With the 2020 selling season slowly approaching, you might be looking for new plans to better fit your clients. Agents might have been avoiding the ACA in hopes to find a plan that better fits their client’s financial needs. Affordable Care Act plans have been known for their high deductible prices and monthly premiums despite being a full coverage plan. Looking ahead of 2020, according to the rate filings for this year, it seems that rates didn’t fluctuate as much as previous years. Does this mean that ACA will be a viable option for your clients?
What Is The ACA?
The ACA, also known as Obamacare, is a health reform law that provides Americans with access to affordable health insurance. However, in the past decade, health insurance prices have been all but affordable for most Americans. The plan attempts to accomplish the above through a number of regulations, taxes, tax breaks, mandates, and subsidies.
Those In the Federal Poverty Level
When deciding if your client would be a better fit for an ACA plan instead of other alternatives, you must first judge your client’s current situation. There are two groups best served by an ACA plan. The first group of people are those within 250% of the federal poverty level. The plans are offered to these people at a low-cost coverage premium through the ACA’s Tax Credit. Those who fall into this category also have lower deductibles as well as co-pays because of cost sharing reimbursements.
Serious Health Complications
The other category of clients who might be a better fit for the ACA than other plans are those with certain health conditions. The Affordable Care Act is a guaranteed issue, which means everyone who applies is accepted. Other Health providers usually have a system of underwriting which can cause certain clients to not be accepted into certain plans. Clients with serious health conditions that might not make it through underwriting will receive acceptance into an ACA plan. Clients who also have high bills due to their conditions also might want to enroll with an ACA plan due to it actually helping lower the expensive bills.
Empower Brokerage is dedicated to helping you produce a fruitful 2019-2020 season. Whether it’s through webinar training, one on one calls seminars, or marketing plans we want you to be successful. Give us a call if you have any questions 888-539-1633
