It’s important to check your facts when receiving them online. With so many different opinions floating around the internet, you might get an answer to one of your questions that is completely biased. Jeff Hess, an ACA Product Specialist, who’s been in the health insurance industry for over 20 years, addresses the biased nature of healthcare and politics. In the video below, Jeff will go over the facts about the ACA market because it’s important for us to clear misconceptions up.
We have heard a lot of people state that the ACA is in a death spiral. The president has said it, and other members of Congress have said it. On the other hand, we see articles online and other well-known representatives state that it is perfectly fine and that it’s better than ever. People are getting subsidized, and more people are seeing providers with premiums only going up slightly. These viewpoints are slanted to opposite sides.
Since 2010, a majority of the carriers have been backing out of the healthcare market. Even the big 5 – the top 5 national carriers – have gotten out of the ACA market. In order to control cost, carriers have switched over to HMO’s. Since HMO plans were cheaper, more people enrolled in the plans. However, most doctors will not participate in HMO networks because of the lower reimbursements. In time, fewer and fewer providers stopped accepting the plans, creating smaller and smaller networks. Ultimately, carriers left the market altogether. This has left consumers few choices on the market. Some counties and cities are limited to 1 or 2 health insurance options.
The cost to provide services has gone up every year so premiums are steadily rising. The ACA market isn’t on its last leg, but it is noteworthy to say that it is broken. It’s not perfect like some would have you believe, but neither is it imperfect. It’s good that we have the ability to get people health insurance, but is it really the best option we have? So remember, get in contact with your agent. They’ll go over your current plan and check if it’s right for you.
Since insurance is often times overwhelmingly confusing, we want to shed light on this industry by answering YOUR questions. So if you have any questions or concerns, comment below and your question may be the topic of our next video!
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