For decades the way predominantly for Americans to buy health insurance was through the market for group health insurance; you get coverage through work.
But then, enter the Affordable Care Act ( "Obamacare"). The ACA has changed the rules by making the guaranteed-issue individual health insurance, low cost, and easier to buy.
Accordingly, experts predicted huge growth in the individual market. Are the predictions come true? A recent analysis by the Kaiser Family Foundation (KFF) suggests yes, up to an increase of 46 percent from 2013 to 2014.
The rise of the individual market
recent analysis of KFF, the retail market is growing rapidly.
To measure the growth of the market, the report examined 2014 deposits by insurers to state insurance departments to compare enrollment in individual health plans previously (2010-2013).
analysis found:
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In the first full year of the Affordable Care Act markets (2014 ) the retail market increased by 46 percent , to 15.5 million.
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Market growth varies by state . In six States (Arkansas, Florida, Georgia, Maine, New York and Rhode Island), the number of people covered by the private market increased by over 75 percent. In addition, four states (California, Florida, Texas and Georgia) accounted for nearly half the growth of the workforce. On the other hand, Colorado and Massachusetts experienced a decline in enrollment in the individual market.
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Market growth is expected to continue in 2015 and beyond, but at a slower pace. At the end of the open enrollment for 2015, 11.7 million people have signed up for market coverage, an increase of 3.7 million compared to 2014.
Read the full analysis of KFF here.
Conclusion
As the retail market continues to grow, companies assess individual health insurance for their employees. individual health insurance will never take the group's market? S & P Capital IQ, a division of McGraw Hill Financial, predicts that 0% of companies in the S & P employees transition to markets and government individual exchanges by 2020. What do you think?
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