Jim Craik
Lifetime Supporter
NEW YORK (CNNMoney) May 8, 2014
Most people signing up for Obamacare are paying their premiums, insurers told a Congressional subcommittee Wednesday.
Though it may take weeks or months for the final payment figures to be calculated, rates are running in the 80% to 90% range, several major insurers said.
Some 8.1 million people selected insurance plans on the Obamacare exchanges during the first open enrollment period, which ended March 31. But these folks will not be fully enrolled until they pay their premiums.
The Obama administration said it will not have data on how many people paid and enrolled for a few months. That's in part because the computer systems that would allow insurers to claim federal subsidies for qualified enrollees is not complete, forcing them to file manual reports.
The Republican-led House Energy and Commerce Committee last week issued a report saying that only 67% of those signing up for Obamacare had paid their first month's premium. But the insurers appearing before the subcommittee said the figures in the panel report were incomplete.
Related: Thankful for Obamacare
About 83% of the more than 600,000 members who signed up for Aetna (AET, Fortune 500) plans have paid, a company executive told the representatives.
At WellPoint (WLP, Fortune 500), up to 90% have sent in payments, depending on the state, said an executive from the insurer, which is the largest participant in the exchange arena.
Health Care Service Corp. has seen payment rates in the 80% range for the 600,000 applications received on the exchanges.
Most people signing up for Obamacare are paying their premiums, insurers told a Congressional subcommittee Wednesday.
Though it may take weeks or months for the final payment figures to be calculated, rates are running in the 80% to 90% range, several major insurers said.
Some 8.1 million people selected insurance plans on the Obamacare exchanges during the first open enrollment period, which ended March 31. But these folks will not be fully enrolled until they pay their premiums.
The Obama administration said it will not have data on how many people paid and enrolled for a few months. That's in part because the computer systems that would allow insurers to claim federal subsidies for qualified enrollees is not complete, forcing them to file manual reports.
The Republican-led House Energy and Commerce Committee last week issued a report saying that only 67% of those signing up for Obamacare had paid their first month's premium. But the insurers appearing before the subcommittee said the figures in the panel report were incomplete.
Related: Thankful for Obamacare
About 83% of the more than 600,000 members who signed up for Aetna (AET, Fortune 500) plans have paid, a company executive told the representatives.
At WellPoint (WLP, Fortune 500), up to 90% have sent in payments, depending on the state, said an executive from the insurer, which is the largest participant in the exchange arena.
Health Care Service Corp. has seen payment rates in the 80% range for the 600,000 applications received on the exchanges.