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Insured HRA Webinar Saves on Healthcare Costs
- 1. “INSURED” HRA WEBINAR TODAYS’ BEST HEALTH INSURANCE COST SAVING STRATEGY FULLY COMPLIANT WITH NATIONAL HEALTH REFORM 2012-1-3 PS-PP-DC For Agent Use Only
- 2. About Us WE HELP INSURANCE BROKERS prospect, sell and retain more business and make more money! WE “WHOLESALE” ONLY. 3 variations of medical “GAP” insurance. DICK WE ARE MARKETING EXPERTS. CHELTEN, 20+ years of successful Agency CLU, ChFC, building. RHU
- 3. We Are All Here Today Because… Rising health care costs Commission reduction/capitation/non commissionable HRAs PPACA becomes final in 2014 Every Agent is looking for new income strategies
- 4. How We Can Help “INSURED” HRA Supplemental Product Terrific alternative to traditional HRA “wraps” Fully Compliant with PPACA “INSURED” HRA PAYS LEVEL COMMISSIONS
- 5. How We Can Help “Unique Selling Proposition” Continued REDUCE HEALTH COSTS often as much as 10-20% COMPLYS WITH NATIONAL HEALTH REFORM MAINTAIN BENEFITS MAINTAIN CURRENT CARRIER Create custom plan without network change ELIMINATE EMPLOYER RISKS Level Premiums/Outcome are guaranteed CAN BE EXPLAINED IN 12 MINUTES OR LESS
- 6. How It Works 1. Raise current plan deductible 2. Add supplemental Insured HRA policy 3. Two Plans- Equivalent coverage for less cost
- 7. Health plans with $5,000+ in deductibles/coinsurances Health plans where single rate for HDHP is $100+ lower than current. Works best with fully insured plans.
- 8. Sample Case – Employment Services This sample case is for agent use only. This sample case is simply an illustration of how the Insured HRA concept can work. It is not intended to indicate rates or savings for other groups. Because there are many different plan designs, variations in claim risk, medical plans the rates and savings will vary by group. Contact your agent for a quote and savings illustration
- 9. Sample Case – Consultant Firm This sample case is for agent use only. This sample case is simply an illustration of how the Insured HRA concept can work. It is not intended to indicate rates or savings for other groups. Because there are many different plan designs, variations in claim risk, medical plans the rates and savings will vary by group. Contact your agent for a quote and savings illustration
- 10. Sample Case - Auto Dealership This sample case is for agent use only. This sample case is simply an illustration of how the Insured HRA concept can work. It is not intended to indicate rates or savings for other groups. Because there are many different plan designs, variations in claim risk, medical plans the rates and savings will vary by group. Contact your agent for a quote and savings illustration
- 11. Sample Case – Public School District This sample case is for agent use only. This sample case is simply an illustration of how the Insured HRA concept can work. It is not intended to indicate rates or savings for other groups. Because there are many different plan designs, variations in claim risk, medical plans the rates and savings will vary by group. Contact your agent for a quote and savings illustration
- 12. What’s not covered? “Professional” fees - doctor’s office visit Outpatient RX We don’t cap deductibles Not HSA compatible Insured HRA works with HDHPs providing Dr. Office and RX Copays
- 13. Suggested Prospects PUBLIC EMPLOYEES AUTO DEALERSHIPS Any 50 + Group From ANY CARRIER LAW FIRMS “CADILLAC” HEALTH PLANS
- 14. HOW TO GET AN INSURED HRA QUOTE visit: WWW.CHELTENBENEFITSGROUP.COM Please provide: Current plan rates and Benefits plan outline Renewal plan rates Alternate high deductible rates and benefits outline # of singles, couples, and families. NO AGE CENSUS REQUIRED! *sample quote request
- 15. SUMMARY BEFORE YOU IMPLEMENT A “TYPICAL” HRA, CONSIDER AN “INSURED” HRA: PPACA Compliant No Employer risk Level premiums PAYS COMMISSIONS Guarantees savings to the penny
- 16. LEARN ABOUT SMARTPHONE “APPS” AND INSURED HRA’S RFP@CHELTENBENEFITSGROUP.COM dick@cheltenbenefitsgroup.com Phone: 248-464-6544 Fax: 248-464-6543 WWW.CHELTENBENEFITSGROUP.COM
Hinweis der Redaktion
- Good afternoon ladies and gentlemenand thanks for attending todays webinar, designed to help brokers, just like you, prospect, sell and retain more long term clients .The purpose of todays’ webinar is to educate you on the ‘Insured” HRA, a new product many Brokers are calling the best they have ever sold. And, its fully compliant with National Health Reform.Most Brokers know the typical HRA strategy: raise your clients current health plan deductibles, which, in turn, lowers health insurance premiums. Next, have your clients pay for any Employee claims incurred within the new increased deductible. Hopefully, at the end of the day, your clients premium savings will exceed their claims payments. The typical HRA strategy makes Employers shoulder all claims risk while reducing insurance premiums mean reducing commissions for Brokers..something we Brokers never like.InsuredHRA’s, on the other hand, are a new strategy. But , as you will see, they are exactly what both Brokers and Employers have been looking for. They eliminate all Employer financial risks, they can guarantee savings down to the penny, they smooth out cash flow concerns,they pay Brokers full group-like commissions and trhey are fully compliant with national Health Reform. We think you are going to love this new product.We value your time so… let’s get started.
