When the Affordable Car Act goes fully into effect on January 1, 2014, more than 15 million people will gain access to health insurance coverage, a new report suggests.
The study, conducted by The Urban Institute, found that 15.3 million individuals and 10 million employees will gain access to health insurance coverage through small business exchanges, which are part of the Small Business Health Care Options Program. These exchanges will enable employers that provide coverage through their business to combine them with individual exchanges, thereby allowing for greater flexibility and helping nearly 27 million additional people gain health insurance coverage.
The report also suggests that the exchanges will lead to savings for individuals averaging $600 per year and cut federal subsidies by $4 billion.
"SHOP exchanges have the potential to transform the experience of small businesses and their employees when shopping for and administering health insurance," said Sara Collins, vice president at The Commonwealth Fund, which funded the study.
If the study's results prove to be accurate, it will likely serve as a boon for insurance agents, as they will have a greater pool of health insurance leads.