Special enrollment periods (SEPs) are nothing new. For health insurance agents working with groups, HIPAA regulations have meant that employees and family members who originally waive coverage on a group plan have special enrollment rights if they lose other qualified coverage or have a life event such as marriage, birth or adoption. During these special enrollment periods, employees and their family members usually have 30 days to sign up for the group health plan.
The Affordable Care Act’s advance premium tax credit (APTC) has been wildly successful. It’s helping millions of Americans pay for health insurance purchased through the individual Marketplace. However, one thing that’s still confusing for a lot of people is the fact that it is an advance. The tax credit is based on the amount that people think they’re going to earn when they’re applying for the credit. Their actual income, of course, could be higher or lower than the projected amount.
To be successful during this feeding frenzy, preparation is the key. It’s not too soon to start pre-paring for AEP/OEP so that you can capitalize on the opportunity when it arrives. Brokers who delay may find their options limited or possibly locked out altogether.
Some people dabble in health insurance. Others specialize. Those who dabble may sell it as a courtesy to
their clients, but they spend most of their time selling other products. In contrast, brokers who focus on
selling health insurance are constantly looking for ways to find more prospects and do more business.
Unfortunately, with the uninsured rate continuing to drop, that’s becoming more and more difficult. If
nearly everyone who wants and can afford health insurance already has it, it’s hard to generate new
Use these to help you close more individual business
People need health insurance. It protects them financially against unforeseen and potentially catastrophic medical claims, and—now that all pre-existing condition limitations have been eliminated—it also helps them get treatment for ongoing medical conditions. But people don’t want health insurance. More specifically, they don’t want to talk or even think about buying health insurance, and they certainly don’t want to pay for it. And that makes your job as an agent more difficult.