Apr 27, 2021
Nearly half of older adults purchasing health insurance through the nongroup health insurance market faced unaffordable health coverage in 2019, compared to only 30% of younger adults, according to a new analysis from AARP's Public Policy Institute.
In 2019, a 64-year-old who earned slightly above the threshold to be eligible for ACA premium subsidies faced an average premium that was nearly 30% of their income. Two recent policy changes could help older adults who are currently uninsured purchase affordable coverage. A provision of the American Rescue Plan Act caps the amount an individual pays for health insurance in the marketplace at 8.5% of income for two years. This provision went into effect on April 1, 2021 overlapping with a special enrollment period that allows people to purchase health insurance through the nongroup market until August 15 2021.
