1st Quarter of 2009 Was My Worst

[wislndixie]

One thing we've done for 3 of our clients that were ready to drop their coverage was to offer a group "limited medical". So far it has worked Ok. We did spend alot of time making sure that employees understood that this was not "major medical" and was limited benefit only. We also had them sign an acknowlegment that they were now in a limited medical program. The premiums were low enough that the employer still paid part of the premium. We've also had a couple of groups switch to a higher deductible and out of pocket and the employer fund the difference through a 125 plan when and if an employee exceeds the old deductible and OOP..Just a couple of ideas. Additionally, we've switched to offering and administering self-funded dental plans. These are working terrific and saving employers and employees money.

 

[stuy119]

Interesting. I've been going gangbusters.

It seems that brokers are so well established here in IL that they never understood the concept of helping the customer by introducing them to HSA plans and educating them on a way to offer an annual savings.

I've added 10 new cases in Q1, and haven't lost a customer to economic conditions (other than a 3-life case).

 

[rsli-moses]

One thing we've done for 3 of our clients that were ready to drop their coverage was to offer a group "limited medical". So far it has worked Ok. We did spend alot of time making sure that employees understood that this was not "major medical" and was limited benefit only. We also had them sign an acknowlegment that they were now in a limited medical program. The premiums were low enough that the employer still paid part of the premium. We've also had a couple of groups switch to a higher deductible and out of pocket and the employer fund the difference through a 125 plan when and if an employee exceeds the old deductible and OOP..Just a couple of ideas. Additionally, we've switched to offering and administering self-funded dental plans. These are working terrific and saving employers and employees money.

As you know Reliance Standard focuses on group life, disability, dental and vision. But we jumped into the Limited Medical market four years ago, and it has been growing at a significant rate.

Aetna, Cigna have acquired smaller companies that focused on Limited Medical as well and if you check job postings they are growing those departments.

I get a 50/50 response to it when talking to brokers about it. But I have had two that talked negatively about it just call me this past month trying to just fill an order from a client for a plan.

Very viable alternative, not a great solution by any means. But something you should have in your arsenal.

 

[ABC]

Interesting. I've been going gangbusters.

It seems that brokers are so well established here in IL that they never understood the concept of helping the customer by introducing them to HSA plans and educating them on a way to offer an annual savings.

I've added 10 new cases in Q1, and haven't lost a customer to economic conditions (other than a 3-life case).

How are you getting into the door?

 

[stuy119]

How are you getting into the door?

Networking with my existing book of business to target business owners they know within their immediate area or within their field.

Also, networking through referral groups is a must. Focus on how many referrals you give, and you'll get referrals back in kind.

Partnering with ERISA lawyers for seminars is a great way to draw people in. Banks love it when you can do a seminar for their current business clients about the insurance part of an HSA.

Just a few ideas to throw out there ...

 

[ABC]

Networking with my existing book of business to target business owners they know within their immediate area or within their field.

Also, networking through referral groups is a must. Focus on how many referrals you give, and you'll get referrals back in kind.

Partnering with ERISA lawyers for seminars is a great way to draw people in. Banks love it when you can do a seminar for their current business clients about the insurance part of an HSA.

Just a few ideas to throw out there ...

Those are all good ideas that I need to work on.

I have looked into referral networks and I am always giving more than I am getting out. I end throwing out leads only to receive a a couple individual or 3 life group sales.