Cost is a big consideration for choosing health insurance. Some clients, particularly those considering health insurance for the first time or having recent life events, may not know what to expect. They could be unaware of the factors affecting cost of coverage, be unfamiliar with coverage options available, or lack information about costs beyond the premium (like copays and coinsurance). In short, you can deliver great value by helping them understand these factors, so they can make a decision for their family or small business.
When you meet a prospect or client, be prepared with information on (1) plan eligibility guidelines, (2) the coverage options available in your area, and (3) doctors and hospitals associated with each plan’s provider network. You should also be prepared to discuss the forecast for average health plan premiums, which are addressed below.
Premium Hikes Expected for 2023
Insurers are betting that inflation and more people going to the doctor’s office will require a double-digit spike in premiums for Affordable Care Act plans this year. The Kaiser Family Foundation released an analysis in July 2022 of early rates submitted by insurers for the ACA’s exchanges. It found that inflation and greater healthcare utilization were major drivers behind the premium spikes as well as the potential loss of enhanced ACA subsidies.
The biggest drivers behind the premium hikes are (1) cost inflation, (2) higher health service utilization and (3) uncertainty over renewal of ACA subsidies.
Across the 2023 filings, many insurers are expecting to 4% to 8% increase in healthcare costs. The cost trend reflects the rising prices paid to hospitals, doctors and drug makers due to inflation and expectations of patients’ increase in plan use next year. Specifically, insurers are also planning for healthcare use to rebound to pre-pandemic levels after being suppressed due to COVID-19.
Plans may have to shoulder costs that have previously been picked up by the federal government, including more costs for vaccines and boosters due to fewer mass-vaccination efforts. The American Rescue Plan Act boosted subsidies for 2021 and 2022, but those subsidies set to expire unless Congress acts before November.
Inshura is a FREE online ACA insurance tool, perfect for agents and agencies! Agents can boost their ACA and other enrollments using this easy-to-use solution for quoting, enrolling, automating renewals, and managing clients!
And inshura is CMS EDE PHASE III certified, so it automatically exchanges data directly from the Marketplace.
Building excitement about industry-changing technology is the key to growth. As a professional communicator, Paul turns complex, technical projects into compelling customer stories that build excitement and grow sales. And Paul’s Marketing and PR campaigns convince people to re-think & improve their business.
From Omnichannel outreach to Technical SEO, TV Advertising to Social Media, Paul connects Inshura’s message to thousands of people selectively targeted to bring about the best ROI, ensuring 3x to 5x company annual growth.
With an incredible depth of knowledge about an insurance agency’s day-to-day operations, the experience Linette gained while managing her agency is vital to our understanding of an agent’s daily needs.
Bringing more than a decade of experience to Inshura, Linette was recognized as one of the highest Medicare-producing brokerages, with special honors for Compliance and Customer Service before joining our team.
Linette’s real-world insights and ability to connect with customers are invaluable to both our development and marketing teams.
With more than twenty-five years of experience in commercial litigation, commercial transactions, and regulatory compliance, Susan, our Chief Legal Officer, oversees Inshura’s legal and compliance responsibilities.
Susan has represented many businesses in diverse but relevant fields including information technology, healthcare, insurance, and professional services. The breadth and depth of her legal knowledge and experience enables her to help Inshura stay on top in the fast-paced and growing online insurance market.
Before joining Inshura, Matthew built a very successful insurance business. The experience and insights he gained along the way translate to an ability to communicate with other insurance professionals and bring them into the Inshura family.
Under Matthew’s stewardship, Inshura has grown year-over-year, with inshura experiencing a 5x growth in health insurance sales.
Turning ideas into products is what Ashwini does best. We turn to her to take a vision and mold those ideas into viable products.
With a unique ability to work closely with multiple departments, like engineering, sales, marketing, and customer service departments, Ashwini deftly consolidates input from every department and then guides the development of successful, feature-rich, and easy-to-use solutions.
Passionate about product quality, with a customer-focused perspective, Manal leads the departmental teams to design the very best solutions.
His experience with the medical and technology industries translates into an ability to interpret and define new processes and automation strategies that bring Inshura its’ unique and efficient functionality.
With a Computer Engineering degree and later an MBA from the Wharton School of Business, Manal’s experience and leadership is proven by our rapid growth.
With a keen insight into technology, development, and business operations, Ravi is growing Inshura into a next-generation company focused on technology and the customer.
As a strategic innovator, Ravi was central to the success of multiple projects at Verisign, Portal/Oracle, and ACT TV. With decades of leadership experience in the high-tech, fintech, and logistics industries, he is expanding the scope of inshura to include AI, ML, and other new technologies.
Starting with just two people, Girish took just a few short years to build a $135 million technology company.
Mr. Panicker received his degree in Computer Science, then earned a Master of Science in Computer Science from Drexel University in Philadelphia. In 2003, Girish transformed his software skills and passion for building custom software into his own business.
Inshura is his latest innovation. An insurance quoting and enrollment platform that solves daily challenges experienced by thousands of insurance agents.