Industry Insight: The Latest on the ACA + a New Course to Learn More
Since the passing of the Affordable Care Act in 2010, fewer adults in America today are uninsured. However, a larger segment of adults is considered “underinsured.” According to the Commonwealth Fund’s most recent Biennial Health Insurance Survey, the greatest growth in the underinsured rate is occurring among Americans in employer-based health plans.
Historically, employer-based health plans have provided greater cost protection than plans in the individual market. However, many businesses have attempted to hold down premium growth by requiring their workers to shoulder an increasing share of health costs. Workers typically shoulder the cost in the form of higher deductibles. Although the ACA’s employer mandate imposed a minimum coverage requirement on large companies, that requirement only amounts to 60% of the typical person’s overall costs. This leaves the potential for substantial plan deductibles and copayments.
This new, government-run health insurance marketplace has changed the way health insurance works for consumers. It has also challenged the role of health insurance agents. While the marketplace is staffed by “navigators,” these individuals are not licensed agents. Therefore, licensed insurance agents play a valuable role in helping consumers understand the differences between various health plans. Agents also explain the coverages and make personalized recommendations based on their client’s budget and medical needs.
We designed our new ACA course to help you learn more about the purpose and functions of the ACA marketplace and the kinds of plans and coverages it offers! Check it out today to see how you can assist individuals and small businesses in enrolling in exchange plans.