Wednesday, November 7, 2012

Obamacare Is Here

I'm sure that I'm not the only one who has been glued to the television anticipating the outcome of the recent elections.  Regardless if you lean left, right or prefer to do your own thing, we ALL must think about the future as it pertains to insurance sales, as well as other ways to make money online.

The Good news.
-Millions of consumers will have access to standardized plans to choose from making it easier to purchase health insurance
-Consumers WILL BE REQUIRED to buy health insurance or face a penalty
-Government subsidies will help families purchase insurance they may have not been able to afford before
-Consumers will need somebody to help them learn about their options to pick the right plan.
-Insurance agents will still be compensated for assisting consumers purchase health insurance
-Hundreds of agents (thousands perhaps) will decide it's not worth the financial gain to pursue health insurance sales. This might also be considered bad depending on your perspective

The Bad News
-Commissions will get cut AGAIN
-Tons of unanawered questions needs to be answered regarding the Obamacare requirements, potential health insurance premiums, insurance distribution channels, etc.
-Health Insurance premiums will increase. Some suspect anywhere from 50-200%. Time will tell what happens.
-Penalties for not having health insurance (less money in consumer hands to spend)
-New taxes (cough) to help pay for health care reform

If you don't have a back up plan now, I suggest you start planning NOW. 

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