It’s no secret to agents who specialize in individual health insurance policies that the government has become our biggest competitor. Why? Because they’ve set up a website that allows consumers to purchase private health insurance directly from the government, and because they have a lot more money for advertising than we do.
Of course, agents who have set up a private exchange website can also help consumers access the premium tax credits and cost-sharing subsidies, but the government doesn’t seem to be advertising for us. So we thought it would be helpful to give you a peek at what our competition – the government – has developed to inform consumers of their options. Below are two videos that explain the premium tax credits – one developed by the IRS, one developed by HHS.
With a new HHS Secretary and a federal exchange site that actually works, the government will no doubt step up its efforts this year to promote the tax credits and subsidies. That’s both good news and bad news for brokers – it’s good news because it creates awareness; it’s bad news because some of our clients may choose to purchase coverage directly. Therefore, it’s imperative that brokers have a solution that will allow them to sign up a lot of individuals at once and then do their best to get the word out about this more user-friendly option.