Whether you love or hate the Affordable Care Act (ACA), you may be wondering how the Republicans' failure to repeal it will change the insurance landscape in 2018 and beyond. For business owners anxious to find out what types of insurance policies they can make available to employees during the next calendar year (and how much they can expect to pay for these policies), this type of uncertainty can be tough to handle. Read on to learn more about some of the changes that may be coming to the insurance marketplace in 2018 now that efforts to repeal the ACA seem to be dead in the water.
Changes Expected in 2018
Citing the uncertainty in the current political climate, many insurers have raised their premium rates and cut their insurance offerings during 2018 in anticipation of higher expenses. While the individual mandate remains intact, designed to keep premiums low by ensuring that all Americans (not only those with health problems) purchase health insurance, insurers have no guarantee that this will continue to be the case, leading them to raise premium rates as a hedge against rising costs as more healthy people jettison their own policies.
Not all insurers have posted their 2018 rates, or even indicated whether they'll be offering policies in certain states, but enough new rates have been published so far to show a trend in price increases across the board. Other insurers have indicated that if any further changes are made to the way health insurance is funded or handled, they reserve the right to withdraw their already-posted rates and repost new rates.
What This Means For Your Company
With increasing uncertainty surrounding just about all aspects of group health insurance, if you don't already have a relationship with an insurance broker, now may be the time to develop one. An insurance broker will be able to work with you to analyze your business's and employees' needs, your budget, and what you'll need to offer to remain competitive in today's marketplace.
Enlisting the help of a broker, such as fromHealth Shop Inc , to select your insurance offerings can save you untold time and mental energy, allowing you to focus your efforts on running and growing your business rather than tracking down premium information or coverage documents and calculating your employees' average annual healthcare costs. You'll also be in a better position to make tweaks and changes to your insurance offerings from year to year once you have a good baseline for cost and coverage based on your broker's recommendations.