The Affordable Care Act has been the most dramatic change to the health care system since the implementation of Medicare and Medicaid. The ACA contains almost 3,000 pages and nearly half a million words. The people who wrangled to have it pass hadn’t even read all of that massive document. They famously claimed it needed to be passed before it could be read.
Go figure that thinking. Who in the world would have the time, energy of desire to read such a massive documentation? A health insurance broker would and should. They are very important at this time because health insurance coverage is very important and integral to the life of many Americans. Here are 6 reasons why health insurance brokers are more important this year than any other:
1. “If you like your plan you can keep it”-President Obama said that people who liked their plans could keep their plans but this was not necessarily true. As the new year rolled around many individuals found their plans canceled, others found their premiums skyrocketing. Under pressure, the president told Americans that they could indeed keep their plans, but only for one additional year. Health insurance brokers know which plans qualify as keepers under Affordable Care Act. They know what plans need to be revamped. They know how to choose a quality, affordable plans for individuals who need it.
2. “…individuals will be assessed a monetary penalty if…”-The constitutionality of this statement aside, if you don’t buy health insurance approved by the government, you will be assessed a penalty. For individuals and businesses who don’t want to raise the ire of the government or its mass of new IRS employees, you are better to purchase a plan. If you choose to flout the new law and go without insurance, eventually you might really need some. A health insurance broker can get you a new insurance plan, after the fact. There won’t be much that they can do as far as government penalties, but at least you will be covered.
3. “The top-down, federal approach to health care reform…undermines real choice and competition.”-If you are a small business owner, you are not allowed to purchase health insurance outside of the SHOP or Small Business Health Options Program. The SHOP program is accessible only through health insurance brokers. Although the mandate for small business owners has been delayed until November of 2014, when the time comes, there will be a rush of small business owners beating down health broker’s doors to purchase insurance for their companies.
4. “…[The] increased cost that [Obamacare] places on businesses will in turn reduce business growth and hiring.”-It is a fact that the Affordable Care Act will affect most small businesses. This was proven when most businesses put a freeze on hiring after the law was passed. If businesses intend to stay afloat after the implementation of this bill, they will get in contact with a knowledgeable health insurance broker.
Health insurance brokers were important before 2014 because they were experts in their product. They helped the unlearned masses navigate health care costs, services and requirements. As the insurance landscape has changed forever with the implementation of ACA, they are even more important. They will continue to grow and change as the many complexities of the bill come to the forefront.