Nearly 50 Million Have Enrolled in Affordable Care Act Since 2014, Says Treasury

On September 10, the U.S. Treasury Department revealed that nearly 50 million individuals have gained healthcare coverage under the Affordable Care Act (ACA) over the last ten years.

In its announcement, the department stated that 49.4 million unique individuals, equating to about one in seven Americans, have received coverage since the law was enacted. The ACA has been a significant healthcare initiative since its introduction.

Treasury Secretary Janet Yellen highlighted that enrollment has increased since the beginning of the Biden-Harris administration, with an all-time high of 20.8 million people enrolling during the 2024 open enrollment period.

Furthermore, the Treasury noted that from January 2021 onwards, 18.2 million Americans have enrolled in ACA coverage for the first time. This surge in numbers emphasizes the ACA’s pivotal role in offering crucial health insurance during transitional life moments, such as job changes.

The increase in enrollment is connected to new measures implemented by the current administration, aimed at making healthcare more affordable. This includes expanding the premium tax credit to assist families earning over 400% of the federal poverty level for the first time. For context, this means that a single person’s income over $58,000 and a family of four’s income over $120,000 now qualifies for assistance.

President Joe Biden, who worked alongside former President Barack Obama during the passing of the ACA, remarked that the healthcare law is now “more popular than ever” due to the recent changes.

In his statement, Biden emphasized that the administration has managed to reduce costs for ACA coverage by an average of $800 annually for numerous Americans. He also noted the investment in outreach and provided in-person assistance to ensure individuals could find the coverage suitable for their needs, while simultaneously working to eliminate bureaucratic obstacles.

The ACA’s reach and effectiveness in providing essential health coverage over the years underline its significance in the American healthcare landscape. With these latest statistics, it is clear that it continues to be an important resource for millions across the nation.