New HHS rules are great news for health insurance industry with a renewed option!
- Very important policy change
- Benefit will affect 1-2 million Americans who buy in Q4 this year
- Offers lower cost, more choice
- Returns availability to 12 months with renewability up to 36 months
- Offers more options
- 50%-80% cheaper than available ACA plans
- Built in protection than previous (disclosures), but we expect “at least a million will benefit”
- Will cover a significant part of consumers health needs, its not a “silver bullet”
- There were currently 28 million who are not insured in 2016, its grown since then
- Premiums have doubled since the introduction of the ACA, which is a big problem for consumers
- People need access to health insurance
- Allows consumers to ‘lock-in’ rates up to 36 months (3 years) at underwriter discretion
- 52% of consumers only have one choice on Marketplace
- May not have all ACA coverages, but it’s “another good option”
- Idea is a higher rate for 36-month policy than 12 month, at underwriter direction
- HHS- wants rate protection and more innovation in the market.
- 28 million in 2016 were uninsured