The Evolution of Individual Health Plans: Insights for Brokers

In this episode of the ICHRA Exclusive podcast, we welcome back Justin Clements, Co-founder of Remodel Health and Chief ICHRA Officer, for a nuanced discussion tailored for insurance brokers. Justin offers a detailed comparison between pre-ACA individual plans and the current Marketplace options, emphasizing the significant advancements and the inclusion of essential health benefits. He addresses common misconceptions and outlines the differences between plan types, such as PPO and local plans, the positive consumer impacts on plan designs and prices, along with the implications of community rating and the law of large numbers. The conversation also highlights the substantial growth in the individual market, from 16.4 million enrollees in 2023 to 20.4 million in 2024, projecting a positive trend for the future. Wrapping up, Justin discusses the role of government interventions using tax credits across the board to help Americans and drills down the Advanced Premium Tax Credits and their influence on market stability, providing key takeaways for brokers navigating this evolving landscape.