As an insurance broker, it’s your job to act as an intermediary between an insurance company, such as our team at SBMA Benefits, and the companies offering benefits to their employers. The goal of most insurance brokers is to improve and increase employee engagement.
Healthcare insurance brokers are constantly looking for ways to provide the best for their clients while increasing their margins. If this is the case for you, look no further!
SBMA provides the most competitive rates for minimum essential coverage (MEC) plans. Our mission as a benefits administrator is to help you—as a healthcare insurance provider—deliver the best for your clients (and a little extra commission wouldn’t hurt).
Below are a few tips on how to increase margins as a healthcare insurance broker (Hint: we saved the best tip for last!)
As a healthcare insurance broker, you are always looking for ways to provide the best possible coverage for your clients while also increasing your own margins.
There are a few key ways that you can do this:
One way to increase your margins is to simply get higher commissions from the insurance carriers you work with. This can be done by negotiating better terms with the carriers, or by simply switching to carriers that offer higher commissions. (But more on this later!)
Another way to increase your margins is to get better insurance rates for your clients. This can be done by:
Finally, you can also increase your margins by increasing your efficiency as a healthcare insurance broker. This means finding ways to work faster and more efficiently, saving you time and money long-term.
We told you we saved the best tip for last! Working with SBMA is the easiest way you can increase your margins as a healthcare insurance broker.
Employers renew their ACA-compliant affordable benefits at $50, $60, and $70 per enrollee.
At SBMA, our ACA-compliant policies start at a $45 base with a $10 commission built-in. Additionally, we work with our brokers to ensure you feel comfortable with the commission you’re earning – no one knows how much your time is worth except for you and we want you to be satisfied with your rate.
Brokers that work with SBMA can upcharge their insurance to the insureds they’re working with. In other words, while the MEC base sits at $45, as a broker working with SBMA, you decide what you charge for the insurance you provide.
By following these tips as a healthcare insurance broker, you can easily increase your margins. This will allow you to provide even better coverage for your clients while also making more money yourself. So don’t wait, start increasing your margins today!
Get in touch with SBMA today to learn more or read on to learn how brokers can get their employer groups engaged!
Open enrollment for health insurance in the United States begins annually on November 1st and ends on January 15th. Some states, like California, however, extend the enrollment date for residents to the end of January.
Over the past few years, enrollment rates dipped due to funding cuts from the previous administration for advertisements and navigators aiding sign-ups for coverage.
Plan sponsors are no longer allowed, under the No Surprises Act (NSA), to bill an insurer more than the in-network cost for emergency services. The goal of this new piece of legislation is to reduce surprise medical billing costs for the insured seeking emergency services.
The Build Back Better framework, created by the current administration, is engineered to “set the United States on course to meet its climate goals, create millions of good-paying jobs, enable more Americans to join and remain in the labor force, and grow our economy from the bottom up and the middle out”. One of the elements of the bill allocates $165 billion to healthcare spending and support. $35 billion is earmarked for adding hearing services to existing Medicare coverage with $130 billion earmarked for Affordable Care Act (ACA) credits, including coverage for previously uncovered states.
COBRA stands for the Consolidated Omnibus Budget Reconciliation Act. Under this Act, group health plans are required to provide temporary benefits and group health coverage to individuals who experience adverse events, such as job termination. In the United States, COBRA is a continuation of health coverage for workers for a certain period of time.
The No Surprises Act (NSA) The NSA went into effect January 2022. This new law addresses surprise medical billing and requires new disclosures for employers, third party administrators (TPAs), brokers, and all participants in the healthcare industry.
Open enrollment, the one period a year where employees can sign up or change health insurance, is still in progress. Open enrollment opens nationally on November 1st and ends January 15th. Some states like California, however, extend their open enrollment period to January 30th.
It’s not too late for brokers to partner with employers to offer benefits plans. Take advantage of this opportunity to encourage employers to offer your insurance as employers can easily change and upgrade their current plans during this time. Click here to find when open enrollment closes per state.
All businesses with over 50 full-time employees are required to offer health insurance or be penalized $3,860 per uninsured employee. Our Affordable Care Act (ACA) compliant MEC benefits calculator breaks down the cost of remaining incompliant vs. annual costs with MEC here. Offering Minimum Essential Coverage benefits saves over $180,000,000 annually.
Attention brokers! Do you want to get higher commissions and better rates for your clients? Look no further! SBMA provides the most competitive rates for your minimum essential coverage. Our goal is to make you look like a rockstar for your clients while making more commission.
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