The real problem with the Affordable Care Act – at least the problem with the perception of the Affordable Care Act among average Americans – is not that they won’t benefit from the law but rather that they don’t understand how they will benefit from the law.
As insurance advisors, we understand how the premium tax credits, which limit a family’s monthly payment to a certain percentage of their household income regardless of the total monthly premium, can drastically reduce the amount families would pay for individual coverage versus the amount they would pay for coverage through an employer-sponsored plan. Unfortunately, most employers, employees, and individuals do not yet understand this, and it’s not the easiest thing in the world to explain.
Fortunately, HHS just released a new report full of lots of stats and – more importantly – IMAGES that can make it a lot easier for agents to explain the benefits of the law to their clients.
Here’s just one example:
This graph shows the national average tax credit amount and, more importantly, the average premiums that individuals pay for their coverage after the government pays its share, for the various coverage levels in states that used Healthcare.gov rather than developing their own individual exchange site.
Most people are visual learners, so graphics like this one and the others included in the report can, at a glance, help people understand just how huge the tax credits are – and how passing on them would be a huge mistake. They can also help employers understand how their group plan, in most cases, would have a difficult time competing with the benefits being offered by the federal government.
To read the full report, click here.
To learn how you can help your clients apply for these generous tax credits with a lot less work and without using the government’s website, click here.