Why Adequate Insurance Is Important For Childrens?
We all know health insurance is important. After all, two thirds of people that file for bankruptcy attribute medical costs as the key contributor. But in one of the wealthiest countries in the world, it might surprise you to learn that 34% of kids under the age of 17 were underinsured in the U.S., as of 2019—up from 30.6% in 2016.
So, what does that mean for you and your clients? Keep reading to find out.
Why There’s a Lack of Health Insurance for Children & How Insurance Agents Can Help
The figure is shocking: over a third of kids don’t have adequate health insurance coverage in this day and age. This means that their insurance wasn’t enough for their overall health needs, that they couldn’t access preferred providers, that out-of-pocket costs were prohibitive, or that their insurance wasn’t in effect when they needed it.
What might be even more surprising is that this problem is most affecting those from middle-class households because the issue isn’t with public insurance—it’s private. After all, the regulations of public insurance programs like Medicaid and CHIP prevent the growing trend of private insurance companies requiring higher co-pays, premiums, and deductibles. The exorbitant out-of-pocket costs of many private insurance policies aren’t as much of an issue in public insurance programs, but fewer kids now have access to those programs.
And amid all of this, record inflation and a looming recession aren’t helping matters (more on that and its impact on insurance here). We know there’s a problem, but what can we do? Keep reading to find concrete action steps for agents to address children’s lack of health insurance.
How Insurance Agents Can Help?
While insurance agents can’t necessarily reform the insurance system, there are ways agents can help ensure their clients (and their clients’ children) have access to the health insurance they need to mitigate the concerning trend of inadequate health insurance for children.
- Check in on your clients. A quick call or personalized email goes a long way towards ensuring your clients feel supported in their insurance needs. Make it easy to contact you for questions about their insurance policy.
- Remind about open enrollment. Open enrollment is the best time to re-evaluate insurance policies and change coverage if needed. Make sure you remind your clients about open enrollment deadlines annually and make yourself available in case they need help.
- Flag special enrollment periods. If you notice your client has had a qualifying life event like a marriage, new birth, or divorce, make sure they’re aware that it qualifies them for a special enrollment period for health insurance so they can update their coverage if needed (this is another reason why regular check-in calls with clients are so important—more tips here).
- Sign up for Agent MarketPlace.As an informed agent, you have the power to help more clients get the health insurance they need for their families. But to do that, you need to be connected with people that are looking for insurance. Agent MarketPlace connects you with high quality leads that are shopping for insurance now, so that you can reach even more people.
Adequate health insurance for children is a must. Insurance agents are in a unique position to help and start reversing this concerning trend in the U.S.
A Lack of Health Insurance Coverage for Children: Key Takeaways for Agents
The growing trend of too many children without adequate health insurance is cause for concern, but there are steps we can take to reverse it. Insurance agents should function less as order-takers, and more as consultants to help their clients find and maintain the right health insurance for them. Supporting your clients through their changing insurance needs not only helps fight the lack of adequate health insurance for children but also helps secure your clients for life.
And of course, you can’t do more good without the leads to increase your reach. Sign up for ConsumerCoverage Agent MarketPlace today and get started.