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As critical 4th quarter renewals are now on the horizon, it’s time to think about how you can really set yourself apart. In the increasingly competitive benefits landscape, what will make your clients inclined to stay with you? What will attract prospects to you from other competing benefits agents? Peddling the same tired solutions with flat pricing isn’t likely to impress, and most benefits programs will actually see an increase in costs – generally a major obstacle in the renewal process.

High deductible health plans can prove quite effective at lowering costs to employers, and can even lower upfront costs for employees as well. But we all know that the upfront costs aren’t the whole story. Most savvy benefits consumers are already aware that HDHPs lack the coverages necessary to receive consistent preventive care and responsive care – they’re little more than emergency protection. This makes employers (your clients) who offer exclusively HDHP seem uncaring and out of touch.

Enter GAP plans. Much like medigap for seniors, elective GAP coverages can turn HDHP solutions into highly flexible and personalized offerings that work for all employees and reduce long-term costs for employees and employers alike. The satisfaction rate among elective coverages is tremendously high – over 94% of seniors either like or love their plans. The HDHP + GAP solution allows you to present your clients (and prospects) with ideas that are both novel and cost-effective. A modern approach to an age-old challenge. Click here to learn more!

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GAP Strategies to Fit Every Type of Benefits Client

  • Posted on July 26, 2017
  • by Admin

GAP plans (Group Supplemental Health plans) are used to fill in holes in HDHPs that most employers offer today – similar to “Medigap” supplemental insurance plans used by Seniors. But these plans are available to anyone, and are considered excepted benefits under ACA guidelines. Offering these alternative or additional coverages can bring additional business to your agency and drive increased commissions. There are three GAP strategies that make a compelling case to clients and prospects:

“Insured HRA” strategy. Save money and duplicate or improve existing coverage. Combining a Bronze plan with GAP plan(s) can offer savings and even offer employees better coverages.

“Cadillac Tax” strategy. ACA Bronze plan base coverage, then allow employees to “pick and purchase” the right amount of GAP coverage.

“Private Exchange” strategy.  One Bronze plan base plan with multiple “buy up” GAP options. Instead of offering several major medical plans, simply give employees a strong network PPO Bronze plan and offer them several GAP plan options to “pick and purchase” the levels of GAP coverage they desire.

To learn more about how gap strategies can grow your book of business and drive increased commissions, contact us.

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Selling Benefits with GAP Plans

  • Posted on June 13, 2017
  • by Admin

Group Supplemental Health plans or GAP plans are used to fill in holes in High Deductible Health Plans that most employers offer today – similar to “Medigap” supplemental insurance plans used by seniors. But these plans are available to anyone, and are considered excepted benefits under ACA guidelines. Offering these alternative or additional coverages can bring additional business to your agency and drive increased commissions. Click on the image to the right to watch a brief video. This is an example of the tools you’ll be able to use with and for your prospects and clients.

There are three GAP strategies that make a very compelling case:

Private Exchange – One Bronze plan base plan with multiple “buy up” GAP options. Instead of offering several major medical plans, simply give employees a strong network PPO Bronze plan and offer them several GAP plan options to “pick and purchase” the levels of GAP coverage they desire.

Insured HRA – Save money and duplicate or improve existing coverage. Combining a Bronze plan with GAP plan(s) can offer savings and even offer employees better coverages.

Cadillac Tax – ACA Bronze plan base coverage, then allow employees to “pick and purchase” the right amount of GAP coverage.

To learn more about how gap strategies can grow your book of business and drive increased commissions, contact us.

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shutterstock_252811903 - Copy1. Group GAP plans. Millions of Seniors purchase Medigap plans to fill in holes in Medicare A&B. Employer groups can offer the same strategy. Offer workers several Group “GAP” plans to fill in holes in HDHPs. Learn more about GAP coverage: http://cheltenbenefitsgroup.com/medigap-rest-us/

2. Return of Premium. Our plans pay 10% commission on the total premium. If you don’t use all your claims dollars, you get a refund at the end of the year. This works with Bronze HDHP plans for more health-conscious consumers.

3. Smartphone-Compatible Benefits Videos. Communicate coverage quickly and accessibly through 60 second video clips of all their benefits 24/7! HR personnel and employees love this service, and your competition doesn’t offer it. Samples available at http://cheltenbenefitsgroup.com/communications/.