- My name is Dick Chelten, President of Chelten Benefits Group.We help brokers across the country prospect better, sell easier and retain more business than their competitors by using marketing strategies that actuallywork.We are product wholesalers only. We never retail. Our specialty is “3rd generation” Medical “gap” insurance. It’s the best tool we know of.. That creates significant dollar savings that can go directly to the client’s bottom line or to pay for new product offerings your client needs..like Long term care, for example. Finally, we aren’t home office “geeks” nor are we employed in the “Sales Prevention” Department. We are Agency Builders. We’ve already built and sold a multimillion dollar benefits agency offering creative products and unique services. We know what it is like to prospect, sell and retain business better than any Home Office representative ever will. Feel free to lean on us as your “back door marketing department. We believe you won’t find anyone better than us.
- So why are we here today?Simply, health insurance costs continue to rise, Insurance carriers continue to cut our pay, and the government continues efforts to put us out of business in 2014.Frankly, we are all searching for new income sources. increasing commissions based on health care inflation just doesn’t work anymore.
- We can help.today, we are discussing a new product, the Insured HRA. It’s a supplemental insurance plan that is both a great alternative to typical HRA plans and is also a great alternative to any lower deductible plan where the client needs to save premium costs-and really, now, who doesn’t need to save costs today?Unlike a typical HRA, our Insured HRA actually pays full group like commissions first year and renewal. And, again, this product complies with National Health Reform.
- Our unique selling proposition is that, unlike any agents your prospect or clients have ever spoken with, we can:Reduce health costs as much as 10-20%, maintain current benefits, usually maintain the current insurance carrier, eliminate all employer risks and we can explain the strategy in 12 minutes or less.If your prospect or client is actually listening, that’s a pretty impressive selling proposition.And given that everyone is interested in ideas that will work now and beyond 2014, this is a great strategy to discuss with everyone you meet.
- It’s as easy as 1-2-3.Raise your current deductible and coinsurance to 5k or moreAdd our supplemental Insured HRA policyYou now have 2 plans… with same benefits… for less dollars.
- At this point, let me assure you that the Insured HRA IS acceptable for use with most carriers today. If your carriers will co-exist with typical HRA’s or voluntary supplemental insurance plans, then they will have on problem with us. Feel free to contact us to discuss your local carriers requirements.The best car-ri-er designs we have seen recently are as follows:Health plans with doctors office visit copays and prescription drug copays.Health plans with $5,000 of deductible and or coinsuranceHealth plans where the monthly single rate is more than $100 less than your current single rate.While we do work with self funded plans, our sweet spot is in the fully insured arena where clients are looking to save premium dollars but want to avoid any risk.
- Let’s take a look at 4 recent cases where we employed the Insured HRA.Case #1 was a 91 person Employment services company. They offered their employees a $500 deductible 80/20 plan. Their current monthly premiums were just under $67,000.At renewal, their premiums increased to just under $71,000, a 6% increase. Normally, the agent might have just suggested the Employer paying the additional premium to keep the benefits the same. I mean, what else could you do other than increase employees contributions or deductibles?We recommended increasing the deductible to $5,000 with the same carrier. We inserted an Insured HRA product that covered everything within the new deductible so the employees still had a $500 deductible 80% like before.The result? We saved this employer $155,933.52- a savings of $1,713 for every employee on the plan. And we knew exactly what the savings would be UP FRONT. The Employer saved money without risk, the employees maintained their benefit levels and the Agent made commission on both the Major Medical and the Insured HRA.
