Only a couple of months away, the behemoth healthcare law will begin to impact the health insurance companies, brokers and indeed, Joe Six Pack, who might not be that literate or computer knowledgeable or skilled.
The changes are indeed enormous, but, so might be the business opportunities as the controversial healthcare law takes shape.
On Tuesday, Mike Reitz, President and CEO of Blue Cross and Blue Shield of Louisiana explained the substantial impact of the new healthcare law coming as early as this summer and which will start to be implemented October 1, 2013 that will completely change the way America buys and sells insurance.
Reitz spoke at an event called the Louisiana Healthcare Education Coalition, a group in which his company plays a major role.
Below is a rough summary of the comments made by Reitz. Please watch the video at the bottom of this page to get a complete and accurate understanding as to the discussion that occurred at this event.
(The numbers below represent the starting point of discussion for the information on the video which is summarized by text). You can slide the time marker on the video to watch the questions and answer period covered by the video.
Begins to Fields questions about the exchanges and what is coming up this year
21.955 Effective dates start October 1, 2013, can begin to apply for insurance products online
42:835 You can look at various products and can get government assistance as long as you buy the product from the healthinsuranceexchange.
58:986 The exchanges are called marketplaces now. There is significant change and we should a very noisy summer, there is money in the affordable care act that allows the government to do a lot of advertising, a tremendous amount of information being pushed out this summer, many industries will be active in pushing information and products on the exchange, we are probably in for an unprecedented information overload, trying to prepare everyone for a 10/1 date
1:56:406 It is important that we have education coalition out to be trusted advisor, a place to go to receive information. It is a huge task, we have an opportunity to take advantage of a lot of reforms over a short period of time to build a better system and a better way to access healthcare and to bring some stability to premiums and cost of healthcare today.
2:38:410 Regarding the question, how is “Joe Six Pack” going to understand what to do, for over a year, we have had a very professional system in place with our brokers are talking to group leaders about various options to consider as more rules take place, our employers will be going through an exercise of trying to determine whether we maintain a group health insurance plan, but as far as “Joe Six Pack” is concerned, I don’t think they have a clue as to what is coming down as far as purchasing insurance, but with excellent media outlets and coalition, we’ll have a great chance to close that gap
4:02:428 How is “Joe six Pack” going to know what to do on the internet and with computers, there will be navigators financed by the government, whose purpose is to walk them through the process, while it may sound confusing, I think that the navigators will be publicized so that people know where to go to receive unbiased help, on what plans are best for them and how to enroll in that particular plan. So, the government did see the need to put more people in places of influence to help people who are not quite as tech savvy.