the affordable care Act (aka Obamacare ) makes significant changes to the US healthcare industry. For professionals of health insurance, it means adapting to a new market, and new rules to succeed.
This is not easy. Although Obamacare presents both challenges and opportunities, the role of brokers in the new market felt vague and uncertain.
How can you overcome these challenges to Obamacare sustain and grow your business? Here are five Challenges, and five options for health insurance brokers in 2015.
Tip - For more ways to adapt and grow with Obamacare, watch our free webinar How to adapt and grow with the ACA [A Case Study with Josiah Allis].
1. Addressing Rising health care costs
There is no doubt about it. Rising health care costs have an impact on group health insurance premiums. As a broker, a significant challenge focuses on the decisions and concerns about clients costs.
The notion that the group can increase premiums every year is nothing new. Since the early 1980s, group health insurance costs have been rising. But the overall effect is quite alarming.
From 1999 to 2014, without taking account of annual reductions of benefits, the cost to cover one employee almost tripled from $ 2,196 per year in 1999 to $ 6,025 per year 2014 ( Source ).
many customers, especially small and medium-sized employers face premiums they simply can not afford and are looking for more affordable health insurance solutions . Others have already canceled their group health insurance policy, but they offer health benefits if they could afford it
Opportunity for Brokers :. offer diversified products that solve the challenge of the costs. One solution is Contribution "Pure" Defined , where employers reimburse employees for individual health insurance. defined contribution solutions help control costs for employers and brokers help to solve a significant pain point for small and medium sized clients.
2. Understand the impact of Obamacare
The impact of Obamacare is still uncertain. It is still disputed, and the dates and times continue to be a moving target. But the picture is becoming clearer every day. For example, over one or two years, brokers have a better understanding of their role in the health insurance market and commission structures
Opportunity for brokers :. Stay persistent. As major medical decrease in commissions, brokers diversifying product lines and create a niche for themselves continue to prosper
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3. Stay relevant
The third challenge is staying relevant. Many brokers fear that nature "self-service" markets will make irrelevant brokers. However, the opposite is true.
Many reports find that brokers are more important than ever . Employers and individuals are confused about reforming health care and health insurance, and increasingly turn to brokers expertise and guidance
Opportunity for brokers :. stay relevant by becoming an expert on most major medical. Expand your range of products for cross-selling opportunities. Stay up to date on the reform of health care, innovative solutions to reduce costs, and compliance. This helps existing services customers, and promotes word of mouth from happy clients.
4. Diversify Product Lines
As mentioned earlier, one way to stay relevant is to diversify your product lines
Opportunity for brokers .: As more employers are switching to individual health insurance financed by employers, brokers have the opportunity to help employees understand how to select and purchase the best plan for their health and financial situation.
This adds value to employers making the switch, to know their employees are supported and help make health insurance decisions
5. Handling customer Uncertainty about Obamacare
like the broker community, customers and prospects feel uncertain about Obamacare. Much of this uncertainty comes from or cost issues ( "how will this affect the health reform our bottom line?") And / or lack of education ( "what new requirements the company under the law? ").
Opportunity for brokers: brokers can help customers address these concerns by 1) bringing new cost-cutting solutions table and 2) being an expert adviser on navigating health care reform
Related:.? The ACA is good for Americans - But What About Brokers
Conclusion
Obamacare is causing a significant change in how US companies and Americans buy health insurance. With all the changes, health insurance brokers must adapt to change in order to thrive. One way to do this is to find opportunities in major challenges including rising costs, understanding the impact of Obamacare, and remains relevant.
Wondering how to structure your business to adapt and thrive under Obamacare? Watch our free webinar on request How to adapt and grow with the ACA [A Case Study with Josiah Allis].
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