Episode Summary
This Broker Link podcast episode provides a wealth of practical tips for insurance agents looking to expand into selling health insurance. Belinda draws on her 20 years of experience to explain key considerations, from how the Affordable Care Act changed the health insurance landscape to the step-by-step process for getting started selling health insurance today.
Belinda starts by providing background on how health insurance worked before the ACA. She explains that there were pre-existing condition limitations, medical underwriting, and fewer coverage requirements. Many individuals faced obstacles in obtaining affordable insurance.
The ACA prohibited pre-existing condition limitations and medical underwriting. It mandated ten essential health benefits in all ACA-compliant plans. This expanded access for many who were previously uninsured or underinsured. However, the ACA also introduced complexity with subsidies and metal tier plans that confuse consumers.
For agents with existing life and health licenses looking to sell health insurance, Belinda lays out the exact steps to take. First, identify carriers in your state and get contracted. Gain familiarity with the products available, including comprehensive ACA plans as well as short-term health insurance.
Becoming ACA-certified shows clients you understand subsidies, poverty charts, and eligibility. This helps ensure clients get ideal coverage. Belinda stresses the importance of agents guiding clients through the process rather than sending them to Healthcare.gov alone.
Regarding commissions, health insurance pays monthly as policies renew. This provides reliable recurring revenue versus lump sums upfront. Renewals also generate additional commissions over time.
Considering Texas has the most uninsured individuals nationwide, the opportunity is massive even for part-time agents. Belinda suggests mining your existing book of business for under 65 referrals. A referral program also pays for any leads you send the Brokerage's way.
The Brokerage aims to provide complete back-office support to agents. This includes quoting tools, enrollment assistance, product training, and top-notch customer service. One-on-one consultations are also available to address any specific questions.
In summary, Belinda makes a compelling case for adding health insurance to your offerings now. With ACA open enrollment starting soon, you can capitalize on the natural synergy with Medicare enrollment season. Even if COVID impacts Medicare, health insurance sales can offset any dips. Contact the Brokerage to start positioning yourself to help clients gain affordable health coverage while growing your commissions.
Timestamps
(0:00:06) - Broker Link podcast features Belinda talking about ACA
(0:00:27) - The Broker Link podcast is where agents go to grow their insurance business
(0:01:27) - Tell us a little bit about how health insurance has changed over ten years
(0:03:01) - You have the Affordable Care Act and then you have the old-school insurance
(0:05:54) - You need to do the ACA FFM certification to become a licensed agent
(0:07:23) - Texas is the largest uninsured state in the United States
(0:10:20) - The ACA referral program is basically where an agent can go online
(0:11:42) - What does the brokerage do for somebody selling health insurance
(0:15:20) - A lot of you are worried about what this annual enrollment period will look like
(0:17:33) - All right, Belinda. Well, we appreciate your insight today on growing your business
