side of the policy, the Affordable Care Act ( aka ACA or Obamacare ) has created new benefits for the individual market health insurance. These changes make Act largest affordable care for Americans, and very good for brokers who adapt their business model to thrive in the changing landscape of health insurance.
In recent Forbes article , Robert Pearl, MD says five reasons why the affordable care Act, particularly health insurance markets are good for America. In this article, we will highlight the section of Pearl and expose why these changes are great for health insurance brokers, as well.
1. The growth of the individual market
Under Obamacare, there is a significant change for the individual market health insurance.
As described Pearl, the new health insurance markets significantly change the market for health insurance. In 2014, individual health insurance is now guaranteed-issue, and the markets are (theoretically) easier to shop because of standardized design advantages, cost transparency, and quality data.
opportunity for brokers :. new benefits for individual health insurance, and infrastructure has increased, level the playing field between the group and individual health insurance
as such, the individual market is estimated to grow from 30 million to over 150 million customers in 2025 ( Source ).
brokers who can take advantage of this growing market, with solutions such as defined contribution benefits, will see their business flourish.
2. The Big Shift for Health defined contribution
Second, Pearl explains how Obamacare accelerates the shift from "defined benefit" to "defined contribution" of health care.
As explained Pearl "rather than being responsible for the selection of the company's insurance plan, negotiation of coverage provided and determining the size of the necessary franchises, they can provide employees with an amount of money for health insurance - a defined contribution - and the increase in the following years at a pace consistent with their ability to finance this benefit "
the ability for brokers :. to take advantage of the transition to individual health insurance and defined contribution health plans, brokers are in partnership with the defined contribution providers to offer employers a defined contribution solution.
3. Ability to Shop "Apples to Apples"
The new health insurance markets offer new tools for consumers understand the plan options and compare plans "apples to apples"
the ability for brokers. for many of these new insurance consumers disease, it is buying a health plan for their first time. and, s he studies show that most Americans do not understand the terms of basic health insurance as the deductible, coinsurance and coinsurance.
Thus, despite new improvements in cost transparency and standardization plan, health insurance brokers are required to help consumers understand the options and help them make the tools and knowledge to make a decision.
4. Increase Health consumerism
As described Pearl, the health insurance markets require consumers to participate more actively in their health expenses.
This may be a good thing - what motivates the behavior changes that reduce health care costs. This can also be risky. Consumers are willing to be wise health care consumer? Even with the knowledge, tools are available
The ability for brokers: As more employers are switching to individual health insurance and contribution the defined health, brokers have the opportunity to help employees understand how to select and buy the best plan for their health and financial situation.
This adds value to employers who make the switch. Employers are reassured that their employees are supported and help make health insurance decisions. It also creates new cross-selling opportunities for dealers to increase sales of politics
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5. Increase Options and insurance Price illness competition
Finally, Pearl predicted, we increased competition in the markets will lead to lower prices. This has already been seen in the individual market and happens more slowly in the shop market
The ability for brokers :. B ecause increasing options and price competition, the individual market and small group of defined contribution solutions will only continue to grow
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Conclusion
The Affordable Care Act has made the change and uncertainty for small companies and brokers alike. However, it has also brought about new opportunity for health insurance brokers to adapt and prosper
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