Obamacare enrollment at 8 million, beating cost estimates

Politics -

The Affordable Care Act (ACA), commonly called Obamacare, hit several snags during its rollout. It now boasts over 8 million enrollees.

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Copyright 2014 Reuters
Copyright 2014 Reuters

President Obama announced April 17 that 8 million people had signed up for insurance under the Affordable Care Act, 35% of whom are under the age of 35. Additionally, 5 million people signed up for ACA compliant plans outside of federal/state marketplaces. The coverage deadline was April 15.

The White House said lower-than-expected premiums under the ACA mean that $104 billion will be saved in the next ten years. Premiums for 2016 are likely to be 15% lower than estimates.

President Obama participated in a mock interview with comedian Zach Galifianakis, <a href="http://www.funnyordie.com/videos/18e820ec3f/between-two-ferns-with-zach-galifianakis-president-barack-obama">posted on Funny or Die</a>, to promote Healthcare.gov to young people. The Centers for Medicare and Medicaid Services, which runs the HealthCare.gov site and administers ACA, will have spent $52 million on paid media from Jan until the end of Mar. None

President Obama participated in a mock interview with comedian Zach Galifianakis, posted on Funny or Die, to promote Healthcare.gov to young people. The Centers for Medicare and Medicaid Services, which runs the HealthCare.gov site and administers ACA, will have spent $52 million on paid media from Jan until the end of Mar.

The White House said March 5 that customers will be able to keep health plans that don't comply with the new health law requirements as long as they're issued by Oct. 1, 2016. The decision, which will help avoid political backlash for Democrats during midterm elections this year, will affect some 1.5 million people.

The Obama administration on Feb. 10 granted businesses with 50 to 99 employees an additional year--until Jan. 1, 2016--to provide health insurance for their workers. The administration also said companies won't be fined if they offer coverage to 70% of full-time employees by 2015, expanded to 95% by 2016.

The CBO's annual outlook projects that by 2024, Obamacare will lead to workers reducing their hours or leaving the workforce resulting in the equivalent of about 2.5 million jobs lost. The report ties the reduction in labor participation to people who will want to continue qualifying for Medicaid and federal subsidies.

The Obama administration said in Dec. 2013, that it had met its goal to address stability issues with the Healthcare.gov website. Officials said the website was capable of handling a surge of 50,000 simultaneous users, and could manage at least 800,000 users per day. They released this detailed report on progress made.

The Government Accountability Office on March 5 said it will begin investigating money spent on state health exchanges at the request of Republican Congress members, the AP reports. 14 states and Washington, DC, used federal funding to start their own exchanges.

President Obama has accepted the resignation of Kathleen Sebelius, the Health and Human Secretary that oversaw the shaky roll out of Healthcare.gov.

A new Congressional Budget Office report published April 14 reduced the estimated cost of Obamacare from $1.487 trillion to $1.383 trillion for fiscal years 2015 to 2024.

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