Stride Annual Open Enrollment Research Reveals 73% of ACA Buyers Will Not Compare Plans Heading into 2025, Despite Anticipated Premium Increases
San Francisco, October 15, 2024 - Stride, the leader in portable benefits technology, unveiled its annual open enrollment research, signaling that the vast majority of the millions of individuals in the market for ACA health coverage this year lack critical information necessary to make informed and confident decisions about their insurance for the upcoming year. The majority are unsure of the correct deadline to enroll, and are unaware of important changes impacting their premiums and coverage.
These findings come ahead of the 2025 open enrollment season, which begins on November 1—a crucial time for over 60 million independent workers in America, as well as millions of small business employees who do not receive health insurance benefits from their employers. The research also is timely given over 21 million people are currently enrolled in an ACA plan.
According to Stride’s research, based on a survey of 1,700 workers without access to employer-based health insurance, 82% do not know the correct deadline to enroll in health insurance while 73% of those currently enrolled do not plan to re-shop their plan and/or are completely unsure if they should. While liking their current coverage is the main reason they are not shopping, premiums, pricing, and coverage often change significantly each year to year. Average premiums are predicted to increase by 7% this year, continuing a three year trend. This could lead to unnecessary cost increases or loss of savings for millions of people who don’t plan to shop for a new plan, highlighting the urgent need for better education and engagement.
To address this large challenge, Stride is expanding its ability to reach, educate and support all people in the United States who do not receive employer-based health insurance with the launch of its comprehensive All-in-One open enrollment hub. This free resource consolidates consumer friendly information and tools, in one place, providing access to downloadable how-to guides, a savings calculator to estimate potential subsidies, quizzes to aid in decisions on metal tiers, networks and more. The hub is available in English and Spanish.
“We’re heading into Stride’s 11th ACA open enrollment period on November 1. With rising premiums and the election impact unknown, now more than ever, non-benefited workers need a trusted resource to access affordable healthcare,” said Noah Lang, CEO and Co-founder of Stride. “Whether it’s small business employees or the millions of people choosing the independent work path, Stride fills a financial security gap by providing a comprehensive platform to those who need portable benefits."
Stride has expanded access to health insurance growing partnerships with over 130 partners including these companies added this year: Lyft, Upwork, Homebase, and Albertsons Companies. Beyond the free enrollment hub, Stride has added several features to its platform such as new plan comparison tools, expanded filters and streamlined navigation. Based on Stride’s internal data, the majority of users can find and compare plans within five minutes and the new design increases the use of important personalization tools like preferred doctors and prescriptions.
Key takeaways from Stride’s research include:
Majority Feel Overwhelmed by Health Insurance Process - 78% are overwhelmed and frustrated by the entire process; confusion in comparing plans is the #1 frustration, followed by the belief that health insurance is just too expensive. Workers aged 46-64 feel the most overwhelmed by the open enrollment process.
Information Gap Fuels Decision-Making Anxiety - 74% do not feel like they have enough information to make a confident decision. The youngest demographic aged 26-30 feels especially undereducated about benefits, largely because they do not have an employer to rely on for accurate information.
Uninsured People Still Cite Affordability Concerns - 12% of research participants are currently uninsured and plan to remain so, citing affordability or confusion around the enrollment process. But, 92% of people who enroll in ACA plans qualify for subsidies, with 40% paying $10 or less per month.
Healthcare Policies Remain Unclear, Yet Important, Leading Into 2024 Election - 55% of all individuals say that healthcare is an issue that will influence how they vote in the 2024 Presidential election, yet 53% remain unclear on how either candidate will impact the issue, positive or negative. This shows that policy stances from both candidates are unclear to the majority of people who have to shop for their own health insurance.
Media Contact:
Emily Forrest
About Stride
Stride simplifies the complexities of being an independent worker by creating a modern benefits system for individuals — regardless of their employment status — that they can take with them and to which companies can contribute but do not control. Stride is the first portable benefits platform specifically designed for the nearly 60 million American independent workers who do not receive employer-based benefits. The Stride platform offers access to insurance — health, dental, vision, life, and other supplemental insurance — as well as financial tools to track income, mileage, and other deductible expenses to manage their tax obligations, all via a single app. Since launching in 2014, Stride has helped more than 4.2 million workers save more than $7.2 billion on their taxes and monthly health insurance premiums.
Stride is partnered with over 100 organizations, including with the world's leading work platforms, employers and service providers of non-benefited workers, such as Uber, Amazon, DoorDash, Instacart, Grubhub, Patreon, Care.com, Gusto, Gopuff, TaskRabbit, Recording Academy, ShiftKey and more so they can provide their workers with access to a full marketplace of health and wealth benefits. The company is backed by $96 million in capital from Venrock, New Enterprise Associates, F-Prime Capital, Mastercard, Allstate and King River.