, with less than 950,000 attempting to sign up for coverage. The bad news, however, is that many of these enrollees have yet to pay any premiums, and failing to pay premiums is as good as not signing up.
The Administration has also avoided any discussion about whether the enrollees were those who were previously insured or simply individuals and families who have lost their insurance due to the implementation for Obamacare insurance.
Since the goal of the Obamacare insurance law was to increase the number of insured, if those signing up are just people looking for new plans or people who lost coverage, changes to the health care law will fail to reach its target goal of providing insurance to those who were previously uninsured. Gallup did report, however, as of Monday the percentage of Americans without health insurance fell to 15.9% in 2014, compared with 17.1% in the fourth quarter last year.
Obamacare Insurance - Final days of sign-up may see boost in registration
Will registration goals for Obamacare insurance be reached? The administration has not given up hope. In fact they have made a huge campaign to boost enrollment for Obamacare insurance before the end of the month. Most of their efforts have been directed at younger Americans, blacks, Latinos and lower-income groups.
Although the administration needs the young and healthy to sign up, the enrollment for this group has remained around 25%, which is lower than projected. Estimates suggest approximately one million young people sign up for coverage in February, but without the necessary numbers of 18 to 34 year olds, the group who is generally healthier and less expensive to insure, the program will lack enough money to offset the older sicker enrollees. This imbalance is also expected to lead to a very high premium increase next year for Obamacare insurance.
Another interesting fact is that most of the people signing up for Obamacare insurance are eligible for subsidies. Although the subsidies may help lower the costs for these particular enrollees, the money to pay for their subsidies is coming from somewhere- namely the pockets of others- which is not good for millions of other Americans who are also struggling.
What if you dont have insurance by the March deadline?
The Administration says there will not be any type of deadline extension. The legislature has made some attempts to delay the individual tax mandate, but efforts have so far been unsuccessful. So if you dont have insurance by the deadline you can expect to pay a penalty. The penalty will be automatically subtracted from your IRS tax refund next year if you receive a refund. If not, it will be subtracted from future refunds.