Where Do We Go From Here?

After many weeks of debate in Washington, healthcare reform is finally a reality! What does that mean to insurance firms? Is it the right thing? Is it a bad thing? Is it a mixed bag? From my perspective, healthcare reform is really a GREAT thing. Healthcare reform focuses on major medical insurance - not life insurance, voluntary benefits, or Medicare Supplements.

Voluntary Benefits and Employers
Voluntary benefit sales should continue to increase and not just for small businesses. Employers are still dropping insurance sponsored coverage for workers at an alarming rate. Many large companies and corporations have experienced steadily rising insurance premiums over the past ten years as medical costs have grown. As a part of healthcare reform, employers with 50 or more workers will face government fines if they don’t provide their employees with insurance coverage. A recent online article noted several major corporations that are considering dropping employer-sponsored health coverage in exchange for paying penalty fees to your government. If the price of providing employer-sponsored medical insurance for their employees is larger than the amount on the fine, what choice have they got? They eliminate their employer-sponsored coverage, pay the federal government fine, and come out ahead financially. But, where does that leave their employees? Without benefits!

Since many employers feel a moral, if not a legal, obligation to provide benefits for their employees, they ought to turn to giving employees access to voluntary benefits. Worksite may easily become the golden child of the insurance industry.

The Future of Medicare Supplement Sales
I think healthcare reform will very positively affect Medicare Supplement sales for years to come. Beginning in 2011, federal payments to Medicare Advantage plans shall be substantially cut, and cuts will continue during the coming years. That step will cause more insurers to withdraw from the Medicare Advantage marketplace. More Seniors will lose their coverage and return to Original Medicare and buy a conventional Medicare Supplement.

Needless to say, Baby Boomers’ retirements could have a profound effect on Medicare Supplement sales for decades. According to the U.S. Census Bureau, by 2030 the 65-plus population will double to about 71.5 million, and by 2050 it'll grow to 86.7 million. That represents massive numbers of potential Medicare Supplement sales!

Because today’s retirees are more educated than those of previous generations, they have a better understanding of what Medicare does and does not cover. They understand the need to plan for their future and the value a high quality Medicare Supplement will have once they confront health issues. They even have more than adequate disposable income to afford a top quality Medicare Supplement.

Some parts of healthcare reform will not go into effect until 2014, and even then, there'll always be out-of-pocket expenses that traditional major medical plans won't ever cover. Supplemental insurance protection will always be crucial for a person’s overall healthcare planning. Cancer and critical illness policies will continue to grow in popularity given the vast quantity of media attention focused on cancer and critical illnesses like cardiovascular disease and stroke. With a continued increase in obesity, shown to becoming a precursor of these kinds of health issues, the value of cancer and critical illness policies will become more obvious with each passing year. Additionally, individuals who may choose not to get any form of basic or extended supplemental health coverage may still be receptive towards a lump-sum cancer or critical illness policy.

What does healthcare reform mean to us? OPPORTUNITY! Ahead looks brilliant - especially for life, worksite, and Medicare Supplement sales. But, we need more talented Agents with us in the coming months to handle the increasing workload. As a result of impending commission changes within the major medical marketplaces and in Medicare Advantage, you will have access to a bigger and seasoned pool of Agents. Take advantage of that. Continue recruiting. Continue training. Make the most of the amazing potential around you regarding both people and products!



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