Innovative Health Insurance: Risks and Rewards For a Health Insurance Broker
8 Minutes
Team Curative
Jan 19, 2023
As a health insurance broker, you know there are lots of risks and rewards when offering new health insurance plans to your Rolodex of employers. The current economy, post-pandemic work life, and the constantly changing health care landscape can make it tricky for brokers like you to decipher what health insurance Texas employers are looking to offer their workforce.
While it may seem the safe choice for you to continue with your tried-and-true list of offerings, the rewards of partnering with innovative, cost-transparent, and holistic health insurance plans come with great rewards.
By understanding the need for innovative health insurance, the risks associated with offering a new plan to clients, and the pay-offs of success, brokers can bring Texas-based companies a transparent and innovative health plan that meets the needs of today’s workforce.
Risks for a health insurance broker when offering a new health plan
Any time industry trends and norms change, professionals face challenges to adapt and move forward. Health insurance brokers are certainly no exception.
The introduction of new health insurance plans often causes brokers like you to wonder how clients will respond. Yet the data shows that employers are willing to make changes to their health insurance choices for their employees. At the beginning of the pandemic, roughly 66 percent of employers decided to shift their benefits strategy. To remain competitive, health insurance brokers must shift strategies to offer innovative plans aligned with the needs of today’s workforce.
In reality, finding innovative plans that meet client needs while balancing the risk that comes along with new companies could leave brokers in a tight spot. However, knowing what to look for in new plans as a health insurance broker can help overcome common industry challenges. The process of enrolling clients into new plans can be worth it, especially if the company offers brokers easy enrollment and onboarding that reduces any friction. Seeking out companies that offer plans with high-quality care and value participant satisfaction helps to maintain and grow your book of business. Finally, offering plans with competitive premiums and commissions ensures your financial security in a demanding market.
Rewards for a health insurance broker when offering a new health plan
Employers need to provide cost-transparent, comprehensive health plans that encourage participants to use their services, not avoid health care due to fear of unexpected costs or complexity. With traditional insurance, fears of potential hidden costs prevent many employees from using their employer-sponsored benefits. In 2022, 74 percent of civilian workers had access to health care benefits. Yet, only 57 percent of workers–although enrolled–actually participated in available benefits.
Participants who avoid accessing their health plan’s benefits because of worry over hidden costs not only put their health and well-being at risk but also impact broader employer spending decisions. According to a 2021 Kaiser Family Foundation survey, 26 percent of large employers agree that their health care decision-making improved significantly when employees were fully educated on the cost of services associated with their insurance plan. Increasing cost transparency and clarity of services empowers participants to use their health insurance, motivating employees to put their well-being first.
Health insurance brokers understand how important it is for employees to be able to understand their health plan. According to a 2021 survey, 45 percent of employers said that what they want most from their health insurance broker is assistance in educating employees about personalized benefits and offering materials that help employees better understand their plans.
Health insurance plans employees feel comfortable using are vital for employers, especially companies looking to improve the attraction and retention of top talent. A 2021 McKinsey & Company survey found that employee attrition is higher than ever before, with 40 percent of employees reporting they are at least somewhat likely to leave their jobs in the next few months. What’s more, 60 percent of those workers say they would quit without a new offer in hand.
Employers can respond to today’s great attrition by offering completely cost-transparent plans with better benefits than competitors. From 2018 to 2021, the proportion of employers offering high-deductible health plans (HDHPs) jumped by 20 percent. While employers attempt to offer high-deductible health plans to cut costs, there are significant risks when increasing the out-of-pocket costs for employees. Around 64 percent of employees enrolled in HDHPs report avoiding or delaying health care because of the fear of unanticipated costs, leading to worse long-term health outcomes.
Benefits play a crucial role in attracting and retaining top talent. Health insurance brokers who provide affordable, cost-transparent and engaging plan options give their clients a competitive edge in a quickly changing market.
