With the Supreme Court upholding the constitutionality of PPACA, we enter an entirely new world not only in our industry but as a country. By having the government dictate that you must purchase a service or product from a select group of companies, puts a completely new twist on freedom. I personally am shocked and dismayed by the courts decision to force the purchase of something I may or may not need. What will be the next requirement? The constitution of the United States was written to protect the individual from the control of government but with government now able to control healthcare and health insurance, they control the very lives each of us has. As costs will soar, how soon before government dictates how we live our lives since they will be responsible for its costs. PPACA is already significantly over its budget and monies allocated for it have been commandeered for other uses, it will implode. Unfortunately, many in our society will become used to it before it implodes much as they have with Medicare. This will cause a significant problem for government in the future.
What does it mean to our industry? Well for starters, the insurance industry will have a boon in new subscribers. Since everyone will be required to purchase insurance or pay a TAX, additional revenues to government. Since the TAX will be less than premiums, most will just pay the TAX which in turn goes to government. Hmm, maybe that is a way to help balance the budget. As agents, we will find ways to survive the decision and will continue to work with our clients. New revenue streams will develop and new service models will come about. Since the last two years have been under the law, there should not be too many changes from current day to day operations. The major change will be the advent of exchanges and exactly how will they affect the broker.
The other point to bring out with this decision is the fact that our current leadership needs to be replaced. The election in November will be a referendum on exactly how much of a socialistic country we want to be. Since this law is very unpopular and will increase costs to consumers, it is my opinion that we will see a similar situation as we did in 2010 elections. Only by displacing current administration will common sense and personal responsibility be brought back to our country. I hope each of you will do what you can to make sure that our leaders get back to the business of what they are elected to do and that is represent the people. Deb Fisher needs to be elected to the senate, Lee Terry to the house, Mitt Romney to the Presidency, and every fiscal conservative candidate put in office. This is the very first time that I have stated my political views but enough is enough. We can’t afford this kind of government that we have today.