Episode Summary
Mike Smith hosted a podcast focusing on what ACA brokers need to know for the upcoming 2023 open enrollment period. He started by welcoming listeners and introducing the importance of the topic for brokers who sell individual and family health plans.
Smith highlighted some recent legislative changes that will expand access and affordability under the Affordable Care Act. In particular, the federal government fixed the "family glitch" which prevented household members from getting financial assistance if one person had an offer of employer-sponsored health insurance. This change could allow over 5 million more Americans to qualify for ACA subsidies. The Inflation Reduction Act also extended enhanced ACA subsidies through 2025. As a result, brokers will continue to have more opportunities to enroll clients in affordable coverage with increased tax credits.
The host went on to provide an overview of the brokerage's insurance carrier partners for 2023 ACA plans. He reviewed options from major carriers like Aetna, Ambetter, Blue Cross Blue Shield, Cigna, Oscar Health, Molina Healthcare, and UnitedHealthcare. Smith emphasized the importance of brokers having active appointments and relationships with top incumbents like United, Cigna, Aetna, and BCBS. This ensures brokers can take advantage of opportunities that arise when smaller carriers exit markets.
Smith also reminded brokers about the impending resumption of Medicaid redeterminations now that the public health emergency has ended. Many clients will need guidance transitioning from Medicaid back to ACA plans when they no longer qualify for Medicaid coverage. Brokers play a crucial role in ensuring no gaps in coverage during this process.
The host promoted the brokerage's website and HealthSherpa platform as essential tools for efficiently quoting, comparing, and enrolling clients in ACA plans for 2023. He noted that leveraging the right technology will be key to scaling an ACA brokerage.
Smith concluded by highlighting two Texas marketplace exits that create opportunities for brokers. Both Bright Health and Friday Health plans will no longer be offered in 2023. This leaves nearly 600,000 Texans needing to select new ACA coverage. Brokers with active carrier appointments will be able to smoothly transition these displaced customers.
In summary, the 2023 ACA open enrollment period brings new changes and growth opportunities for brokers selling individual and family plans. Having the right carrier relationships, technology, and expertise will be key to helping more Americans get covered while growing an ACA brokerage business.
Timestamps
(0:00:03) - This podcast is all about the upcoming open enrollment period for ACA brokers
(0:00:45) - Mike Smith: We're going to discuss the open enrollment of 2023
(0:01:34) - When an employee is offered affordable coverage, dependents become ineligible for ACA subsidies
(0:04:32) - The American Rescue Plan Act extended the ACA subsidies for another three years
(0:05:56) - To me, Medicaid redetermination is something that's looming on the horizon
(0:08:17) - How do you go about getting prepared with the brokerage as your business partner
(0:16:33) - Another new company for the brokerage this year will be Ascension. They're expanding in Texas and Tennessee
(0:18:33) - Blue Cross is the only carrier offering multiple qualified health plans in every county
(0:22:23) - Another brand new company for the brokerage in the state of Texas is Cigna
(0:31:41) - Bright health and Friday Health, will both be exiting Texas
(0:35:33) - Health Sherpa is a great tool for quoting and enrolling ACA plans
(0:42:36) - How can the brokerage help you grow your ACA book of business
(0:43:31) - Make sure you get those contracts ASAP because open enrollment starts next month
