Giles Bruce, from The Times of Munster sat down recently with Will Glaros in Scherrerville. A relatively long piece with some interesting takeaways. One question and answer stood out:
Q: Who do you think is happier about the Affordable Care Act: entrepreneurs or small businesses?
A: I would say entrepreneurs, and you’re probably talking to one of them at this very moment. Everybody truly thought when that bill passed originally in 2010 that the intent was to have us out of business by the year 2020. In fact, the complexities and the ever-changing landscape, as the government adjusts what everything means, has made our time and our expertise that much more valuable. And we’ve actually grown 30-40 percent in numbers of cases and revenue simply because of the fact that people are looking for people that can help them meander their way through the process. So entrepreneurially it’s been great.
For the individual companies out there, I would say their problems have gotten a little more difficult. Because with the cost increases that happened in 2014, the options were to pay, on average, 10-25 percent more. But if you wanted the opportunity to improve the plan for your employee or to make it less costly and you went to an ACA-platform plan, you could actually end up paying 15-20 percent more on top of that. So it actually probably hurt the majority of the small employers.
The idea that health insurance agents, brokers, or underwriters aren’t necessary anymore because the ACA was going to eliminate the need for underwriting or make it easy enough to get insurance hasn’t panned out. The jobs are certainly different, but the complexity and rapid changes have made the work of an agent or underwriter just as important in totally different ways.