Is a public plan really going to put everyone out of business? There's a government retirement plan, and there's plenty of people in the private retirement business. Lots of advisers, too.
There are plenty of public health plans, as well. There are big national ones for the old and the poor, as well as little ones for the very sick in many states. They're not perfect, but they're not the worst either, as far as I know. It's a little bit of both, I guess.
Still, I'm surprised advisers are coming out against anything — public plan option included — at this point. Do they really have that luxury? Coming out against what many think is the solution puts them in a bad light. They say they're against it because it would be bad for America, but the perception is that they're just afraid of losing business. They need to bet on the horse that's going to win, which at this point means spreading the chips around. Put money on black and red. Sure red, a good public plan, will eat adviser's health care business and eat a lot of it by some estimates. Fine, there is life after health care for many benefit brokers. Not for you? Well, then you may have put off the proactive business diversification that many of your colleagues have pursued for years. These advisers do other things than talk about group health commissions. They make money off of other products, other services. As much money? No. As easy money? No. The game gets a bit harder. Advisers struggle a bit, find new opportunities to serve their clients. Many are up to that challenge.
If advisers are truly committed to a healthy and productive workforce, then whatever the consensus approach to health care reform is, they need to be for that. They could play the role of the trusted adviser in the national health care debate. That's the role some play with their clients locally. Imagine if they were a trusted source of information on what works and doesn't work in a public plan? Imagine if some of the big multinational brokers stepped forward to discuss the business-level impact of public versus private health care. Where are workers more productive? Why?
Unfortunately, just like some in the industry are missing their local opportunity to be a trusted business adviser for their clients, the industry may be missing its opportunity to be a trusted adviser on the national discussion. Help yourself and your clients by being for a healthier and more productive worker, no matter how that result is achieved.
