2013 delivered higher than a New Year to the Insurance and Benefits Industries. PPACA/Obamacare begun to activate and HHS began rolling-out guidelines and regulations almost each day.
Business insurance brokers cairns Creating Issues - Brokers, as well as Carriers and Service Providers, face a slew of disruptive changes and new issues, included in this are:
Timelines for Implementation
A New Vocabulary of Terms
The Need for Strategies and Solutions for Assisting Clients and Potential Clients using Concerns, Questions, and Demands
Reduced or Disappearing Commissions from Health Plans because of MLRs and Market Forces Creates the Need for New Revenue Streams
A New Vocabulary of Terms
The Need for Strategies and Solutions for Assisting Clients and Potential Clients using Concerns, Questions, and Demands
Reduced or Disappearing Commissions from Health Plans because of MLRs and Market Forces Creates the Need for New Revenue Streams
If the above mentioned wasn't enough, economic uncertainties have placed budgetary constraints on both parties - Brokers, Carriers, Service Providers, Employers, Employees, and Individuals. In addition, Brokers face increased demands for his or her some time to expertise with reduced support from Carriers/Providers.
Let's take a look at these changes and also the issues:
1) Timelines for Implementation - While a number of groups have formulated timelines for that implementation of PPACA/Obamacare, we recommend beginning with the Federal Government's Timeline.
2) A New Vocabulary of Terms - We have isolated the following terms that are either reasonably new or that Brokers should review - There are probably many more! (Searching Google will provide multiple definitions and descriptions).
Adjusted Community Ratings - PPACA
Administrative Simplification Regulations
Cadillac Plans
CDHPs
CHIP Plans
Co-Ops - PPACA Related
Deductible Limits - PPACA Related
Dental Insurance Maximums under PPACA
Early Retiree Reinsurance Program
EHBs - Essential Health Benefits
Enrollment Waiting Period - Under PPACA
Excise Taxes - For Cadillac Plans
Federal Exchanges - Health Insurance
FFE - Federally Facilitated Exchanges
Free Choice Vouchers - Under PPACA
FSA Limits - Under PPACA
Grandfathered Plans - uunder PPACA
Guaranteed Issue - Under PPACA
HDHPs - High Deductible Health Plans
HHS - Health and Human Services
HRAs - Health Reimbursement Accounts
HSAs - Health Savings Accounts
Individual Mandates - Under PPACA
Interstate Insurance Compacts
Life Time Limits - PPACA Related
MLR - Medical Loss Ratios
Multi-State Plans - PPACA Related
NAIC - National Association of Insurance Commissioners
Navigators - Exchange Related
OPM - Office of Personnel Management
Out-of-Pocket Expenses - Rescissions
Penalties - Under PPACA
PPACA/ACA/Obamacare
Pre-Existing Conditions - Under PPACA
Preventive Care (A&B) - Under PPACA
Private Exchanges - Health Insurance
QHPs - Qualified Health Plans
QHIPs - Qualified Individual Health Plans
Risk Corridors - Related to PPACA
SBC - Summary of Benefits and Coverage
Section 125 from the IRSC
Section 105 with the IRSC
Shared Responsibility - PPACA Related
Section 105(b) in the IRSC
SHOP Plans
SPDs - Summary Plan Descriptions
State Exchanges - Health Insurance Subsidies
Tax Credits - For Providing Health Insurance
Tax Subsidies - For Health Insurance
Uniform Glossary of Coverage
Variable Hour and Seasonal Employees
Waiver Process - Under PPACA
3) The Need for Strategies and Solutions for Assisting Clients and Potential Clients making use of their Concerns, Questions and Demands - We suggest you will find 5 Profitable Strategies and Solutions that Brokers can implement with existing Clients and utilize to attract New Clients. Business insurance cairns is important to emphasize that this is the time for Brokers to achieve out to Employers, Employees, and Individuals like a Trusted Advisor. It is essential to speak to decision-makers who are confused and need help. Schedule meetings - to inform to never sell -using a combination of traditional Outbound and New Inbound Strategies. This is the time to become pro-active!
4) Brokers face Reduced or Disappearing Commissions from Health Plans on account of MLRs and Market Forces - While Carriers with the Health Plans have slashed the commissions, this can be only one revenue stream for Brokers offering Benefits and Insurance. Brokers should continue being, or become, the Trusted Advisor to the Employer's, Employee's and Individual's health care insurance coverage. At the same time, the Broker has to start introducing the very idea of Fee Based compensation for their advising services. Most Employers don't know that Brokers shall no longer be being adequately compensated by the Carriers because of their services. Employers are accustomed to spending money on advice, ie. accounting, legal, risk management, etc. Brokers should also be the Menu Builder for that Voluntary/Worksite and Ancillary Benefit Plans. As Employees and Individuals participate in these plans and services (penetration), the commissions can be very profitable and an important piece towards the Broker's Strategies for Success. The renewals generated from Employees and Individuals remaining for the Voluntary/Worksite Plans - year-after-year (persistency) - provides the Broker income needed for maintaining ongoing Service.
