Not everyone likes surprises. And not all surprises are good. Take surprise medical bills, for instance—it seems that nobody is happy to receive one of those in the mail. Unfortunately, they’re more and more common these days, and that means you should prepare your clients in case they receive a surprise bill following a medical procedure.
From our conversations with agents and brokers across the country, we’ve found that most insurance professionals are big fans of Health Savings Accounts. They understand that an HSA is a great way for people to take control of their healthcare and ensure that they have the funds available for any medical needs that may arise in the future. They also believe that overpaying for insurance is often a mistake and it can be a better solution for some individuals to purchase less coverage and deposit the premium savings into a tax-advantaged account like an HSA.
Those same agents and brokers, though, report that many of their clients don’t understand Health Savings Accounts and would prefer a plan with up-front copayments for doctor visits and prescriptions. It’s strange, isn’t it, that agents sometimes have trouble selling their clients on a solution that they’ve chosen for their own families?
If you sell Medicare supplements, you may have heard that Medigap plans C and F are being eliminated in 2020. Since that’s just over a year away, and because Medigap Plan F is the most popular Medicare supplement plan, you’ll probably start getting some questions from your Medicare-eligible (and near-eligible) clients. Here are a few short-and-sweet answers to some of the more common questions.
The 2018 mid-term election is over, and, as many expected, Democrats regained control of the House of Representatives. The incumbent party normally loses seats in the mid-terms, making the last two years of a President’s four-year term a bit more challenging than the first two. For the first time in the Trump presidency, there will be a divided congress. This means one of two things: 1) the two sides will work together and pass legislation on a bi-partisan basis, or 2) very little will get done from a legislative standpoint. Most are putting their money on the second option—there doesn’t seem to be much appetite for compromise inside the Beltway right now.
These days, employee communication is more important than ever. Obviously, the government requires that certain information be communicated and notices be provided to employees, but, even without that requirement, it’s critically important that employees understand their benefits. If they don’t, they won’t appreciate them, and the employer will not get the return on investment he or she was hoping for by offering benefits in the first place.
Put another way, companies offer health insurance and other employee benefits to attract and retain quality employees, but if the employees do not understand and appreciate their benefits, the company is just throwing its money away.
Every agent likes getting referrals. They’re easier to sell—and certainly less expensive—than leads you buy online, and talking to someone who actually wants to talk to you is far more enjoyable than cold calling.
That said, it’s even better to talk with prospects who aren’t just interested in talking with you but who are actually ready to sign up for coverage. Sure, you’ll still need to review their options and make sure they understand the benefits and limitations of the plan, but the sales call is much different when the client is ready to buy.
So how do you find these sorts of prospects, ones who are not just willing but actually eager to visit with you? The answer is, you don’t. Instead, you let your current clients find them and have the initial discussion with them. In order to do that, you have to make sure your clients are informed enough to explain the product offering accurately and in a way that makes sense.
As premiums continue to increase, more and more people are purchasing plans with higher deductibles and no up-front copayments. Most of these plans are HSA-compatible, so we thought it might be fun to test your HSA knowledge. Below are five questions that you could get from clients relating to Health Savings Accounts. See how you do.
Some larger firms that focus primarily on employee benefits will only work with clients that meet a minimum group size or annual revenue amount. Other brokers will spend hours with an individual client knowing that the commission they’ll receive will never fully compensate them for their time. Most brokers are somewhere in-between—they’ll accept most customers who want to do business with them, but they try to make a profit off every client.
With that in mind, one question that’s probably worth asking is how much a client is actually worth. Of course, the answer will be different for every single one of your clients, but if you’re trying to do the calculations here are a few items that are worth considering. Some of these factors are easier to put actual numbers to than others.
A couple of months ago, we posted three “done for you” letters that you could copy and paste into an email to your small group, individual, and Medicare clients. Here’s another “done for you” email that you can send to your individual clients and prospects to let them know about three important changes for 2019.
Subject Line: Three important updates about your health insurance coverage
Hi! As we enter the annual open enrollment period in the individual market, I wanted to send you a quick email to let you know about three big changes that could impact your health insurance coverage. Over the next few weeks, I’ll be in touch so we can review your renewal offer, discuss your specific options, and determine what’s best for you and your family. In the meantime, please let me know if you have any questions about the below changes or anything else.
Prescriptions costs are skyrocketing. We all know that. But did you know that there are several ways for employees and individuals to save money on their monthly medications? Here are a few ideas that are worth sharing with your clients.