Will potential changes to subsidies affect your clients?
Federal subsidies to ACA marketplace premiums are set to expire at the end of the year. See how interest groups are advocating for an extension and understand how these changes may affect you and your business.
Continued access to and ability to enroll in health insurance coverage is necessary both for the wellbeing of Americans and for the continued livelihood of health insurance agents’ careers. In hopes of ensuring access to coverage for eligible Americans, health insurance lobbyers America’s Health Insurance Plans asks that Congress extend the premium subsidies on ACA marketplace plans that were included in the federal coronavirus relief package.1 These subsidies are set to expire at the end of 2022, and according to a study conducted by Avalere Health, the expiration would leave millions of Americans uninsured or facing out-of-pocket premiums that could restrict their access to health care and enrollment in health plans.1
Without the extension of the premium subsidies, as detailed in Avalere Health’s study:1
Nearly 3 million Americans face becoming uninsured.
Eligibility to more affordable premiums would be lost to more than 1.5 million Americans, although they would continue to stay enrolled in their insurance coverage.
9 million Americans would stay enrolled but would face higher out-of-pocket costs with the reduction in premium subsidies.
This would change the landscape of health insurance for those receiving ACA and agents selling ACA plans. By staying up-to-date on the potential changes and understanding how members can be affected by the expiry or extension of their subsidized health care, you can be prepared to better help them navigate their health care coverage needs.
At JAR, we provide agents with the insider information they need to make the most out of their career, to establish their business on steady foundation, and to remain innovative and prepared in an ever-changing and competitive field. To see what potential you could achieve when backed by a team that gives you the industry-proven tools, resources, and training methods needed to excel independently, get in touch with our agent support team today to get started on your path to success as a JAR agent.