According to the non-partisan Congressional Budget office, if President-elect Trump, with the help of a Republican-controlled Congress, succeeds in repealing and replacing Obamacare, 22 million fewer Americans may face disruptions in their health insurance plan. However, these changes are likely going take a long time to work through, as the details of Trumpcare are not yet firm. While there will be many consumers who may be negatively impacted, the anticipated regulatory change to Obamacare is a major opportunity for one group: health insurance brokers.
There are several hundred thousand brokers in the U.S. today, and the vast majority of small businesses and consumers rely on them to guide their benefit decisions. In times of regulatory change, particularly when consumers are surrounded by confusion and uncertainty, the role of the broker is valued more than ever before. Brokers will be relied upon to help their clients navigate the evolving healthcare landscape and ease the transition for millions of businesses and consumers. For health insurance brokers, this is a massive opportunity to meet new clients and secure the trust of their customers.
In order to successfully serve the needs of their customers, brokers must invest in innovative technology solutions and digitally-enabled partners to stay competitive and keep up with the increased demand for services in the coming year.
As the specifics of President-elect Trump’s health care agenda are made clear and the legislation comes into effect, business owners and consumers will be looking for ways to connect with their broker to understand the implications of the regulatory change on purchasing and compliance. Brokers will be needed to help educate their clients on the nuances of the law that directly affect their pursuit of available health insurance options. Therefore, the role of the broker — a trusted and valuable resource for consumers and small businesses — in an uncertain and ever-changing environment remains strong.
This post originally appeared in BenefitsPro Broker Innovation Lab.