Getting Past Obama Care

[Insuranceman]

After hearing the distubing news today. I decided to look for opportunities that the Obama Care might create for insurance agents. I was thinking it would make getting appointments with business owner and professionals easier if i was well informed on the new laws and how it would effect their business.

If anyone has any other ideas please post them.

 

[Yagents]

After hearing the distubing news today. I decided to look for opportunities that the Obama Care might create for insurance agents. I was thinking it would make getting appointments with business owner and professionals easier if i was well informed on the new laws and how it would effect their business.

If anyone has any other ideas please post them.

Talk about a "light going on", why haven't you been thinking about your pivot move for the past 2 years.

You can either, become an expert in the new law and buy Health Reform Consultant from me and be the expert.

You can buy the state health exchange domain from me in your particular state at About Us | State Health Exchanges

You can focus on HSA education, and utilize Welcome to HSA Consumer. The HSA Portal for HSA Owners. Learn how to SAVE and SPEND your Health Savings Account.

Or, you can die on the vine and become a navigator.

 

[Ann H]

After hearing the distubing news today. I decided to look for opportunities that the Obama Care might create for insurance agents. I was thinking it would make getting appointments with business owner and professionals easier if i was well informed on the new laws and how it would effect their business.

If anyone has any other ideas please post them.

Very smart move. There are many "Plan B" options, and a viable one is to be a resource for clients in your state by being an expert in the law. Most agents won't be, due to laziness or due to the fact that they've put their focus elsewhere. Speaking of putting your focus elsewhere, don't forget to create a good Plan C in case Plan B results in no commissionable premium or consultation fees.

 

[AllenChicago]

Since the ACA is now set in stone (unless there are 2 November Miracles), I need to be refreshed on one aspect...

Can companies that sell policies on the Exchange also sell non-guaranteed issue policies on the open market, like they do now?

If the answer is "YES", Is it likely that the smaller health companies will choose to sell ONLY non-guaranteed issue policies outside of the exchange?

Health insurance subsidies shrink the closer a person/family gets to the income cut-off. A 45 year old Male making $45,000 per year only gets $111 per month tax credit to help him pay the $567 monthly premium. Source: Health Reform Subsidy Calculator - Kaiser Health Reform

By purchasing a health insurance plan in the open, non-exhange market, this applicant would pay only $283 a month to BCBS-IL for an equivalent to the "Silver" ($2,500 deductible) exchange plan.

I see HUGE sale opportunities in 2014, assuming that the government will allow major medical plans to be sold outside of the state exchanges.

-Allen

 

[Yagents]

Since the ACA is now set in stone (unless there are 2 November Miracles), I need to be refreshed on one aspect...

Can companies that sell policies on the Exchange also sell non-guaranteed issue policies on the open market, like they do now?

If the answer is "YES", Is it likely that the smaller health companies will choose to sell ONLY non-guaranteed issue policies outside of the exchange?

Health insurance subsidies shrink the closer a person/family gets to the income cut-off. A 45 year old Male making $45,000 per year only gets $111 per month tax credit to help him pay the $567 monthly premium. Source: Health Reform Subsidy Calculator - Kaiser Health Reform

By purchasing a health insurance plan in the open, non-exhange market, this applicant would pay only $283 a month to BCBS-IL for an equivalent to the "Silver" ($2,500 deductible) exchange plan.

I see HUGE sale opportunities in 2014, assuming that the government will allow major medical plans to be sold outside of the state exchanges.

-Allen

Same policy, in an outside the exchange, are required to be sold at the same price to avoid adverse selection. All are GI. Anything that is not GI, is considered a supplement, and would not qualify as having creditable coverage to avoid penalty (tax)

 

[Chazm]

I primarily work the senior market so forgive me for my ignorance.
If everything goes through as Obama plans, can I still sell individual health insurance to the under 65 as I do now. Or do I need an exchange license or whatever the heck you guys are talking about?

I'm not going to market it, but I have a feeling I'm going to have a ton of friends hit me up to buy insurance.

 

[Yagents]

I primarily work the senior market so forgive me for my ignorance.
If everything goes through as Obama plans, can I still sell individual health insurance to the under 65 as I do now. Or do I need an exchange license or whatever the heck you guys are talking about?

I'm not going to market it, but I have a feeling I'm going to have a ton of friends hit me up to buy insurance.

FL has stalled exchange efforts, things now may change. But, assume the feds will be setting up the FL exchange for now. If they allow agents (like PCIP), you can participate, and they may require some sort of certification. Or, the other option if they are not eligible for subsidies, would be to buy off the private exchange, and your current license/appointment is suffice.

 

[Chazm]

FL has stalled exchange efforts, things now may change. But, assume the feds will be setting up the FL exchange for now. If they allow agents (like PCIP), you can participate, and they may require some sort of certification. Or, the other option if they are not eligible for subsidies, would be to buy off the private exchange, and your current license/appointment is suffice.

Thanks. Guess I'll just keep an eye out to see what happens.

 

[Ann H]

Health insurance subsidies shrink the closer a person/family gets to the income cut-off. A 45 year old Male making $45,000 per year only gets $111 per month tax credit to help him pay the $567 monthly premium. Source: Health Reform Subsidy Calculator - Kaiser Health Reform

You are smart to recognize the market for income producing individuals and families who will not qualify for subsidies and/or would rather have their own plans outside the exchange. An inaccurate assumption has been circulating that most people will get subsidies. Most singles and two-income couples won't receive subsidies. Families earning more than $88,000 will not receive subsidies, nor will those whose premium is less than 9% of income. For me, personally, this is about 75% of my clients. It will vary in other locations. These people are usually a little older (higher premium), and they might have had underwriting problems in the past (opportunity). Higher income prospects usually respect the professional advice of agents. Win-win.

 

[Yagents]

Just like patients on medicaid who receive substandard care due to low doctor reimb rates, lower income will also get the short end of the stick with no access to professional advice because there may not be a comp mechanism for agents. Hence the navigator creation.