Conclusion - In many ways 2013 and Beyond is a great time to be a Broker - in addition to to become a Carrier or Service Provider! Brokers should embrace the disruptive changes and capitalize about the opportunities. PPACA/Obamacare just isn't going away! There is Business insurance brokers cairns to learn and conform to as guidelines and regulations roll-out. The massive changes on the traditional marketplaces have leveled the playing fields. There are no experts at managing PPACA/Obamacare. No one has a lot of experience. There are Individuals and Organizations who're checking up on the principles and regulations as they roll-out and which can be creating profitable strategies and solutions. This is a great time to Partner and Affiliate with Organizations to both gain expertise also to diversification.
Let's take a look at these changes and also the issues:
1) Timelines for Implementation - While a number of groups have formulated timelines for that implementation of PPACA/Obamacare, we recommend beginning with the Federal Government's Timeline.
2) A New Vocabulary of Terms - We have isolated the following terms that are either reasonably new or that Brokers should review - There are probably many more! (Searching Google will provide multiple definitions and descriptions).
Adjusted Community Ratings - PPACA
Administrative Simplification Regulations
Cadillac Plans
CDHPs
CHIP Plans
Co-Ops - PPACA Related
Deductible Limits - PPACA Related
Dental Insurance Maximums under PPACA
Early Retiree Reinsurance Program
EHBs - Essential Health Benefits
Enrollment Waiting Period - Under PPACA
Excise Taxes - For Cadillac Plans
Federal Exchanges - Health Insurance
FFE - Federally Facilitated Exchanges
Free Choice Vouchers - Under PPACA
FSA Limits - Under PPACA
Grandfathered Plans - uunder PPACA
Guaranteed Issue - Under PPACA
HDHPs - High Deductible Health Plans
HHS - Health and Human Services
HRAs - Health Reimbursement Accounts
HSAs - Health Savings Accounts
Individual Mandates - Under PPACA
Interstate Insurance Compacts
Life Time Limits - PPACA Related
MLR - Medical Loss Ratios
Multi-State Plans - PPACA Related
NAIC - National Association of Insurance Commissioners
Navigators - Exchange Related
OPM - Office of Personnel Management
Out-of-Pocket Expenses - Rescissions
Penalties - Under PPACA
PPACA/ACA/Obamacare
Pre-Existing Conditions - Under PPACA
Preventive Care (A&B) - Under PPACA
Private Exchanges - Health Insurance
QHPs - Qualified Health Plans
QHIPs - Qualified Individual Health Plans
Risk Corridors - Related to PPACA
SBC - Summary of Benefits and Coverage
Section 125 from the IRSC
Section 105 with the IRSC
Shared Responsibility - PPACA Related
Section 105(b) in the IRSC
SHOP Plans
SPDs - Summary Plan Descriptions
State Exchanges - Health Insurance Subsidies
Tax Credits - For Providing Health Insurance
Tax Subsidies - For Health Insurance
Uniform Glossary of Coverage
Variable Hour and Seasonal Employees
Waiver Process - Under PPACA
3) The Need for Strategies and Solutions for Assisting Clients and Potential Clients making use of their Concerns, Questions and Demands - We suggest you will find 5 Profitable Strategies and Solutions that Brokers can implement with existing Clients and utilize to attract New Clients. Business insurance cairns is important to emphasize that this is the time for Brokers to achieve out to Employers, Employees, and Individuals like a Trusted Advisor. It is essential to speak to decision-makers who are confused and need help. Schedule meetings - to inform to never sell -using a combination of traditional Outbound and New Inbound Strategies. This is the time to become pro-active!
4) Brokers face Reduced or Disappearing Commissions from Health Plans on account of MLRs and Market Forces - While Carriers with the Health Plans have slashed the commissions, this can be only one revenue stream for Brokers offering Benefits and Insurance. Brokers should continue being, or become, the Trusted Advisor to the Employer's, Employee's and Individual's health care insurance coverage. At the same time, the Broker has to start introducing the very idea of Fee Based compensation for their advising services. Most Employers don't know that Brokers shall no longer be being adequately compensated by the Carriers because of their services. Employers are accustomed to spending money on advice, ie. accounting, legal, risk management, etc. Brokers should also be the Menu Builder for that Voluntary/Worksite and Ancillary Benefit Plans. As Employees and Individuals participate in these plans and services (penetration), the commissions can be very profitable and an important piece towards the Broker's Strategies for Success. The renewals generated from Employees and Individuals remaining for the Voluntary/Worksite Plans - year-after-year (persistency) - provides the Broker income needed for maintaining ongoing Service.
Conclusion - In many ways 2013 and Beyond is a great time to be a Broker - in addition to to become a Carrier or Service Provider! Brokers should embrace the disruptive changes and capitalize about the opportunities. PPACA/Obamacare just isn't going away! There is Business insurance brokers cairns to learn and conform to as guidelines and regulations roll-out. The massive changes on the traditional marketplaces have leveled the playing fields. There are no experts at managing PPACA/Obamacare. No one has a lot of experience. There are Individuals and Organizations who're checking up on the principles and regulations as they roll-out and which can be creating profitable strategies and solutions. This is a great time to Partner and Affiliate with Organizations to both gain expertise also to diversification.
