As the Affordable Care Act celebrated its 10th anniversary in 2024, a record 21.4 million people opted for an ACA plan for their health insurance needs. Angela Palo, the COO of Pinnacle Financial Services, a prominent National Medicare Brokerage, and a member of the NABIP Medicare FMO Council, highlighted the ACA’s increasing popularity and success in providing coverage to those who lost Medicaid after the end of Covid Continuous Coverage.
The ACA has expanded access to health insurance for millions of Americans, prohibited insurance companies from denying coverage based on preexisting conditions, and provided financial assistance to lower-income individuals through subsidies. However, critics argue that the ACA places a heavy financial burden on taxpayers, and some view the insurance mandate and penalties as government overreach. Despite improvements, some people still struggle to navigate the ACA Marketplace, and limited options in certain areas hinder competition.
Political views on the ACA remain divided, with Democrats supporting expansion, Republicans favoring scaling back or repealing the law, and Independents leaning towards expansion or maintaining the status quo. Former President Donald Trump has expressed a desire to dismantle the ACA if he wins a second term, but doubts remain about his concrete healthcare plan to replace it. The successful enrollment numbers and growing popularity of the ACA indicate support from the majority of the American public.
Agents can thrive in the ACA Marketplace by diversifying their offerings and exploring alternative product lines beyond the exchange. With a current year-round special enrollment period (SEP) for consumers within 150% of the federal poverty level, there is an opportunity for agents to tap into the uninsured market seeking affordable healthcare. By getting certified and trained on ACA insurance plans, agents can help consumers navigate the marketplace and offer ancillary products to meet their health and financial needs.
For existing agents, training and certification to sell ACA plans is free, as long as they complete it through the Marketplace Learning Management System (MLMS) or a Department of Health and Human Services (HHS)-approved vendor. Leveraging the ACA’s recent success, offering comprehensive education on the product, and showcasing other ancillary products can help agents succeed in the ACA market. Staying aware of potential political changes that may impact the ACA’s operation is crucial for providing comprehensive care to consumers under 65 as they age towards Medicare and retirement planning.
