As the Affordable Care Act celebrated its 10th anniversary in 2024, a record-breaking 21.4 million individuals chose an ACA plan for their healthcare coverage. The ACA has overcome technical challenges over the past decade, leading to increased accessibility and participation in the ACA Marketplace exchange. Following the end of Covid Continuous Coverage, individuals who lost Medicaid have benefitted from the ACA, highlighting its importance in providing healthcare coverage to millions of Americans.
The ACA has brought both pros and cons to the healthcare landscape. On the positive side, it has expanded access to health insurance, prohibited insurance companies from denying coverage based on preexisting conditions, and provided financial assistance to lower-income individuals. However, critics argue that the ACA places a heavy financial burden on taxpayers, raises premiums, and imposes mandates and penalties on those who do not have health insurance.
With a divided political landscape, Democrats and Republicans hold differing views on the ACA. While Democrats lean towards expanding the ACA, Republicans are more inclined to scale it back or repeal it entirely. Independents generally support either expanding the ACA or keeping it as is. Despite growing public support for the ACA, former President Donald Trump has expressed a desire to dismantle the law if re-elected, casting doubt on the future of the healthcare program.
To thrive in the ACA Marketplace, agents are encouraged to diversify their product lines and offer alternative options such as Medicare products, life insurance, and other under-65 products. With a current special enrollment period and stable enrollment numbers, agents can leverage the opportunity to bring sales and support best practices to the ACA market. Agents must complete the Federally Facilitated Marketplace certification to sell ACA plans, with training and certification being free for existing agents.
While the ACA market shows promise, agents should stay informed about potential political changes that may impact its operation. By taking a holistic approach to managing the health and financial wellness of consumers under 65, agents can provide comprehensive care as individuals age toward Medicare and retirement planning. With the ACA Marketplace open enrollment period approaching in November, it is essential for agents to become certified and trained on ACA insurance plans to best serve consumers seeking affordable healthcare.
