Whereas most working age individuals get their medical health insurance by an employer-sponsored plan, the person market – which is essentially made up by the Inexpensive Care Act (ACA) Marketplaces – can also be an essential supply of medical health insurance protection for a lot of employees. That is notably true for individuals who have jobs that don’t provide well being advantages (resembling small firms or gig jobs). In truth, nearly half of grownup particular person market insurance coverage enrollees are small enterprise house owners, workers, or are self-employed.
On common, 8% of adults underneath age 65 who normally labored greater than 20 hours per week in 2023 obtained their protection within the particular person market. Nonetheless, the Particular person market is a very essential supply of medical health insurance for employees in sure occupations, resembling chiropractors and dentists, actual property brokers, and farmers, ranchers, and agricultural managers, the place greater than 1 / 4 of grownup employees had been lined within the particular person market.
Primarily based on KFF evaluation of administrative knowledge, over 90% of particular person market medical health insurance enrollees get their protection by the ACA Marketplaces, and of them, 93% receive a tax credit to decrease the month-to-month price of their premiums.
For almost 5 years, enhanced premium tax credit have additional lowered month-to-month premiums for these enrollees, together with individuals with center and better incomes who beforehand acquired no monetary help and had been typically priced out of insurance coverage protection. Nonetheless, these enhanced premium tax credit are set to run out on the finish of 2025. If this extra monetary assist expires, individuals at the moment receiving a tax credit score will see their out-of-pocket premium funds enhance sharply, by over 75% on common. The Congressional Funds Workplace estimates that nearly 4 million extra individuals will ultimately be uninsured if the improved tax credit expire, and the associated fee to increase them can be a mean of $35 billion per yr.
Strategies
Estimates based mostly on KFF evaluation of the 2023 American Neighborhood Survey. Persons are thought-about to have particular person market protection in the event that they report direct buy protection and don’t report some other protection choices; individuals with a couple of protection kind (e.g., employer-group protection) are thought-about to be lined by that different kind. Percentages are of adults ages 19 by 64 who normally had labored greater than 20 hours per week over the earlier 12 months.