The following article by Jo Ann Vernon first appeared in the May 2017 edition of "California Broker Magazine." Jo Ann serves as freshbenies Broker Sales Executive to the West.
How many of your clients are considering self-insurance? It’s gaining popularity among a wider variety of employers – even around the Pacific and Mountain time zones where groups have been slower to adopt self-funded options.
Can I tell you a quick story? You’ve probably heard something similar…and with the trend toward shrinking formularies, you’ll likely hear it more.
Have you ever missed an opportunity and kicked yourself for not seeing it or doing it? There’s “seeing” an opportunity and then there’s “doing” something about it. Further, there’s “doing” it right. Just because you’re aware of an opportunity, doesn’t mean you actually took action - and just because you took action, doesn’t mean it was the right action.
Last week was our company’s anniversary. 7 years ago I woke up, opened my computer, took out my phone and started calling brokers to tell our story of how we could help Americans save on their healthcare.
Have you noticed the amount of new services in the benefits industry? To name a few: identity theft protection, telehealth, doctors online, advocacy, pet care insurance, savings networks, legal plans, cancer/critical illness/accident insurances, international medical and the list goes on.
While these can bring added complication to a sales or planning conversation, there’s a lot of opportunity to not only help your client, but also your paycheck.
The need for telehealth is obvious these days. However, with more and more of the benefits budget being used up by the medical plan, many turn to voluntary offerings. A voluntary strategy allows the employee to purchase services they feel suit them best, and this is usually a good approach.
Benjamin Franklin said, “When you’re finished changing, you’re finished.” Almost 250 years later, Ben’s quote is truer than ever. What I mean is, your willingness and ability to keep changing is your market advantage. As I keep a close eye on the horizon for hints at where employee benefit trends are headed, I’ve been drawn to two recent pieces:
Can we just admit it? Healthcare and insurance are confusing! I was a broker for over three years, and I still couldn’t parse a medical bill to save my life. As an Employee Benefits Consultant, no one knows your groups better than you. But, if an advocacy program can help take some of the load off your desk by answering many of those employee questions during fourth quarter, wouldn’t that be nice for your groups' HR teams, employees AND you?