The strength, reliability, and innovation of the Curative health plan
As evidenced above, better health insurance plans are worth the risk for employers as the rewards can have a significant impact on business outcomes for brokers and employers alike. When employees are healthier, they are happier and more productive. Curative is a new kind of health insurance that supports people’s whole health and well-being journey with engagement from day one, affordability, and simplicity. Our plan prioritizes care and prescriptions at a transparent price, exceptional participant experience, and benefits that your clients’ employees will actually want to use.
We created the Curative health plan because we realized other plans in the market weren’t working for anyone. The Curative health plan helps members reach the healthiest version of themselves that can lead to sustainable cost savings over the long-term, by investing in early care and preventing minor issues from becoming a crisis. Participant experience and satisfaction matter to us, which is why we offer better benefits to help your clients and their employees reach their full health potential:
One competitive monthly premium, like any other subscription
$0 copays, $0 deductibles, $0 out-of-pocket costs for in-network services and preferred medications*
A Baseline Visit with a Care Navigator to orient members to their health plan benefits and a clinician to talk through health goals
24/7, 365 access to direct membersupport and virtual urgent care
*Curative health plan members are eligible for no copays and no deductibles if they complete a Baseline Visit within 120 days of enrollment.
The process to adopt Curative’s plan is simple. Curative has multiple benefits solutions to meet needs, all with $0 out-of-pocket costs with the completion of a Baseline Visit. We work with you to curate a relationship with employers. Together, we decide on a path to fast enrollment set up for your clients with trusted IT support. Next, we determine the premium payment before finalizing the group contract and employer application. Afterward, enrollment begins with customized onboarding to ensure maximum utilization. Our plan is easy for employers to adopt, making Curative the best option for health insurance brokers in Texas to offer their clients.
Curative invests in forward-thinking, next-generation health care programs and technologies because we believe that nothing should stand between members and better health. Curative’s history of increasing access to high-quality care in communities across the United States illustrates our dedication to our members. Led by a dynamic team of industry professionals, Curative has the financial stability required to sustain our work. You—and your clients—can trust we’re in it for the long haul.
We’re the newest large group health plan in Texas, and our plan gives you an undeniable industry advantage that your clients will notice.
Fast-paced health care innovation can be daunting for any health insurance broker. At Curative, we make it easy. We’re quick to adapt in an ever-changing market so brokers, employers and our members get what they need for a healthcare system that works.
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Learn more about why health insurance brokers choose Curative at https://curative.com/for-brokers.
References
2021 employer health benefits survey. (2021 November 10). Kaiser Family
Foundation. Retrieved January 8th, 2023, from https://www.kff.org/report-section/ehbs-2021-summary-of-findings/
Andrews, L. (2021, April 26). Ease Survey Reveals Pandemic Had Significant Impact on Employee Benefits. Business Wire. https://www.businesswire.com/news/home/20210426005154/en/Ease-Survey-Reveals-Pandemic-Had-Significant-Impact-on-Employee-Benefits
Businesses Are Changing Brokers and Benefits. (2021, May 18). Amwins Connect. https://www.amwinsconnect.com/news/businesses-are-changing-brokers-and-benefits
Employee benefits in the United States - march 2022 - bureau of labor ... (n.d.). Retrieved January 8th, 2023, from https://www.bls.gov/news.release/pdf/ebs2.pdf
Gupta, A., Mahajan, N., Malcher, C., Qian, M., Scally, M., Stueland, J. (2022 May 25). Employers look to expand health benefits while managing medical costs. McKinsey & Company. https://www.mckinsey.com/industries/healthcare-systems-and-services/our-insights/employers-look-to-expand-health-benefits-while-managing-medical-costs
Subramanian, A., (2021, September 9). High-deductible health plans are killing us — financially and clinically. Benefit News. https://www.benefitnews.com/advisers/opinion/hdhp-disadvantages-are-creating-high-healthcare-costs
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