No matter what happens come November, the Affordable Care Act (ACA) will see changes. Will they be sweeping or unnoticeable? It's hard to say, but we asked some industry experts what they would like to see when it comes to ACA reform, and here is what they had to say:
At the top of my wish list would be addressing the cost of health CARE rather than focusing on the cost of health INSURANCE. A major factor in the rising cost of health care in our country is that the consumer is too far removed from the actual cost of their care. As a result, the cost of care continues to rise, as does the cost of insurance.
Our current third-party payer health care system does not induce, nor in many cases afford the opportunity, for a consumer to determine the value of the care they are considering. Only the consumer can determine if the value of the resources used for their medical treatment are greater than the value provided by the medical treatment.
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When they are paying 20 percent of the cost of the medical treatment, the determination of the value of the care is very different than it is when they are paying 100 percent of the cost of the care. If we put consumers back in control of determining efficient quality and quantity, that will drive down the cost of health care and in turn, bring down the cost of health insurance.
Joni Reents, President-Elect
Reents Insurance Agency
Colorado State Association of Health Underwriters
Both sides of the aisle in Congress and the Presidential candidates agree that the 40 percent excise tax the value of employer plans above a government-determined threshold has to be repealed. Employers and employees who have coverage through their companies agree that eliminating this onerous and unfair tax should be a top priority.
Not only will the tax, set to take effect in 2020, ensnare more and more plans each year because of its flawed indexing, but also it is a misdirected attempt to reduce health care costs. It's not at all clear that the tax will have any effect on reducing costs as long as the perverse incentives for hospitals and physicians to drive up costs remain.
Steve Wojcik, Vice President, Public Policy
National Business Group on Health
My wish list for the ACA, which can be generalized to most of government at this time, is that conservatives and liberals could discuss this issue with civility, thoughtfulness and selflessness. Fiscal conservatives say we can't afford the ACA without proposing a rational alternative, liberals automatically dismiss the concerns of conservatives about cost. Neither government nor the business markets are the source of all good or all evil.
Health insurance is often a matter of life and death and I think we can agree that politicians need to be more humble, willing to listen and be more informed rather that attacking the other for differing opinions. There is lots of work to do!
Tandice Tinney, VP Service Operations
ACI Specialty Benefits
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Paul Wilson
Paul Wilson is the editor-in-chief of BenefitsPRO Magazine and BenefitsPRO.com. He has covered the insurance industry for more than a decade, including stints at Retirement Advisor Magazine and ProducersWeb.
