Josh Elliott-Traficante
February 2014
January saw 5,417 Granite Staters select an insurance policy on the federal exchange. Since open enrollment began in October a total of 16,863 have selected coverage.
The Department of Health and Human Services with each successive monthly report continues to add more demographic data, giving a more detailed look at the insurance pool and what type of coverage they have purchased.
Plans Purchased:
Looking at the different polices purchased (Bronze, Silver, Gold, Platinum, Catastrophic) there has been very little change in percentages of each since last month’s report. The January numbers however, seem to indicate a shift, albeit minor, towards the less expensive plans.
|
Bronze |
Silver |
Gold |
Platinum[i] |
Catastrophic |
|
|
New Hampshire |
23% |
59% |
18% |
N/A |
1% |
|
Change over Dec |
+1 |
+2 |
-3 |
N/A |
+1 |
A Demographic Look:
A possible cause for this trend towards the lower metal levels may be a result of a marginally more youthful pool. New Hampshire pool saw small up ticks in the proportional size of the 18-25 and 35-44 cohorts, with a corresponding decrease in the 55-64 cohort over last month. The all-important 18-34 cohort saw its share of the total pool increase a single percentage point to 23%. This reflects trends nationally, which also saw the share of 18-34 cohort increase by a single percentage point to 25%. Despite this improvement, this still leaves the 18-34 cohort well behind of the intended goal of it making up 40% of the pool.
|
<18 |
18-25 |
26-34 |
35-44 |
45-54 |
55-64 |
>65 |
18-34 |
|
|
New Hampshire |
4% |
8% |
15% |
14% |
23% |
36% |
0% |
23% |
|
Change over Dec[ii] |
0 |
+1 |
0 |
+1 |
0 |
-2 |
0 |
+1 |
Subsidies?
The percentage receiving subsidies for coverage increased slight to 74%, up from 72%. That translates to 12,450 receiving a subsidy, while 7,610 are not.
For the first time, the Department of Health and Human Services has included subsidy data, cross referenced with plan level. For those who did not qualify for subsidies, there was roughly an equal distribution between the three metal plans, with a small number opting for a catastrophic plan.[iii] In contrast, those receiving subsidies overwhelming chose Silver level plans over the other three options. This is not unique to New Hampshire but a national trend.
One possible cause the Cost Sharing Subsidy, which reduces the co-pays, deductibles and out of pocket limits of the insurance plans. In order to qualify for the subsidy, one must be below 250% of the federal poverty limit and purchase a Silver level plan. This type of incentive would naturally make the Silver level plan a much more attractive option over the other three options.
|
New Hampshire |
Bronze |
Silver |
Gold |
Catastrophic |
|
With Subsidies |
18% |
68% |
13% |
0% |
|
Without Subsidies |
35% |
31% |
31% |
4% |