May 2023: The Affordable Care Act (ACA) continues to impact brokers and clients, and technology remains a significant aspect of the health insurance industry. In 2023, brokers must have the right technology in place to comply with health reform’s requirements while still providing excellent service to clients. This blog provides various tips for staying relevant, being more efficient, and maintaining compliance when using technology in the current ACA world.
The rapid evolution of technology continues to transform the world. In 2023, it’s incredible to think that only a few years ago, we relied on spiral-bound guides to navigate our world. Today, built-in satellite systems in vehicles and smartphones provide instant directions and location services. In 2023, over 4 billion people worldwide are using the internet, with an estimated 5G coverage of over 90% of the population in the US.
As the world changes, technology must continue to evolve to meet new demands. To remain competitive and take advantage of current trends, brokers need to embrace technology that:
- Differentiate yourself from your competition
- Enhance your online presence
- Maximize your production through efficiency
- More effectively work your existing book of business
- Reach your earnings potential
Why Use Technology?
Technology offers new opportunities to tap into two of the largest insurance markets in the country: the ACA marketplace and the Medicare marketplace.
Together, these markets represent over 170 million potential sales opportunities nationwide:
2023 ACA Open Enrollment Period (OEP)
- 10 million enrolled in health insurance marketplaces
- 8 million enrolled in HealthCare.gov
- Total includes six million new consumers – a 55% increase
2023 Medicare Annual Election Period (AEP)
- 10 million enrolled in a Medicare Advantage or Medicare Advantage Prescription Drug plan – 35% of the Medicare population
2023 New Eligible/Medicare Aging-in Numbers
- 12,000 age into Medicare every day (continuing through 2030)
- 65+ are 18% of U.S. population today – increasing to 24% by 2060
2023 Qualifying Event/Changes in Circumstances
- 3 million marriages annually in U.S.
- 1.5 million divorces each year
- 4 million new hires
- 3 million terminations, layoffs, and resignations
- 1.2 million births, adoptions, and other dependent status changes
- 50 million move annually – locally, nationally, and internationally
Staying Agile in a Changing Market
To grow your business in today’s ever-changing health insurance marketplace, it’s essential you be able to adapt to market trends and embrace technology advances. Don’t rely only on your own expertise, find a trustworthy partner who delivers the services and support you may lack.
Quotit offers a variety of options and an array of valuable broker services, including:
- Online side-by-side plan comparisons
- Multi-carrier quoting – for both on- and off-exchange products, including Medical and Dental
- Online quoting for ancillary and Medicare products
- Shopping and enrollment for your website visitors directly on your site
- Proprietary online enrollment system
- Customer Relationship Management (CRM) tools
- Enhanced Direct Enrollment
- AutoResponder automated marketing system
- Quote, application, and conversion tracking
- Industry-leading and fully compliant technology
To learn more, schedule your Quotit demo.