No one knows better than brokers how much information health insurance customers need to decide which plan to purchase – or whether or not to purchase one at all.
During the first Patient Protection and Affordable Care Act (PPACA) individual coverage open enrollment period, consumers were wary of the rocky rollout and website glitches — but what really deterred folks was the perceived cost of the “qualified health plan” (QHP) coverage.
Consider these two facts:
- More than 17 million uninsured Americans qualified for tax credits in 2014, but, according to government data, only 21 percent of them enrolled in a plan by March 2014.
- According to a 2014 McKinsey survey, 80 percent of the people who didn’t enroll cited affordability as the reason. However, 66 percent of those consumers were not aware of their subsidy options.
Premiums were cheaper than originally estimated. Tax credits helped many consumers reduce the monthly cost even more. But consumers still think health insurance is too expensive because they don’t know financial help is available.