EAST PROVIDENCE – Enrollment in the state’s health insurance market for 2022 totaled 31,455 individuals and families during the open sign-up period, helping HealthSource RI set a retention record.
This year’s sign-ups increased from 30,071 the previous year, when enrollment dipped. The agency on Thursday said 27,044 customers renewed this year, making the 86% retention rate the highest in HealthSource RI’s eight-year renewal history.
Cross Insurance Expands Rhode Island Presence with New Providence Office
Cross Insurance is strengthening its presence in Rhode Island with its new Providence office, a…
Learn More
The average monthly cost of a health insurance plan on the market was $478.15 for 2022, a decline from $457.26 in 2021.
Of those enrolled for 2022, 63% qualified for financial assistance with American Rescue Plan Act funds providing historically high savings in the form of subsidies and tax credits. The average subsidy amount was $215 per month. In January, HealthSource RI customers qualified for more than $10 million in financial assistance, a 28% increase year over year.
“The available ARPA funding provided an historic affordability that was never seen before,” Robin Dionne, HealthSource RI chief public affairs officer, said on Friday. “With the ARPA funding we were able to get the message to people, including those who were unemployed.”
Those receiving financial help had an average monthly premium of $89.04, a decrease from $120.91 one year prior.
Open enrollment was from Nov. 1 to Jan. 31.
HSRI noted that Rhode Island maintains one of the highest insured rates in the country, with 96% of residents insured.
