You Can Keep Your Insurance, 98% Accurate (Infographic)

There’s been plenty of media coverage about the people receiving cancellation letters from their health insurance companies. Exactly how many people have received cancellation notices? No one has any hard data yet, but estimates cited by Politifact, about 2 percent of people with insurance may receive a notice from their insurer stating that their plan is no longer compliant with the law.

So 98 percent of people who have insurance will keep it. Is it then fair to say President Obama’s statement that “if you like your insurance, you can keep it” was 98 percent accurate?

Perhaps the good news for the folks receiving cancellation letters is that 70 percent of them are eligible for a tax subsidy on the exchange or Medicaid to help them get new coverage. In addition, only about 35 percent of people in the individual market keep their insurance longer than a year, according the Families USA. It’s nearly impossible to say how many of these people actually “liked” their insurance or were planning on keeping it anyway.

The Affordable Care Act was created to address the 48 million Americans who do not have health insurance (1 in 7 Americans). Obamacare’s exchange subsidies and Medicaid expansion are essential to reduce that number.

Here’s an infographic which provides all of the above data.