Hey there! This is my first blog attempt so I am sure it will be a learning process, but I am going to give it a shot. As the next few years unfold, I will be presenting my thoughts and opinions on the Affordable Care Act or "Obamacare" as it is called in the media. I will admit that I am not a big fan of the law. Most of my time will be devoted to trying to figure out ways to make the law less harmful to business and individuals who will be impacted by what Congress has enacted. With that said, please check back frequently for posts, as I hope you will find them informative and useful as we all navigate the changing waters in the health insurance world. I welcome your comments, even those with a different point of view.
Today my mind is on the "Exchanges" and what will likely be the result of the millions of dollars that the government has pumped into the system to promote this concept. A "Health Care Exchange" is essentially a virtual marketplace where individuals can purchase health insurance. The Lexington Herald Leader referred to them as a "Travelocity" type experience, where people can go to a website and pick out their policy. As a long time health insurance agent, my perspective is that picking out a health insurance policy is a little more complicated that buying a Southwest Airline ticket to Tampa! But even more troubling than the complexity of the purchasing decision is the overwhelming promotional campaign that Kynect and others in neighboring states will be rolling out. The confusion in the marketplace will be significant as we roll into this first open enrollment period.
What will employers do? Will individuals leave the group setting and attempt to purchase their own coverage through an exchange? With a rebounding economy, will savvy employers use benefits to attract and retain quality employees? Is there a moral obligation to offer insurance coverage to your employees? Where do employers get the answers to these questions?
I think that all of these questions will present owners and managers with a level of frustration that they quite frankly didn't sign on for. I work with a lot of contractors in my practice. Homebuilders want to build homes, they don't want to worry about whether Johnny qualifies for a subsidy through the Exchange. Lumber Dealers want to sell lumber, they don't want to be bothered with losing a quality employee to a competitor because their benefit package was incorrectly structured. Ready Mix Concrete people want to have their trucks on the road pouring concrete, they can't afford to spend 6 hours online researching their options for health insurance coverage. The answer to all of those questions is simple...Call an insurance agent who has the ability to answer those questions for you. One of my good friends used to love to bash insurance agents and specifically me about how much money he spent in premiums, while never having a claim. Then, unfortunately, it happened. He had a claim that was very substantial...to the tune of nearly $100,000. He is fine now, playing golf, cutting up and looking for new targets for his wit, but I am not on that list of targets anymore. You see an insurance agent has the knowledge to keep you safe, even from yourself sometime.
Don't go through this complex paradigm shift alone. Call us. We Focus on You!
Peace,
Steve
