Broker Insight: Insider Tips to Boost Your Business

Here are some valuable insider tips to help you boost your business amid the healthcare premium surge happening in 2024.

 

1. Enhance client communication

Clear, proactive communication is crucial. Keep your clients informed about why premiums are increasing and what steps they can take to mitigate the impact. Although a bit of a heavy lift initially, regular newsletters, webinars, and one-on-one consultations can help build trust and demonstrate your commitment to your customers’ financial well-being.

Case in point: Brokers who regularly update clients on legislative changes and offer quarterly webinars on cost-saving strategies can position themselves as valuable resources and trusted advisors.

 

2. Promote preventive care

Preventive care is key to reducing overall healthcare costs. Encourage your clients to take advantage of preventive services covered by their plans, such as annual checkups, vaccinations, and screenings. Highlighting these benefits can help clients understand the value in their health insurance beyond just coverage for unexpected illnesses or injuries.

 

3. Optimize plan design

Work with clients to optimize their health plan design. It might involve exploring high-deductible health plans (HDHPs) paired with HSAs, which offer tax advantages and can lower premiums, or recommending plans with robust wellness programs that incentivize healthy behaviors.

In 2024, several large employers have successfully reduced costs by shifting to HDHPs and offering substantial HSA contributions as an incentive. Sharing these success stories can help clients feel more confident in making similar changes.

 

4. Stay ahead of regulatory changes

The healthcare market is heavily influenced by regulatory changes. Stay informed about new laws and regulations that could impact premiums and plan offerings. This insight better positions you to anticipate changes and advise clients accordingly.

For example, recent updates to the Affordable Care Act (ACA) have introduced new subsidies for low-income families. Brokers who stay informed can help eligible clients take advantage of these subsidies, potentially offsetting the impact of rising premiums.

 

5. Focus on employee education

Educate your clients’ employees about their health plan options and how to use them effectively. Offer workshops, create easy-to-understand materials, and provide one-on-one consultations during open enrollment periods. Well-informed employees are more likely to make cost-effective healthcare decisions, which can lead to lower overall costs for employers.

 

6. Use technology to your advantage

Technology can streamline operations and enhance client interactions. Invest in customer relationship management (CRM) software to track client interactions and preferences. Digital tools can simplify processes for clients, such as providing easy access to policy information, enabling online claim submissions, and offering virtual consultations.

 

The 2024 health insurance premium surge presents both challenges and opportunities for brokers. By enhancing client communication, promoting preventive care, optimizing plan design, staying ahead of regulatory changes, focusing on employee education, and incorporating technology, brokers can make the most of these complex circumstances and boost their business.

To learn more about how you can adapt to the changing health insurance market, visit our website and discover the resources and tools we offer to support your success.