The Affordable Care Act (ACA) strongly favors individual health insurance, and because of this, more consumers will be entering the individual health insurance market in 2014. Likewise, experts predict this change to fuel the shift from defined benefits (group health insurance) to defined contribution - especially for small and medium-sized business. For background, see this article on ACA and defined contribution.
With new consumers entering the health insurance market, insurance companies are seeing the opportunity to enter the market as well.
MSNBC recently interviewed a new insurance company, Oscar Insurance, about these new trends.
You'll want to watch this MSNBC video to hear their opinion about:
Why individual health insurance is better than group health insurance
Why the ACA strongly favors the individual health insurance market, and the individual consumer
Why these shifts are great for the individual consumer
Why the current group health insurance system is broken
Opportunity post-2014 with 40 million new consumers entering the individual health insurance market
How guaranteed-issue health insurance policies will impact the market, and help consumers
Disclaimer: The views represented in this interview do not necessarily reflect the views of Zane Benefits, its staff, or its affiliate partners. [Note: the interview starts at 35 seconds...]
Will individual health insurance be better in 2014 than group health insurance? Do you agree or disagree with this interview? Let us know your thoughts in the comments below.