With open enrollment in 2015 less than a month away brokers are one of the busiest times of the year for the individual health insurance before. While most brokers focus, not to sell to individuals and families in the sale, many of them are taking advantage of during this time for small businesses.
Small businesses are canceling because of the cost of health insurance group, the participation requirements or cheaper options in each market. These small businesses are looking for more affordable ways to offer health benefits, and they turn to the insurance broker for alternatives.
The emerging solution? Many small employers drop group health insurance to their employees to help pay for individual health insurance. This article describes four practical ways individual health insurance can help broker their business with employer-sponsored individual health insurance to expand.
How does it work?
With employer-sponsored individual health insurance, the employer sets up a premium refund plan to employees for individual health insurance premiums to be reimbursed.
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Brokers Partner with Premium Refund software vendor customers an easy, online, and compatible refund offer solution.
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premium use employer reimbursement software to plan to enroll participants and record set reimbursement refunds.
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employees receive a monthly health allowance to buy individual health insurance through their broker and refund requests through the online premium refund software.
1 submit. Increase individual health insurance policy sales
With employer-sponsored individual health insurance brokers be a consultant for individual health insurance. Employees have a budget for health insurance, and brokers to help employees get the best health insurance for their family. If the company has recently lifted group health insurance, all employees are entitled to outside the annual Open Enrollment period to purchase individual health insurance. As a result, employer-paid individual health insurance is a lead-generation tool for individual health insurance sales.
2. Earn Besides commissions from policy sales, insurance brokers typically earn a one-time and ongoing commissions from premiums reimbursement recommendations. Commissions on premium refund recommendations
A premium refund software provider should provide some compensation for the employer client referrals, and for brokers colleagues references (sub-agents).
3. Visit an untapped market
more than 2.3 million US small businesses have to offer any health insurance. However, most of these companies want to offer health insurance to recruit and retain key employees. Presented with the right solution, this market has enormous purchasing power. Employer-sponsored individual health insurance is the right solution for this untapped market, because employers can not:
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Ask any amount help
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control their budgets define 100%
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, which employees are entitled, and offer several advantages for different classes of employees
4. Retain clients cancel funded group health insurance
employer individual health insurance broker helps retain customers who are health insurance because of the cost group canceling, conditions of participation or affordable options in each market. Employer-sponsored individual health insurance is an ideal solution for these customers because .:
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The employer may terminate group health insurance at any time during the year, and a premium set repayment plan
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If the employer cancels its group policy, all employees are entitled to a special enrollment period (so they can buy outside the annual open enrollment period individual coverage).
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This makes employer-paid individual health insurance an excellent way in and out of the annual admission of members.
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