The most successful health insurance Brokers begin planning for open enrollment well before it begins. Brokers that have a plan in place not only streamline and optimize the entire quoting and enrollment process, but also alleviate undue stress and frustration for both themselves and the Employees. Keep reading to find out how to stay organized, quote more business and better serve your clients during the 2021 open enrollment period.
Research Industry Trends
Groups expect their Broker to be knowledgeable and proactive when it comes to informing them on possible changes to their insurance coverage. Changing benefit structures, minimizing-cost opportunities and new trends within the industry are topics every Broker should be aware of. To maintain a competitive edge, it is crucial to stay up-to-date on factors like COVID-19 protocols, deadline changes, fluctuating health insurance premiums and widespread adjustments to coverage.
Recently, the Internal Revenue Service (IRS) announced that in 2022 Health savings account (HSA) contribution limits are increasing $50 for self-only coverage, and $100 for family coverage. This increase will bring the annual limit on HSA contributions to $3,650 for self-only and $7,300 for family coverage: That equals out to roughly a 1.4 percent increase from 2021 year.
Though the minimum deductibles will remain the same as it is in 2021, Employees annual out-of-pocket maximums are slated to increase in 2022. Brokers must be aware of significant changes in industry standards such as this so that they are prepared to be a trusted advisor for their Groups.
Listen to Employees to Identify Needs
The best Brokers pay attention to the benefits and industry offerings most sought after by Employees. Telemedicine, which is projected to reach $185.6 billion by 2026, grew in demand throughout 2020 in response to the COVID-19 pandemic. Industry leaders; however, expect to see continued high levels of utilization for these types of programs well after the pandemic is over.
Technological advances such as telemedicine address longstanding gaps in access to the traditional, in-person healthcare delivery system. As demand for these types of programs increase, insurance providers, as well as Brokers, need to be prepared to discuss and offer Employee’s options that best suit their needs.
Knowing what Employees want, and being educated on what there is to offer before open enrollment, will help not only the Broker feel more confident, but the Employees as well.
Check in With Your Groups
Even though Employees should report any status changes or qualifying life events during the renewal/enrollment process, it is not always at the forefront of their minds. Brokers should take a proactive approach to know exactly where their Groups and Employees stand to avoid potential delays.
By checking in early, Brokers can identify changes that present new opportunities for their Groups come quoting season. Have significant organizational changes occurred? Has a Group's workforce grown? Have older Employees retired, opening the door to younger workers with different needs? By identifying changes like these early, Brokers have more time to ensure Groups are successfully navigating the open enrollment period.
Stay Organized with One Central Information Repository
Nowadays, health insurance Brokers can represent hundreds, if not thousands of members depending on how many Groups they currently manage. That is why come busy season having the right tools and technology to keep everything organized should be every Brokers top priority. Luckily, FormFire offers multiple tools for Brokers managing a large portfolio of Small Groups to help stay ahead of the pack.
FormFire’s Quote Engine tool for example allows Brokers to quote multiple Carriers at once, instantly. The tool works by gathering quotes from Carriers using just one source of basic info. This means that once the census data is collected, quotes can be pulled from all applicable Carriers.
FormFire also provides the ability to use one central Medical Health Questionnaire (MHQ). With this competitive feature, Employees only answer one set of questions, rather than overlapping questions for each Carrier’s form. FormFire will automatically populate those answers onto various Carrier forms using Form Mapping technology.
There are countless benefits to utilizing virtual tools and online data collection methods. Transitioning to a digital platform like FormFire will ensure Brokers can offer a level of customer service that will set them apart from competitors this open enrollment season.
FormFire offers Brokers a professional set of tools that streamlines the Group benefits process from quote to close. Our all-in-one software offers a simplified benefits experience that can help Brokers stay organized and manage open enrollment more efficiently.
Ready to test out FormFire software for yourself? Contact FormFire today if you have any questions or would like to request a demo.