Healthcare Insurance Brokers: How to Increase Your Margins
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!)
How to Increase Your Margins as a Healthcare Insurance Broker
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:
Get Higher Commissions
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!)
Get Better Insurance Rates
Another way to increase your margins is to get better insurance rates for your clients. This can be done by:
- Hopping around for the best rates
- Using discounts, or
- Simply being aware of the different rates that are available
Increase Your Efficiency
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.
How Brokers Can Earn Higher Commissions with SBMA
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.
Increase Your Margins by Working with SBMA!
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!