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The Affordable Care Act, also known as Obamacare, has confused many people lately. The massive increases for January 1st, 2017, has left many in a pickle. Employers are scrambling to find a solution, yet at a cost that could be as much as double their mortgage. This increase produces a financial strain on their family.
The problem is the is a lack of information in the marketplace. Many do not know where to go for the information. Their trusted advisor may not be clear on the options to do next. For Pete's sake, even Google doesn't give a clear answer. We tried asking Siri, but still empty handed.
For 2017 health insurance renewal, some small shops received a 60% or more increase in their health insurance premiums for them and their family. Double-digit increases were crazy when they first started at 15%-30%. But now 60%?
Some business owners had to sell off goods, sell a part of their company or even closed their doors to help pay for health insurance. Imagine sitting across the dinner table and sharing the news with your 17-year old that they have to go to a local community college because you cannot pay for the tuition to a University. Or perhaps having to sell your house to downsize.
The industry itself is in flux. Many insurance brokers either only know one side of the equation, or lack the initiative to find a solution for small employers. It has become increasing difficult to weed through the mess of misinformation. These small businesses are needing this help.
Some insurance agents have become innovative and nimble in the marketplace as a result of Obamacare. Having insight on the exchange plans as well as the small group market is becoming key to finding these solutions for small employers. In some markets, this has helped save hard earned cash by as much as 30%, or more. For the most part, you can match your current coverage, or be pretty close to a matching and still save money. How is that?
Just by outlining some of the differences between the exchange plans and the employer plans is a great start. There is also a possibility that you are overpaying in coverage to get access to the doctors you want. What about the coverage you are not using, yet you pay for each month. Is it worth, let's say $5,000 a year, to review these items?
This resource can be detrimental for small businesses to move ahead in their field and compete for great talent to work for them. Now go demand your savings so you can take the business to a whole new level.