Report: Overhaul offers key insurer growth chance

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Associated Press

Posted on October 2, 2012 at 8:35 AM

Updated Tuesday, Oct 2 at 9:02 AM

INDIANAPOLIS (AP) — A new study says the health care overhaul is poised to pour billions of dollars into an insurance industry thirsty for customers.

The federal law aims to cover millions of uninsured people. It will take a major step toward that goal in 2014, when the government offers tax credits to help many Americans buy coverage through online exchanges. These exchanges will act as virtual marketplaces for customers to comparison shop for the right coverage.

Health care consultant PwC estimates that about 12 million people will find coverage on these exchanges in 2014 and pay a total of $55 billion in premiums, which is the cost of coverage. It says the premium total could rise to $205 billion by 2021.

Insurers have struggled to find new customers in a tough economy.

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