- Case #2 was a computer consulting firm. I visited with the current agent and asked the employer”If you had had a 0% rate increase, instead of the 19% increase, would we even be meeting today?” the Employer client replied, “No, of course not. I have too many other issues on my plate”.We suggested an alternate health plan with $6,000 out of pocket , then implemented the Insured HRA so that employees would only see a $500 deductible and 20% coinsurance to another $1,500. Same plan as before, and we brought the Employer’s health costs to $17,279.28 LESS than they had been currently paying and $55,373.76 less than renewal. It was one of the shortest successful meetings I had ever been involved with.
- Case #3 is a real eye opener.We were invited to help a broker obtain a new client, a 200 person auto dealer group. Their rates had skyrocketed and were looking for an equivalent plan with lower costs. So, what else is new, right?We ran numerous proposals with various carriers and alternate strategies. Finally, Blue Cross won the business with their high deductible plan and our Insured HRA. The savings were staggering.I’m hoping for a discount on my next car purchase! Seriously, this auto dealership saves money, and the agent picks up a new client. It’s a win win situation.
- Case #4. Every Municipality and School district in the country today seems to be scrambling to balance their budgets. Here in Michigan, the State has passed a law capping rich benefit plans for municipal workers. In an effort to maintain the same benefits for school employees, we recommended increasing the plan deductible to $5,000, then filling in the new gap with the Insured HRA. As a side note, we can provide as rich a plan as a $250 deductible then 100% benefit level.Here, we did just that and saved $878,294.64! Now all that’s left to do is negotiate with the school union about the $250 deductible. We pointed out to all parties that even if we reimbursed every $250 deductible, that would only amount to $70,000, still saving over $800,000 annually or $3200 per employee!Think of how many cities, townships, villages and school districts in your region you could be assisting right now!
- So…this sounds too good to be true. what’s not covered?The list is small. We don’t cover doctors office visit fees (that’s the charge just for seeing the doctor, not for services within the office, like lab test, surgery, etc.);We don’t cover outpatient prescription drugs, but remember both office visits and prescription drugs are usually handled by major medical copays, so they are really a non issue.And…We don’t cap family deductibles. So, for example, if we create a plan with a $250 deductible, then 100% coverage, everyone in the family now has a $250 deductible.Other than that, everything is covered.Oh, one more thing: we Are Not HSA compatible. Our program works with high deductible plans but only those offering office visit and prescription drug copays.
- Who’s.. a ..good.. prospect?Obviously, auto dealership's, and Public Employers groups. Big Law firms are usually great opportunities as are any groups with deductible plans less than $1000.And, While we write groups as small as 5 lives……Any 50+ group with almost any carrier is a great prospect
- How do you get an Insured HRA quote? The process is so easy.Just visit our website to obtain our quote request form.We only need the following:Current plan rates and plan designRenewal rates. We ask for renewal rates so we can create a full proposal for you showing where your client is, where they are going at renewal and how much we can save.Provide us alternate rates for a high deductible plan with at least $100 spread between the current single rate and the new high deductible plan.We don’t need any age census, just the # of singles, couples and families. That’s it!
- So, in summary, before you renew any group, before you see your next prospect, before you consider a typical HRA, consider the Insured HRA/Fully PPACA CompliantNo employer riskEmployers pay Level monthly premiumsIt Pays you level commissionsAnd guarantees savings to the penny.
- “It looks like we have a few minutes available for questions, and there are several questions that have come in – I’ll answer as many as we have time for” 1. Who is the Insurance Carrier writing the Insured HRA product? Great question: It Standard Life and Accident , rated “A” Excellent by AM Best.How easy is using this plan for employees? Another great question. We explain this to employees as a “2 card-3 step claim system”. Show 2 cards up front; step 1: major medical carrier pays its portion. Step 2: Standard Life pays its portion; and step #3: employee pays their deductible and or coinsurance costs. 2 cards-3 steps. Easy.Employees are also provided special vinyl id card holders so they always show both cards. Providers are used to 2 card systems already (case in point is Medicare) and as a result don’t have not problem getting claims paid.3. how do we enroll this plan? Simple as we can make it. It’s a list enrollment; no employee apps are needed; we can take spreadsheet enrollment, apps from the major medical carrier, names on a napkin. Again, We make it easy.How do we communicate this plan. We supply customized smartphone video apps with studio produced employee meetings. It’s truly the way employees want to get their information. Visit our website and view a 5 minute webinar that explains this great new service. Once you see a clients’ eyes go wide when they see the technology, you’ll want to offer your clients this video service as soon as possibleSo, in Closing, Please feel free to contact us here at Chelten Benefits group to discuss your very next quote. Once you see the savings you can create, We believe you will be showing the Insured HRA to every prospect every time. Thanks again and have a great afternoon.