Had the new healthcare reform law been in effect several years ago, agents may have been able to save their insurance customers a considerable amount of money, a new report asserts.
If the Patient Protection and Affordable Care Act been in place between 2001 and 2008, Americans may have been able to save themselves as much as $300 per year in lower premiums, a recent study published in Health Affairs journal indicates, according to BenefitsPro.
Steven Hill, the report's lead investigator, determined this by comparing out-of-pocket expenditures among individual and employer-provided plans in the seven-year period. He then applied conditions the PPACA is said to account for when it goes into effect in 2014, BenefitsPro reported.
"The Affordable Care Act is likely to increase the generosity of individual insurance by requiring minimum benefits for plans participating in the state health insurance exchanges, which will be new markets for coverage overseen at the state or federal level, or possibly both," said Hill.
It may be a good idea for insurance agents to inform clients skeptical about the healthcare law that their out-of-pocket healthcare costs could decrease under the plan. The study found that the chances of consumers spending $6,000 or more for out-of-pocket health expenses could fall from 2.6 to 0.6 percent.