Healthcare spending has declined as citizens delay elective surgeries and avoid doctors and hospitals during COVID-19. With the additional cost of COVID-19 care, the insurance world is standing strong, in an industry that employs over a million US residents. Will these strides continue on, as the COVID-19 continues to spread throughout the US? We discuss today on the upcoming season of health insurance.
The Insurance World is Standing Strong
The insurance world is standing strong, as agents continue to reach out to clients making sure they are taken care of. With rules from CMS becoming more relaxed and Health insurers doing their best to make selling to clients easy, safe, and compliant the current state of the market should put those who were worried at ease. UnitedHealth Group posted its first-quarter earnings early last week, and its profit forecast for 2020 is still in place despite current economic battles with layoffs and shutdowns. The trend is across the board for companies like Cigna Corp, Humana, & Anthem whose first-quarter results were released this week. With a little over a million cases of COVID-19, the stakes are high, but that hasn’t stopped the insurance agent from doing their job to help get consumers insured.
How Companies Have Provided New COVID-19 Resources
Insurance companies have done their best to help clients stay safe during this time. One way they have managed this is by creating tools and resources to help agents help clients maneuver through COVID, such as waiving out-of-pocket costs for COVID-19 visits with in-network providers. Some carriers have also waived out-of-pocket costs for COVID-19 FDA-approved testing. Treatments for COVID-19 out-of-pocket costs have been waived by certain providers as well to ensure that clients can receive treatment without worrying about the cost in these unprecedented times. Carriers have even gone as far as to set up a way for agents to enroll clients over the phone to make sure their clients are safe while staying compliant.
Insurance agents shouldn’t panic. As we continue into 2020 we are ramping up at Empower Brokerage to ensure you are prepared for this year’s AEP. If you have any questions reach out to how we can help during this season!
Empower Brokerage is dedicated to helping you educate your clients on the insurance they need to get the most out of life. Whether it’s through webinar training, one-on-one calls, seminars, or marketing plans. We want you to be successful. Give us a call if you have any questions 888-539-1633.