LOOKING FORWARD
The Four Industry Trends That Threaten Traditional Health Brokers
And how to address them
PART ONE OF THREE
Nelson Griswold
Traditional health brokers are facing an existential threat from trends born largely out of federal laws.
The Affordable Care Act (ACA) is old news, but it created conditions that fostered an industry trend that has been slowly but steadily taking hold. While all brokers not living under a rock are aware of the 2021 Consolidated Appropriations Act (CAA), few realize how its myriad rules are transforming the health broker role.
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The Four Industry Trends That Threaten Traditional Health Brokers
PART TWO OF THREE
Nelson Griswold
In 2024, traditional health brokers face a threat to their very existence from four trends that were spawned or accelerated largely by the Affordable Care Act and the 2021 Consolidated Appropriations Act. These trends are transforming both the broker role and the sale and design of employer-sponsored health plans:
Transactional brokers are becoming consultative advisers;
These advisers are moving up from HR to work with executives in the C-Suite;
• Advisers are replacing fully insured plans with self-funded plans; and
• They are using cost-containment strategies to lower healthcare costs.
Look in our March 2024 issue for PART THREE.
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WHAT’S IN STORE FOR 2024
Reflecting on 2023 Gives Hints of What Could Be Coming This Election Year
Janet Trautwein
COMPLIANCE AND GOVERNMENT AFFAIRS EXECUTIVE FOR WARNER PACIFIC
As we head into a pivotal election year, forecasting the future of healthcare related laws, regulations, and regulatory compliance is on the minds of industry experts, including ours at Warner Pacific. And while we can’t predict exactly how it will all play out, 2023 has set a certain tone and themes that could carry over into 2024.
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PLANNING
How Succession Planning Works for Health Brokers
Phil Calhoun
The core of our business is to help active brokers protect, grow and sell their health commissions.
We are aware of the models available from large agencies that require a commission split while you move to retirement over time. While this model can work, it often comes with multiyear requirements. When these requirements are not met, in the end it can end up in a divorce — leaving you looking for another partner/program or sending you back to where you began and wanted to move from.
The best practice in my experience is to start with a plan to protect your commissions while you remain active. Any plan you put in writing needs to include details you need to address:
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COMPLIANCE
2024 Compliance Issues to Watch
Misty Baker
As we ring in 2024, there are a number of healthcare industry legislative and compliance issues that brokers and employers need to be aware of. Yes, there’s a presidential election later in the year and the potential for changes in the balance of power at the national and state levels. But before we get to November, there are plenty of other issues impacting the industry, from new IRS regulations and transparency requirements to parity compliance.
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PROFESSIONAL DEVELOPMENT
Four Strategies to Become Irreplaceable
Bill Cates
Research tells us that satisfied clients tend to be loyal clients. In one study conducted by Julie Littlechild, CEO of Absolute Engagement out of Toronto, Canada, “satisfied” clients had a high loyalty rating. That’s good.
You want to retain all of our clients — right? Well… at least most of them. You probably have a couple you wouldn’t mind offloading to someone… anyone.
HOWEVER — and it’s a big however — there’s a low correlation between satisfied clients and the giving of referrals or making introductions.
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