If you’re like most brokers, your small group profitability has taken a hit in recent years. As a result, you’re likely spending less time with your smaller clients and perhaps even considering moving out of the small group business. This blog examines why small group profitability has suffered and, more importantly, how to regain it with your upcoming renewals.
How many hours do you spent obtaining carrier quote and generating proposals? Are you concerned about small group profitability? Does the upcoming renewal season fill you with dread anticipating the extreme overwhelm?
This blog explores how a quoting engine addresses those concerns and more, including why you need one, how it works and tips for choosing the right vendor.
It’s no secret that the last few renewal seasons were tough on brokers—chaotic, complex and time-consuming. In our last blog we discussed the negative impact on clients as well, who often got less face time with their brokers while facing confusing ACA obligations.
However, recent obstacles create opportunities for brokers to shine this year, to deliver a superior renewal experience for clients. This blog will discuss three specific areas brokers can focus on to overcome ACA challenges moving forward.
As an employee benefits broker, the last few renewal seasons were likely some of your toughest. With the introduction of the Affordable Care Act (ACA) and all the requirements that go with it, the market has gotten tougher on brokers. Timelines were compressed, forcing brokers to spend less time with each client while contending with more complexity than ever.
This blog will discuss how brokers can take lessons from these tough renewal seasons, to overcome ACA challenges in the future and deliver a better experience for clients.
For most health insurance brokers, your busy season has just wrapped up with the last of your 12/1 and 1/1 renewals. If you’re looking for a reason to reach out to those clients or add some extra value to your relationship, look no further than the two recent ACA delays.
As you know, in late 2015, the Cadillac tax was pushed back to 2020, and the employer reporting requirements were delayed a few months to give employers some much-needed relief. Both of these are areas that your clients need your guidance and support—learn more in this blog.
Though the Affordable Care Act is almost completely implemented, a few significant provisions remain to go into effect. One is the employer reporting requirements. Though the IRS extended the deadlines by a couple months, this provision still takes effect in 2016. Complying with these requirements will likely be a burden on employers, so this presents an opportunity for brokers to guide and support their clients.
It’s old news now that the Cadillac tax provision of the ACA was delayed until 2020, as part of a budget passed by Congress in late 2015. Employers affected by the tax were likely thrilled with the prospect of at least two more years before needing to comply with the provision or face hefty taxes.
There is a lot of speculation now that the provision will be repealed or at least modified; a different president will be in office by 2020 and there is bipartisan dislike for the tax. For that reason, many employers may be tempted to assume the tax will never take effect, or avoid making plan changes hoping for a repeal or another delay. As their broker, you should advise against this strategy—we’ll tell you why in this blog.
The introduction of the Affordable Care Act (ACA) has brought many challenges to the employee benefits industry. One particular challenge for brokers is profitability: as various processes become more complex and time-consuming, brokers worry about maintaining their profitability, particularly with smaller groups.
In the last two blogs, we talked about ways to prove your value as a broker, including being more consultative and saving clients money. In this blog, we’ll talk about one more way to show clients your value: by helping them navigate the complex waters of ACA.