This is the most important time for brokers to offer solutions for client needs, especially with health premiums on the rise again. Our clients are maintaining well and are seeking insurance professionals that have the facts on how to afford reasonable health insurance for their employees, the reason for this, employers can’t afford to spend anymore money on health insurance for there employees. In many instances, the employers’ budgets are exhausted. There are some solutions to the crisis with premiums that has helped the brokers in a great way.
As many brokers know, Gap Plans are used to describe many different types of plans. Unfortunately, this plan does not eliminate the excessive financial risk to the employees and does not promote excessive plan usage. If the health plan provider does not give the approval for services and /or procedures the gap plan will not pay. The Gap Plan does help with hospitalization and surgeries that has already been pre-approved by the health carrier, so you would not have to come up with the large out of pocket expenses.
Enrolling into higher deductible plans and adding the proper gap plans that talks about surgeries, hospitalization, emergency services, and MRIs can lead to saving substantial premium at renewal. Brokers are now educating clients on this process. Normally, clients have an annual savings of 6 to 12 percent and even higher.
For future purposes, especially with healthcare on the rise annually, Brokers need a long-term plan for how to maintain the increases for the employer. The work site market does have the answer, with brokers already using the cost saving strategy.
The high deductible health plan with a multi- product approach path is the key response. Packages that help enhance an employee’s core benefit package that include employer paid gap. Critical Illness, Accident Plans, these plans are available at competitor premiums and are able to be apart of the newly health premiums, while saving money for the employer each year. The benefits can also be census enrolled but only by the broker. Employees can receive more health coverage with employers paying less in the yearly premium, leading to a positive benefit offering for their employee’s.
If you are serious about this industry, you should be embraced with work-site products. This plan of action will allow the broker to offer a cost policy solution to there clients, with the right to register all of these products by census. Brokers can control and service all the benefits for their clients. Health brokers have ignored the work site market for a long time, but doing this has definitely put their business in jeopardy for competition.
