“With the turmoil in the job market created by COVID, more people are eligible to apply by the loss of employer-based insurance coverage. Working with an experienced agent does not change the cost of the insurance plan but can help make sure that they are getting the most subsidy possible.”
CUYAHOGA FALLS, Ohio (PRWEB) June 23, 2020
My1HR, a cloud-based Web-Broker Platform that allows insurance advisors to quote and enroll individuals and families in Affordable Care Act (ACA) plans on the Federally Facilitated Marketplace, announced a 38% growth in enrollments from April 1, 2020 – June 12, 2020, compared to the same period in 2019.
“The findings are not surprising” said Dave Keller, President of My1HR. “With the turmoil in the job market created by COVID more people are eligible to apply during Special Enrollment Periods caused by the loss of employer-based insurance coverage.”
Enrollees on the platform who are paying less than $1 per month for their coverage also grew to 54% of all enrollees in 2020 as compared to 43% in 2019, something Keller attributed to the platform’s reliance on brokers who can help consumers navigate the rules surrounding premium subsidies.
“The subsidy calculation has always been somewhat difficult to understand” said Keller, “but it is especially complicated when one or more members of the family are unemployed or have had their work hours cut. Working with an experienced agent does not change the cost of the insurance plan but can help a person make sure that they are getting the most subsidy possible, saving thousands of dollars in the process.”
For more information on My1HR, please visit https://www.my1hr.com or contact Dave Keller at Dave.Keller@ihcgroup.com.
My1HR, Inc., is an Ohio corporation, specializing in designing software solutions for insurance carriers and brokers. The INSX Cloud Platform, its wholly owned Web-Based Entity, features broker and consumer direct enrollment, off-exchange enrollment, 834 processing, and 820 payment processing.
About The IHC Group
Independence Holding Company (NYSE: IHC), formed in 1980, is a holding company that is principally engaged in underwriting, administering and/or distributing group and individual specialty benefit products, including Medicare Supplement, disability, supplemental health, pet, and group life insurance through its subsidiaries (Independence Holding Company and its subsidiaries collectively referred to as “The IHC Group”). The IHC Group consists of three insurance companies (Standard Security Life Insurance Company of New York, Madison National Life Insurance Company, Inc. and Independence American Insurance Company). We also own the following agencies: (i) PetPartners Inc., our pet insurance administrator; (ii) IHC Specialty Benefits, Inc., a technology-driven full-service marketing and distribution company that focuses on small employer and individual consumer products through its call center, career agents, and Independence Brokerage Group; and (iii) The INSX Cloud Platform through My1HR, our wholly owned Web Based Entity. Our InsureTech division is comprised of our call centers, field and career agents, in-house MarTech artificial intelligence capabilities and domains, including http://www.healthedeals.com; http://www.healthinsurance.org; http://www.medicareresources.org; http://www.petplace.com; and http://www.mypetinsurance.com.