Health insurance companies across the country are going to be raising their rates substantially and consumers, especially those with little or no subsidies, will be seriously considering their alternatives.
The Wall Street Journal reported that multiple insurers across the country have requested rate increases ranging from 8.2% to 65.2%. While those requests will most likely be pushed down by regulators, consumers will be faced with significant increases this fall.
Why Is This Important to You?
- A Consumer Ready for Change
They will be seriously searching for alternatives when they see the increases.
- A Price Sensitive Consumer
Many will drop their expensive exchange plans.
- A More Engaged Consumer
They will be open to hearing about other options.
- A Consumer with Money
Even though they are priced out of the exchange market, they have an established budget to buy health insurance, and will take your offerings seriously.
- A Consumer Interested in Ancillaries
If they stay in the market, they will most likely be buying plans with much higher out of pocket costs, increased copays, and deductibles and they will be very open to ancillary products like accident, critical illness and metal gap plans.
Right now is the time to start planning your strategy for open enrollment. Be proactive, not reactive by having a game plan in place now for the impact of these rate increases this fall. It will lead to a productive selling season where you can work smarter, not harder to meet your income goals.