Tax Firms Say Most Uninsureds Are Taking the Penalty

[scagnt83]

Obamacare's extended deadline may be falling short: WSJ

"Although its still early in the process—the extended deadline elapses in April—senior executive at H&R Block told the publication that "a significant percentage of taxpayers" are opting to pay the penalty."

"Separately, only 12 percent of uninsured people would buy policies if informed of the penalty, according to a survey of 3,000 adults polled by McKinsey & Co., cited by The Journal."

 

[ameneses54]

I'm not impressed on the results of the poll. It's like saying 90% would rather risk losing money buying lottery tickets than not buying it. It's just the other way around: 90% would rather not spend money on health insurance opting for the risk of an event.
The premise for a certain socioeconomic stratus is that if they get sick, the emergency room is always there and by law it's free, if you can't afford it.
Ultimately they rationalize the above with "I'll deal with it later".

 

[FLM2]

My response to all of this is 'Who cares?'

I've never focused on the uninsured because they rarely stick on the books and in the past 5 years have usually walked away from any prospect who hadn't been insured in over a year.

Let the newbies in the business like H&R Block think they can strike gold with this segment, I will stick to my primary market (over 400% FPL, long term insured).

 

[taterpeeler]

To agree with FLM I never in the pre ACA days focused on the uninsured market for a reason.... they never had insurance so this is a new bill and nothing makes them keep it so it cancels early... however,

in the ACA era I focus on the highly subsidized market with super low premiums... like 10 bucks a month... that and the hammer of the IRS keeps them on the books longer.

I cringe when I get an uninsured client at 200% of FPL because their 150 a month premium for a family is harder to keep on the books...

Also, the over 400% FPL market is very hard to keep active if the client was uninsured

 

[FLM2]

To agree with FLM I never in the pre ACA days focused on the uninsured market for a reason.... they never had insurance so this is a new bill and nothing makes them keep it so it cancels early... however,

in the ACA era I focus on the highly subsidized market with super low premiums... like 10 bucks a month... that and the hammer of the IRS keeps them on the books longer.

I cringe when I get an uninsured client at 200% of FPL because their 150 a month premium for a family is harder to keep on the books...

Also, the over 400% FPL market is very hard to keep active if the client was uninsured

You have the right target, the super low premium crowd does stay on the books unless they get dinged for not providing income verification documentation.

I have 15-20% of my 2015 business in this segment, I don't do any marketing (all referral) so it's whoever gets referred to me although I have been turning some people way if they seem like they are high maintenance.

 

[YouGotMyMoney]

To agree with FLM I never in the pre ACA days focused on the uninsured market for a reason.... they never had insurance so this is a new bill and nothing makes them keep it so it cancels early... however,

in the ACA era I focus on the highly subsidized market with super low premiums... like 10 bucks a month... that and the hammer of the IRS keeps them on the books longer.

I cringe when I get an uninsured client at 200% of FPL because their 150 a month premium for a family is harder to keep on the books...

Also, the over 400% FPL market is very hard to keep active if the client was uninsured

100% on point...

 

[scagnt83]

To agree with FLM I never in the pre ACA days focused on the uninsured market for a reason.... they never had insurance so this is a new bill and nothing makes them keep it so it cancels early... however,

in the ACA era I focus on the highly subsidized market with super low premiums... like 10 bucks a month... that and the hammer of the IRS keeps them on the books longer.

I cringe when I get an uninsured client at 200% of FPL because their 150 a month premium for a family is harder to keep on the books...

Also, the over 400% FPL market is very hard to keep active if the client was uninsured

I didnt post the article to say that health agents are getting screwed by the uninsureds not signing up. Its pretty obvious that should not be a smart agents market to prospect...

I posted it as another example of this "health care" law failing miserably.... since the whole point was to get people without insurance enrolled in insurance.