In an era where one-size-fits-all dominate the health insurance market (even though we all know one size so evidently does not fit all), it’s clear that to have a successful benefits structure, you’ve got to break out of that mold.
Pull Ahead of the Fleet
With unemployment rates down, job opportunities booming, turnover rates rising and healthcare costs building relentlessly, sometimes the only way to enact real change is to deliberately rock the boat.
This is a time when you can pull ahead of your competition by becoming a forward thinker. Instead of following the mainstream, go with a bold approach that will disrupt the typical pattern and instead ignite real change to a company’s strategy for recruitment, retention, cost savings and employee health.
How do you do that?
Employers have likely been given the rundown on the basic health plans that your average broker has in his or her portfolio. Those employers who are looking for significant change aren’t going to want to hear the same spiel they’ve heard before. They want different, compelling options that sit outside the status quo. They want thoughtful solutions to their problems.
Expense reimbursed insured plans are a great example. These are supplemental plans that have a lot more flexibility than what you may think a supplemental plan can do. Designed specifically to fill gaps in coverage, they are layered on top of the primary plan to provide additional value. They can cover anything from deductibles and coinsurance to LASIK and brand name prescriptions. Plus, they have the ability to be carved out by employee class. Talk about bold benefits.
This is where your expertise really comes into play. You’ve got to give your clients a reason to come to you rather than another broker. It’s all about differentiation.
One important strategic point that many brokers forget is to introduce supplemental plans at the same time as the primary plan. That way, you can work with clients to figure out the best structure. For example, you can help employers cut costs on the primary plans and used those freed up funds to put towards an expense reimbursed insured plan for a specific employee class that may be difficult to recruit or retain.
Each company’s optimal benefits structure will be different based on their needs and budget. What will give you an edge is being able to construct a plan that will work for them outside of the one-size-fits-all mentality.
Time for a Change
Remember, most brokers are aware of the one-size-fits-all market, but it takes a little extra oomph to be able to break out of it and create change for your clients. Introducing benefits with a new twist is a positive for both your career and your clients.