Back in September, we wrote a blog on the latest news regarding the healthcare industry. September doesn’t seem like that long ago, but a lot has happened on the hill in the days since part 1 was published and we’ve stayed updated on it all to keep you informed.
After the several failed attempts to repeal and replace the Affordable Care Act (ACA) this fall, the White House took matters into its own hands and President Trump signed an executive order in early October that detracts some of the ACA’s basic benefits and is designed to place people into insurance plans that are considered bare-bones plans, which have low premiums, but incredibly high deductibles and don’t cover many of the benefits that are considered essential under the ACA. Here’s what this means for your clients as open enrollment comes to an end on December 15th.
The Latest News In The Healthcare Reform Debate
Healthcare may no longer even be considered a debate since President Trump has signed the executive order that could divide the market to where it was before the ACA, which allowed the young and healthy to get cheap insurance but made it hard for people with greater healthcare needs and pre-existing conditions to obtain affordable and comprehensive health insurance.
To further end the ACA, President Trump has said that he will withhold the cost-sharing subsidies that the government currently pays insurance companies so that deductibles and co-pays are more affordable for low-income consumers. This is why so many insurers have left the marketplace.
What does this mean for consumers though? Nothing has changed to the individual marketplace since we wrote our blog, Beginner’s Guide: 2018 Open Enrollment in early October, but the executive order requires federal agencies to look at their stipulations regarding health insurance to try to make it easier for trade groups and small businesses to work together to negotiate with insurance companies for the best deals. Then, the White House administration has to allow those small businesses to be governed as large employers are.
Top Healthcare Issues For Consumers
A popular phrase that has come out of the debate is “Not Obamacare, Not Trumpcare, but OurCare.” Consumers of healthcare rank the cost of their monthly premiums, coverage of services and prescriptions, and the network providers as the three most important aspects of health insurance.
Healthcare was a top issue for consumers in the 2016 election and it remains a top issue today as there has been no settlement on repealing and replacing the ACA, which remains the law until Congress is able to pass a new law.
We recently wrote a series of recommendations during open enrollment that covers 4 types of plans. Find out if group plans, individual plans, faith-based plans, or short-term plans are best for your client’s needs and budget. Agent Link is here to support our agents through the busy enrollment period. We can quickly run quotes in-house and our benefits specialists can customize a plan for your small or large group clients. We can also keep them compliant and educate their workforce! Contact us to see how we can help you during open enrollment and beyond.