The Ledger
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Chris Ellis: Healthcare is shifting from defined benefit to defined contribution
“And so we're seeing signs that the same shift from defined benefit to defined contribution that we saw in retirement happening, happening here in, in healthcare.”
Ellis: ICHRA will be health insurance's primary growth tailwind for 10 years
“And there's only one pocket of growth that is small today, but is seeing triple-digit growth year over year. That could be that next big secular tailwind for the next 10 years.”
Ellis: One in six Americans stays in a job to keep healthcare
“You have this situation today where, you know, one out of six Americans actually stays In a job they would otherwise leave for fear of losing their health care coverage.”
Ellis: ICHRA is here to stay despite potential regulatory shifts
“Like I think IPRA is here to stay, but there are certainly things that you know, are coming that could affect could affect the business model and the market overall.”
Ellis: Enhanced IRA subsidies grew individual health market from 11M to 21M
“The government created these enhanced subsidies for the individual market that allowed individuals to take advantage of more and more government help to purchase individual plans, and this had the effect of both increasing the total participation from around 1…”
Ellis: On-exchange and off-exchange health markets may soon decouple
“And so we may see a decoupling of the on exchange and the off exchange markets quite soon.”
Ellis: Expanding individual health rails will make launching insurance startups easier
“When you play this forward, you know, 10, 2030 years, one of the things that gets us really excited is this idea That it will be a lot easier to start a health insurance company and to create a competitive product.”
Ellis: All major employer health insurers predated the internet
“All of the major employer sponsored health plans Blue Cross, United, Cigna, Aetna, they were all founded before the internet and there has been no new companies formed in decades.”
Ellis: Employer health insurance market exceeds Medicare and ACA combined
“The employer market is larger than Medicare. It's larger than ACA combined. It's just the biggest market.”
Ellis: Treasury underestimated 10-year HSA adoption despite missing 4-year targets
“So the Department of the Treasury oversaw the implementation of HSAs, and I remember asking him four years in, okay, you had your government projections, like, how, how were they? Were they overestimates or underestimates? And he told me, oh yeah, we way overe…”
Ellis: Annual open enrollment cycles slow early adoption of new healthcare benefits
“And that because the buying cycle for these types of products is very annual around open enrollment. For that reason, it can really take multiple cycles before you start to hit that Kind of minimum viable level of adoption and awareness.”
Ellis: Carriers launching insurance plans designed specifically for ICHRA
“Many of them for this coming year and the next year are already launching plans really only focused for the ECRO market.”
Ellis: US employer healthcare system resulted from WWII wage freezes
“So, in 1929, we had our first employer-sponsored health plans with Blue Cross, and people forget. The first 10 years of it was like a super niche product that nobody used, and it wasn't actually until World War II, where you had a lot of the labor market going…”