States Help With ACA Affordability

Insurance premiums in the ACA marketplaces have risen dramatically across most states in recent years. But even when premium increases moderated in 2019, the cost of coverage remained unaffordable for many. A number of states took steps to provide consumers more affordable coverage options. Some states implemented strategies lowering premiums by providing state-funded subsidies to certain marketplace enrollees. This brief examines such approaches and discusses the implications of state policy choices.

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Consumers’ Expectations and Insurance

To effectively engage with today’s tech-enabled consumer, insurance agents and marketers need to adapt their practices and adopt new digital tools.

  • 63% of consumers expect to conduct more of their business online in the next five years;
  • Almost 4 in 10 Millennials prefer meeting with an agent virtually rather than in person;
  • More than 7 in 10 consumers indicate that they would like to educate themselves about insurance on an agent’s website.
  • Four in 10 consumers are likely to check an agent’s social media presence and activities,

 

Area Where Agents Believe Digital Tools

Will Best Help Grow Their Business

 

LIMRA research shows agents are incorporating digital tools in all aspects of their business, from communicating with current clients to prospecting and marketing. Almost 8 in 10 see digital solutions most helpful for marketing and client acquisition and ongoing client engagement.

Engaging With Prospects and Clients in the Future


 

While a personal relationship with an agent is highly valued and not going away, the nature of that relationship is changing, incorporating a digital element. Agents and insurance marketers are increasingly supplementing (not replacing) their face-to-face meetings with digital tools.

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Fill That Pipeline Every Day; It’s a Law

The iron law of insurance sales and marketing requires you to prospect every day – in good times and in bad times. You must prospect even when you’ve just won a large account, especially when you’ve lost one, and even if you’re standing up the biggest account you’ve ever won.

COLUMN

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Med Supp Changes Coming

Because of a 2015 change in federal law, coverage for Medicare’s Part B deductible – $185 for 2019 – no longer will be permitted in Medigap policies sold to people newly eligible for Medicare, beginning next year. This change means the two Med Supp plans that pay the annual Part B deductible – C and F – will be off the table for future 65-year-olds. If beneficiaries already have one of those Medigap policies, they may keep it and nothing will change.

 

ARTICLE and MEDICARE.GOV PLAN CHART

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