The Affordable Care Act is a complex overhaul to the health care and insurance industries and will completely change how we access health care services and interact with our health insurance companies. Beginning in 2014, all American citizens regardless of their social or economic standing will have access to affordable healthcare. Citizens will be able to choose from either a large insurance carrier or a state healthcare exchange. While both have their own sets of advantages and disadvantages, large insurance carriers may actually be the better option. Here is a look at why sticking with your large insurance carrier may be a wise decision in 2014.
It is Business As Usual for Large Health Insurance Carriers
Large health insurance carriers are tweaking their business practices and adapting to the upcoming change, but otherwise, it will be business as usual for insurance companies such as Aetna, the Blue Cross Blue Shield Association, Cigna, and others. The major difference is they will be entering an even more competitive market than even seen before. This is driving large health insurance carriers to cut premium costs, sweeten insurance packages, and ramp up advertising to entice new and existing enrollees to choose their coverage.
Large Insurance Companies Have the Financial Fortitude to Cover Expensive Medical Claims
Another good reason to stay with your large insurance carrier is their financial fortitude. While a smaller, inexperienced insurance carrier may not be able to absorb the cost of your claims so easily, large health insurance companies do it every day. This is another example of how insurance companies will thrive after the Affordable Care Act is fully enacted. Additionally, because many restrictions are going away thanks to the act, consumers may find that their health insurance coverage will cover a lot more for the premium they pay. For example, health insurance carriers can no longer deny you coverage or services because you have a pre-existing condition such as asthma or a heart condition. With the Affordable Care Act comes a considerable amount of positive changes for the consumer, with less claims denials being just the tip of the iceberg.
Large Insurance Companies Are Used to Competition
The more competition insurance companies have, the better off consumers will fair. Large health insurers are used to competing with each other, but now with a large private exchange to compete with, they will have to rise to the occasion and give their members a reason to stay with them. These insurers are offering more than just health insurance, they are offering wellness programs, improving technology online to make the customer experience more enjoyable, and overall, trying to one-up the competition and give customers a reason to give them a try instead of the going through the private health exchange. Large carriers are trying to make themselves as marketable as possible to improve their chances of success in the new and improved world of health care.
Finding the right healthcare at the right price can be a long and stressful process. Let us at ECI Insurance Agency fit you with the best Oklahoma City health insurance at the most competitive price. Give us a call at 405-373-2977 and we will get started on find you health insurance today.