Unique Labor Conditions Spur People To Seek Health Insurance
Marketplace Morning Report
The number of Americans seeking unemployment benefits moved up last week to 332,000 from 312,000 the week prior, which was a pandemic low. While losing a job can often mean losing health insurance, the Biden administration says a record number of Americans are now covered by insurance through the Affordable Care Act; nearly three million Americans signed up during open enrollment between February and August this year.
The Biden administration's special six-month enrollment period gave San Diego attorney Erin Benler-Ward time to find a plan for her 22-month-old son. He was covered through her work, but the premiums were $300 a month. So she shopped California's marketplace for plans.
"Luckily, they were about half the price that my employer was offering for dependent health care coverage," Benler-Ward said. She signed up her son in June.
The pandemic has created unique economic circumstances that have boosted enrollment, according to Jeffrey Clemens, an economics professor at UC San Diego.
"A great deal of churn has hit the labor market because of the pandemic," he said. That churn has come from layoffs, employees quitting and some people deciding to change careers altogether. "Under circumstances like that there's, of course, a lot more value to opening up some additional enrollment opportunities," Clemens said.
Because, he added, that's one of the reasons for the health insurance exchange - people don't have to rely on employers for coverage.
Auto body shops continue to protest labor rates
Why doesn't homeowners insurance cover flood damage?
Advisor News
- Wealth planning vs. estate planning: Honoring your client’s wishes
- What to discuss during the first retirement planning meeting
- Inflation, competing priorities and uncertainty erode retirement security
- As health premiums rise, 1 in 8 workers cut retirement savings
- CT governor’s candidates claims: What’s true, and what’s misleading
More Advisor NewsAnnuity News
- National Life Group expands annuity portfolio
- AM Best to Join Life/Annuity Insurance-Focused Panel Discussion at Capitol Forum Event
- USAA Earns No. 1 Ranking in JD Power Individual Annuity Study for the Third Consecutive Year
- How flexible annuities fit today’s retirement portfolios
- Foresters Financial appoints Tom Ross as chief distribution officer for U.S. annuity sales
More Annuity NewsHealth/Employee Benefits News
- Fed judge blocks Medicaid work requirement rule
- Health insurers leave millions unpaid for mental health crisis care in California
- Commissioner places Mending Health in conservatorship
- PA-08 DEBATE: ROB BRESNAHAN VOTED TO STRIP MORE THAN 21,600 CONSTITUENTS OF THEIR HEALTH INSURANCE WHILE ENRICHING HIMSELF
- Missouri approves 2027 ACA health insurance rate hikes, most in double digits
More Health/Employee Benefits NewsLife Insurance News
- AM Best Affirms Credit Ratings of Insignia Life S.A. de C.V.
- FINANCIAL FRAUD
- Security Benefit Announces Planned Dividend Rate Reset for Series B Preferred Stock
- Palmetto Heritage and Atlantic Coast Life Announce Discussions Regarding Potential Acquisition
- Jury finds insurance company acted in bad faith, awards Nebraska woman $11.3M
More Life Insurance News