4. Stryde/GMG Cost Recovery Services. Let’s face it, at some point, we won’t be able to find any more health plan savings. You may be there already and yet your client won’t listen. They want savings. Look beyond health costs for your answer. You can now offer a cost audit service that recovers taxes, overpaid utilities, uncovers federal credits and more. Just show them our 60 second calculator and they will marvel at how much money you have recovered for them. To learn more, contact us.

5. Joint Work 15/5 Agency Growth Plan. Leveraging Stryde Services to enhance client revenue, we parachute you into new prospects seeking similar cost recovery solutions. These prospects become your next batch of Stryde clients as well your next batch of benefits prospects. We can even sell the Stryde services on your behalf as part of a joint work program! Learn more: http://cheltenbenefitsgroup.com/joint-work-15-5-agency-growth-program/.

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The healthcare market has cycled in and out of growth phases for several decades – an indication of a market that neither bleeds (as did the airline industry in that period) nor exhaustively extorts (as in the case of pharmaceutical companies). At present the industry is expanding and maturing to meet new, unique market demands.

In the tumult of PPACA implementation with the potential for transition into new healthcare legislation, both profits and risks for insurance companies have increased. The paradigm is similar for employers – offering more attractive or flexible benefits make for a more compelling environment in which to recruit talent. But at what cost? The key for consumers, employers, and news personnel is to be mindful of the shifting nature of our healthcare system, and to seek out the most current and balanced information available.

This is a crucial opportunity for benefits agents and consultants to steer their clients and prospects in a direction that provides more adaptable and successful coverage solutions. HDHP alternatives like supplemental GAP insurance, cost-effective wellness initiatives, expense recovery solutions, and other novel tools will strengthen client relationships through improved employee acquisition and retention while growing your book of business. To learn more, contact us.

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HDHP + GAP Case Studies

  • Posted on May 23, 2017
  • by Admin

Sometimes the best way to understand how a solution works is to see it in action. HDHP + GAP implementation works for a wide variety of organizations – whether your client or prospect has 50 employees or 50,000. Though the specific coverages vary, the core concept of an inexpensive, bare-bones plan to comply with federal regulations in tandem with elective additional coverage becomes an asset for employer and employee alike.

To illustrate how this solution can help you close more business and retain more clients, read and leverage our case studies. And for more information on these and other novel solutions to improving your book of business, contact us.

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New Stryde Video Sales Tools for Benefits Agents

  • Posted on May 15, 2017
  • by Admin

Our new Stryde videos help agents bring GMG/Stryde cost reduction and expense recovery solutions to prospects and clients across more verticals with targeted messaging. The Stryde program can work for virtually any organization, but our new video target some of the most significant and relevant business sectors, including healthcare, hospitality, and more.

We’ve also created a new video the 15-5 Agency Growth plan leveraging Stryde Solutions to bring agents fruitful joint work opportunities. Click on the image below to visit the new and improved Stryde video page!

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Organizations looking forward from 2017 prioritize recruiting and retaining talent through a variety of strategies, but none are more important than total compensation. The best and brightest are no longer concerned first and foremost with salary dollars, but with benefits that suit their needs. For larger organizations, offering flexible benefits solutions that speak to a vast array of divergent needs proves highly compelling. Individual employees can understand and control benefits and costs while the employers avoid the undue burden of excessive and underutilized coverages.

Introduce your clients and prospects to Level Funded Premium Plans with GAP or Insured HRA. Mitigated risk pools with return of unused premiums and elective supplementary coverages allow everyone to afford the benefits they want by giving them nothing less and nothing more – a custom-tailored solution for organizations of all shapes and sizes.

Read more about Level Funded Premium Plans and Group GAP Insurance.

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Premium Saver – How Does It Work?

  • Posted on April 4, 2017
  • by Admin

Premium Saver offers significant cost reductions for employers and employees alike when managing ACA compliance and claims. HDHPs provide low monthly costs for employees and employers, but the insured can incur high out of pocket expenses prior to significant plan assistance. Premium Saver helps cover the spread, reducing out of pocket maximums to manageable levels. Click on the video below to learn more about this service and how you can communicate its benefits to your clients and prospects.

To learn more, contact us!

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GAP Coverage Video

  • Posted on April 4, 2017
  • by Admin

GAP coverage provides both cost reductions and increased employee health plan satisfaction through elective supplementary coverage options. Introductory videos are a great way for you to connect with your prospects and clients, and for them to connect with their employees. Learn more about how you can communicate the advantages of GAP coverage to your clients and prospects – watch the video below.

To learn more, contact us!

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