New Study: Prices Could Be Dropping

The market is definitely getting mixed signals about the direction premiums are heading next year. A number of recent reports have said prices in the individual market are going up, but a new article from the Kaiser Family Foundation says they’re actually going down. So confusing…

Part of the reason for the differing predictions is that pricing data is not yet available in every state, and the premiums in states that have shared pricing info varies significantly. For instance, the article points out that premiums are going up by an average of 8.7% in Nashville and dropping by 15.6% in Denver. The first-year experience of insurance companies that participated in the Marketplace certainly is a factor in their decision to raise or lower premiums, but so is the increased competition that will occur in several markets as new insurance carriers throw their hats into the ring.

The takeaway for insurance agents of this new study is this: First, while prices are going up in some markets, they’re going up less than expected in most. And in others, they could actually be falling. Second, people react to headlines, and this is a good headline to get people’s attention, so consider using the article in your marketing efforts, along with some of the other recent headlines. For example…

goodnews

Of course, before you do all this work getting people’s attention, you do need to make sure you can help them.

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