A brand-new issue brief from the Department of Health and Human Services highlights the increased competition we’ll witness in the individual marketplace this year in most states, whether they have set up their own state exchange or are using the federally facilitated exchange.
Here are some of the key findings of the study:
- Based on preliminary data for 36 Federally-facilitated Marketplace (FFM) states and eight additional State-based Marketplace (SBM) states, there will be a 25 percent increase in the number of health insurance issuers offering Marketplace coverage in 2015 compared to 2014.
- Four of the 36 states in the FFM will have at least double the number of issuers they had in 2014.
- At least 67 issuers in the FFM and 10 issuers in the SBMs will be new to the Marketplaces in 2015.
- Some of the nation’s largest insurers will be offering coverage for the first time in more than a dozen states, suggesting that the FFM and SBMs represent an increasingly attractive business opportunity.
This is certainly good news for brokers who sell in the individual market – now you’ll actually have something to sell your clients, whether you sell directly through the marketplace or, for better results, have a private exchange site. Below is a summary of the preliminary data for the FFMs and SBMs profiled in the analysis.
Number of QHP Issuers in 2014 Federally-facilitated Marketplace States
Number of QHP Issuers in 2014 Select State-based Marketplaces
For more information, including the methodology and all the footnotes, you can view the full report here.