I read were Oscar and I think Molina will no longer be paying commissions?

[Mike Siegal]

Oscar Health Announces Results for Fourth Quarter and Full Year 2021

Did i read correctly... they lost $571 Million in 2021 ???

 

[DaKine]

Or, you can blame Biden for ARPA law that now gives tax credits to families making 200k, hence record enrollment.

I love free money!

 

[Helpico_Insure]

We’re basically selling a free or almost free product the govt’s subsidizing in both aca and mapd . I read 85% of insured paying $10 or less a month for aca . Let the subsidies fall big and we’ll see how many families will pay $700-$1000 for this . All this is a great gravy train for now . I’ll ride it till the wheels fall off . But I definitely don’t think it’s a business I’ll be able to pass down to my kids . The cost to the govt in both aca and mapd is sky rocketing .

If you know how the world beside the USA is functioning, you probably will understand this.

 

[Evan]

Also doesn't help that enrollment is year round now without any sep verification... I can't imagine how impossible that is for an actuary to figure out how to price a plan.

 

[Helpico_Insure]

I love free money!

Venezuela style

 

[InsuranceGuy29]

Yes will that effect next open enrollment with Oscar ? Will CO’s like Ambetter see this as an opening and lower commissions next yr ? I always get nervous when the govt involved in aca and mapd and it’s basically free . Means commissions can be lowered or eliminated. That’s why I continue selling a lot of life ins .

Medicare is a different beast and is stable. People have been paying into it their entire lives and continue to pay into it. Contrary to popular belief, there is always plenty of money to be found. They can (and do) easily raise certain premiums, copays, or deductibles here and there to raise funds needed, etc. That's why insurance companies involved in Medicare are making record profits.

And beneficiaries are always paying at least the Part B premium every single month, as well as having already paid into Part A their entire lives from payroll deductions. And seniors are locked in the system and are always paying for 20-30 years, from the time they turn 65, and most (not their fault) are absolutely clueless about insurance and need immense guidance from us.

We brokers have tons of clients, tons of influence over said clients, and can direct them to any company we seek fit. There's tons of competition among these companies, and that's the most important reason they value us and actually very much DO need us. We literally guide a LOT of free money to them.

From what I gathered when I speak to my clients, most of them do not like speaking directly with insurance companies...most of which have customer service support that is uneducated, frequently turns over, and is hard to understand due to language barriers..

With ACA, this is not the case. People can enter it and duck out at anytime. There really are no funds being "built up" so to speak. It's just people with more money subsiding people with less money. That's a VERY unstable framework and system, courtesy of the federal government, of course.