The Uncertainty of Healthcare Reform

What We Do and Do Not Know about Healthcare Reform

Newspapers, social media, websites, news stations are inundated with information regarding healthcare reform under the new administration. Right now, all the information is speculation. Nothing is set in stone. The law has not passed so nobody really knows what will happen.

What we do know is what has happened the previous three to four years. Every year the rates have gone up higher and higher. Last year’s rates were higher than the previous two years. Starting this July, several states will only have one option. There’s even some areas across the country that have, or will have, no option for a qualified health plan. If the status quo remains, the number of states with no qualified coverage will increase. Already, a carrier has announced that it is leaving the marketplace come July. And as insurers exit the market, the rates will go up even higher than they did last year. No competition means higher rates.

With healthcare reform underway, the administration has confirmed that passing the law is a three-step process. Step one is simply getting the law passed, which is a long process in-and-of itself. There’s no knowing how long it will take. So, everything circulating in the news is misinformation, speculation, and sensationalism. Until the law passes, there’s no certainty. Moreover, it may take another two years to pass the law and enforce it. If we continue with the law as it is currently, the question is: will there be any carriers selling? We don’t know.

However, we do know that without competition the remaining carriers will raise rates because they’re accepting all the risk. Limited options and raised rates are the only certainty on the horizon. Everything else in terms of healthcare reform is speculation. There’s no knowing which aspects of the Affordable Care Act will remain and which will change.

Since insurance is oftentimes 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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