Don't Coast Through This Fourth Quarter
This fourth quarter has been like no other. Finally, health insurance renewals aren’t coming in with double-digit rate increases as they have in recent years. For once, you don’t have to tell your clients that their premiums will be going up by 20%-30% next year. It’s a sigh of relief, but that doesn’t mean you should just coast through the fourth quarter. We’ve got 3 tips to make this year one of your best years yet.
1. Cross-Sell Ancillary Products
Some of your groups will elect to renew their coverage as-is for 2019 due to a great renewal, and that’s perfectly okay. However, we would caution you not to simply renew coverage for the group and move on. This is a great opportunity to cross-sell ancillary product lines and increase your revenue stream.
Many businesses budget for annual health insurance rate increases. This may be the year your clients consider enhancing their benefit offering because of great renewal. There are also several voluntary options that require no employer contribution. Flex has a great portfolio of group ancillary products available through MetLife and other carriers.
2. Consider Level-Funded Plans
Even though several groups are seeing flat renewals or modest rate increases, there is still a significant opportunity to decrease their premiums and to decrease those premiums substantially. The Aetnaplans are coming in with some very competitive rates. These are underwritten plans with average savings of 20% compared to your typical ACA plans for eligible groups.
Commissions are high, networks are phenomenal and plan designs are great. We think this is a must-have conversation, not just for the benefit of your client, but also to make sure a competitor doesn’t get their foot in the door and make your client aware of these plans first. Trust us, this is happening all the time, and Flex can help you get up to speed on the Aetna AFA plans.
3. Don't Forget About Consumer-Driven Health Plans
“We’ve always done it this way” is a phrase we hear a lot in the benefits industry. That’s not always bad, but it’s not always good either. Flex suggests doing it the same way but with a twist this year. Talk to your clients about consumer-driven health plans (FSAs, HRAs and HSAs). These plans provide tax savings to employers and employees and make it easier for employees to pay for out-of-pocket medical expenses. Considering the stress and craziness that the fourth quarter has brought in recent years, it’s tempting to want to coast through this open enrollment, but that might not be the best course of action. Flex knows there is still a lot of opportunities out there for brokers, and we want to help you make the most out of this open enrollment.