The most successful people in a free economy are those who recognize opportunities and seize them. Such is the case in our industry. As such, now is the time to become a health insurance broker if you have had any thoughts of doing so in the past. Plenty of opportunities abound despite the ongoing coronavirus crisis.
Succeeding in the insurance business is largely about adaptation. Independent insurance brokers work as intermediaries between carriers and clients in order to meet the needs of both. The best brokers are at their best in the midst of a changing insurance environment. Needless to say that coronavirus is forcing change in the health insurance sector.
New Benefits for 2021
We have no idea how long coronavirus will be with us, but we do know for certain that the crisis will lead to new benefits for 2021. Legislation passed earlier this year already requires health insurance providers to cover some of the costs of coronavirus testing and care. Expect 2021 policies to reflect a broader scope of coverage for COVID-19.
What does this have to do with becoming a broker? Everything. The more that health insurance benefits change, the more complicated they become for employers and HR departments. Companies turn to brokers when they get to the point of no longer being able to manage all of the change.
Insurance brokers are going to find themselves in high demand this fall as open enrollment approaches and carriers begin announcing changes for 2021. Companies will rely on their brokers to provide concise, accurate information that they can use to make decisions.
New Health Insurance Enrollments
The New York Times recently cited data that suggests more than 5 million American workers lost their health insurance between February and May, mostly because they lost their job as well. This is both tragic and unfortunate. However, the current recession is both artificial and a matter of mandate.
Our economy will rebound as Washington and the states lift their restrictive mandates. And when that happens, people will go back to work one way or another. That means millions of workers once again enrolling in health insurance programs.
Anticipating that jobs will begin to rebound in the fall suggest that this year's open enrollment is going to be extremely busy. Once again, insurance brokers are the key players here. It is their job to help employers navigate successfully. Thus, they will be in high demand.
The Future of the ACA
Finally, now is a good time to become an insurance broker due to the fact that the future of the Affordable Care Act (ACA) is in doubt. One way or the other, changes are coming. President Trump has made it clear that he wants to end whatever ACA provisions remain. On the other hand, presumptive Democrat candidate Joe Biden says he plans to expand the ACA if he and his party win in November.
Either way, changes will be coming to the ACA in 2021. Either the ACA will be further restricted by the GOP or significantly expanded by the Democrats. Both scenarios mean greater opportunities for health insurance brokers to book new business and help existing clients.
Being a successful health insurance broker is all about recognizing opportunity and seizing it. We are now half-way through 2020 with plenty of great opportunities on the horizon. Between coronavirus-related changes anticipated for 2021, a surge in enrollments, and changes to the ACA, there will be plenty to keep insurance brokers busy. Now is the time to get in on this exciting industry as a new broker.