Episode Summary
This podcast episode focuses on the major changes happening in the ACA marketplace for 2022 that spell opportunities for insurance agents. Mike Smith, president of The Brokerage, presents the key details.
Mike starts by emphasizing that the ACA landscape has changed dramatically from 2014-2016. This is a whole new ballgame now in 2022. In particular, Ambetter has written lots of business in Houston but their market share will swing back to brokers this year.
Mike highlights that there are over 1 million uninsured people just in the Harris County area - a huge pool of prospects. The Brokerage is bringing on 3 new carriers plus 6 existing ones for 2022. This competition will create disruption and opportunity.
For agents, the process to get certified to sell ACA plans now takes less than 5 minutes. You simply go online to the CMS Enterprise Portal, take a short training, and sign privacy forms. There's no cost, appointments are free, and no product certifications are needed anymore.
Selling ACA plans is now much easier too thanks to platforms like HealthSherpa. It provides instant quotes, and enrollment, and tracks your book of business for free. Prospects are also everywhere - just look at the family photos when meeting Medicare clients.
Mike emphasizes how the American Rescue Plan Act has made premiums more affordable. 4 in 5 people can find a plan for under $10/month with the increased subsidies. Major carriers like Aetna, Bright Health, and UnitedHealthcare are now participating too.
He provides the math of how agents can make $100 per month per application by enrolling just 4 clients per week over 11 weeks during open enrollment - generating over $4,000 in extra commissions.
Mike notes that those at 150% of FPL and under can now enroll year-round. So the selling season is nearly 12 months long. Carriers are offering bonuses, higher commissions, and co-op marketing dollars to incentivize ACA sales.
In closing, Mike reiterates that the ACA represents low-hanging fruit for agents to easily boost their income in 2022 thanks to the newly competitive landscape. It's time to capitalize on this opportunity and get appointed with the new carrier offerings. The ACA has changed dramatically, and for the better, for insurance agents.
Timestamps
(0:00:02) - The Broker Link helps insurance agents sell more, earn more, and stay independent
(0:05:18) - Beginning on December 8th, you can enroll people in the ACA
(0:07:53) - The American Rescue Plan Act made Affordable Care Act plans more affordable
(0:09:57) - I want to give you a snapshot of some of the different carriers we work with
(0:12:37) - Aetna is coming to Texas in 2022. There's going to be a ton of disruption in Harris County
(0:14:59) - Bright Health is coming to Harris County with four different Medicare Advantage plans
(0:17:48) - Short-term major medical offers lower premiums than traditional ACA full plans
(0:20:20) - I want to thank the team at the brokerage for being fantastic and awesome
(0:21:04) - All right, everyone, thank you so much for listening to this podcast
