Staying Connected with the Under 65 Population
Now that President Biden has signed an order to extend the SEP for the Affordable Care Act (ACA), or underage health population, it’s time to look at strategies to connect with that audience. The Affordable Care Act created an opportunity to provide affordable health insurance plans to individuals with household incomes under 400% of the FPL (federal poverty level), and additional out-of-pocket or cost-sharing credits for those falling under 250% of the FPL.
Some of the additional rules of the Affordable Care Act (ACA) include expanding health insurance coverage to children up to age 26 on their parents’ plans, regardless of if they live in the same home. It also required plans to be standardized and include essential health benefits and be classified together based on their coinsurance level – creating metal tier plans.
With that said, there are many individuals who can be targeted with ACA plans – now more than ever – due to the pandemic!
- Any individual who may be furloughed, laid off, or has transitioned to part-time
- Individuals graduating from college
- New Parents
- Individuals turning 26
- Families of 4 or more (they generally have a lower threshold for subsidy-eligibility)
Your Target Markets
Much like the T-65 (newly eligible, or aging into Medicare population), there is a subset of individuals who are becoming newly eligible for their own ACA plan – or losing coverage by “aging off” of their parents’ plans. These individuals are also like some of the other target audiences: newlyweds, new parents, recent college graduates, or individuals who are relocating into new areas.
A great way to identify these individuals is to set up a social media campaign with parameters focusing on anyone with the age of 25 – 26. Social media is a great way to connect with this population!
Families of 4 or more are found at the ball field, the community center, or at school events! These individuals are generally in need of an insurance agent’s help to understand that their group health coverage may be too expensive and not meet the guidelines for “qualified health coverage.”
So, what’s the ultimate strategy?
Education. Connecting and educating. Even though the ACA was made in law in 2010, there has been so much misinformation spread throughout social media and television – that many people do not understand their options or the rules of the road for subsidy eligibility or how to identify their income on the FPL and may stay in coverage that is too expensive!
Connecting with this demographic through virtual events on Facebook is a new way to host an educational event and reach a significant amount of people while following COVID guidelines for social distancing.
You can also consider utilizing your best lead source: your book of business.
When combing through your book of business, flag individuals who may have recent high school or college graduates, families who may have been impacted by the coronavirus due to layoffs or furloughs, anyone who recently had a child, got a divorce, or got married. Why? Not only are all those situations qualifying life events for an SEP, but it is also a conversation starter to consider setting an appointment to review their current plan and confirm they’re in one that meets their financial needs.
Educating your clients about the rules and regulations of ACA is incredibly important and the ultimate strategy to help increase your ACA business. There are many other rules that impact your clients that they may not be aware of – such as catastrophic plan coverage and qualifications, or the rules regarding the cost of their group health coverage. And through the years with changes from Executive Orders, you may want to contact our ACA experts and get up to date on how you can connect with your book of business and identify more ACA clients!
For more information on how you can purchase a targeted list for T-26s, segment out your current book of business to look for SEP opportunities, or to get a refresher course on the rules and regulations of ACA in 2021, please contact a marketer at Agent Pipeline – give us a call at 800-962-4693 now
The Ultimate Strategy to Connect with ACA Clients E-Book
Agent Pipeline is here to help learn how to connect with ACA clients in 2021. We will walk you through the generation you are marketing to, and how you can sell ACA products to them. Click here to find out how you can gain access to the ultimate strategy to connect with ACA clients e-book!