by Jenny Fliegel

The fourth Open Enrollment under the Affordable Care Act is just a few months away, and changes are still being made to the controversial health law. However, no matter your views on Obamacare, it’s clear the law has changed the health care industry. But could the enrollment of one group – specifically millennials – affect the entire marketplace even more than before?

Since the Affordable Care Act was enacted, the overall uninsured rate has fallen by more than 40 percent, and the uninsured rate among young adults has fallen by nearly half. Younger demographic groups generally have the best health, which helps insurers control costs and balance the risks of covering less-healthy individuals. Weak risk pools contain a disproportionate share of customers who are costing coverage plans more in health benefits claimed than they are paying in monthly premiums.

In order to further improve the market place risk pool and lower costs, there will be new email outreach efforts to enroll those who are still uninsured, particularly millennials. Data from the 2016 Open Enrollment Period concluded that young adults are about twice as likely to enroll in health insurance in response to email outreach when compared to older adults. Enrollment of younger adults could help control premium rate increases in future years by offsetting the cost of older, less-healthy enrollees.

Certain millennials can stay on Medicaid or the Children’s Health Insurance Program (CHIP) until they turn 19 or on their parents’ health insurance plan until they turn 26. Census data from 2014 showed a nearly 7 percent increase in uninsured rates of 19-year-olds, and a 4 percent increase of 26-year-olds; lowering these uninsured rates would benefit all Americans in more ways than one.

Individuals who paid an Obamacare tax penalty this year for not having health insurance last year will receive mail encouraging them to enroll. About 7.9 million Americans paid a penalty for lack of coverage in 2014, and 45 percent of those people were under the age of 35. This year, the penalty for not having qualified health coverage will be 2.5 percent of household income or $695 per adult and $347.50 per child, whichever is higher. It’s generally less expensive — and safer – to get health coverage than to pay the fine.

If you have questions about your current coverage or how to get coverage this fall, call 888-322-7557. And be sure to follow along with us on Twitter for all the latest Obamacare news and updates.