The COVID-19 pandemic has led to the highest rate of unemployment in the United States since the Great Depression. Even as the economy has gained millions of jobs over the last couple of months, millions of Americans are filing new unemployment applications. Many of these newly unemployed Americans are losing access to their employer-provided health coverage and may now turn to the individual marketplaces created by the Affordable Care Act (ACA). These Americans need and deserve a variety of options, and a robust array of available options increases both competition and affordability.
Unfortunately, the number of insurers participating in the ACA individual marketplace has declined from 308 in 2015 to 202 in 2019 — a drop of 34 percent, leading to less choice and competition. In fact, in many areas of the country, only a single health insurer remains on the market.
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