Are your clients looking to make up the gaps left by the Affordable Care Act (ACA) in their employees’ benefits packages? Are you a health insurance broker looking to replace revenues lost as a result of ACA? Or maybe you’re a Property & Casualty broker specializing in disability benefits who spots opportunities created by ACA in today’s insurance market.
Whatever your reason, if you’re considering selling ancillary benefits, you might be hesitating and wondering if it’s a good idea. As a wholesale insurance broker celebrating our 40th year in business, we’ve followed the vicissitudes of the marketplace and we can tell you that right now is a good time (perhaps the best time in history) to sell ancillary benefits to your customers. Here’s why.
1. Your customers, and HR directors in particular, are scrambling to find ways to fill the healthcare gaps left by the ACA.
As a result of the ACA, many employees’ and business owners’ healthcare premiums went up, while the level of benefits went down. In many cases, dental and vision coverage, especially, became cost-prohibiitive under existing healthcare plans.
While accountants, controllers, and CFOs seek to control costs, HR directors look for ways to reintroduce these lost benefits. Ancillary benefits purchased through a disability insurance broker can make both departments —along with employees and business owners who will benefit —happy.
2. Ancillary benefits are an easy upsell to a robust benefits package that includes enhanced DBL or TDB coverage in New York State or New Jersey.
If you’re already selling enhanced DBL and TDB coverage, and you’re using consultative selling to earn the trust of your clients and increase their benefits, ancillary benefits that include vision, dental, and Group Life / AD&D coverage are an easy upsell to earn greater commissions with less work.
3. Give your customers greater discounts when you bundle ancillary benefits with enhanced disability coverage.
After facing increased healthcare premiums, employers and employees alike are looking to save money. You can help by offering bundled policies from the same carrier that includes enhanced disability benefits, vision, dental, and Group Life / AD&D. Your clients will love having one point-of-contact to deliver an exceptional service experience and save them money, too.
Expand Your Book-of-Business with Ancillary Benefits
Really, it comes down to this: Bundling ancillary benefits with disability coverage enables you to expand your book-of-business and earn more commission without increasing your workload or your number of accounts.
It costs five times as much to acquire a new customer as it does to retain an existing one, statistics show. If you can retain customers and sell them additional products to increase your commissions without the costs associated with acquiring new business, you can literally sit back and watch your profits grow – especially when you have The DBL Center serving as your back-office staff to manage those accounts.
The Importance of Ancillary Benefits for Today’s Businesses and Brokers
Ancillary benefits fill a much-needed gap for employees, employers and insurance brokers right now. If, until now, you hadn’t considered selling these benefit to increase your commissions with minimal effort, The DBL Center can connect you with top-rated carriers offering competitive rates.
Now more than ever, disability insurance is just the beginning.
by Dawn Allcot
Give your employees the benefits they need most with vision insurance.
Vision insurance remains an unsung hero in the world of employee benefits. Although more than 50 percent of the U.S. population requires corrective lenses, and 80 percent of the population over 45, employees don’t look for vision care coverage the way they do dental insurance. In a recent study, 53 percent of employees say they want vision insurance, while 68 percent want dental coverage. Employees are more inclined to use their flexible spending account to pay for corrective lenses – often taking advantage of end-of-year sales reminding people to use their FSA dollars or Healthcare Savings Account (HSA) money before it expires. But vision coverage can represent a far greater value to many employees when bundled as part of their ancillary group benefits package.
Most people think of their vision insurance as a means to pay for their glasses or contact lenses. But annual eye exams are an important part of a person’s overall health. Not only can detecting vision problems early help preserve a person’s vision, the eyes may also indicate signs of other health problems that require a doctor’s care.
Therefore, vision coverage should be part of any workplace that focuses on employee health and fitness to reduce healthcare costs, reduce employee sick time, and improve productivity.
Blood in the back of the eye, which may be detected by an ophthalmologist during a routine annual eye exam, is one of the first signs of diabetes. Additionally, eye exams can reveal conditions such as brain tumors, skin cancer, high cholesterol, high blood pressure, and other ailments, large and small, before they are spotted by a physician.
Just like regular dentist visits, a visit to an eye doctor should be part of every employee’s annual health routine. Vision insurance makes it easy for employees to pay for the vision care they need, without taking money away from other areas.
Using flex spending or a healthcare savings plan to pay for vision care means that employees might have to choose between using that money to pay for prescription medicine, doctor’s visit co-pays, or vision care. Offering vision coverage as part of an ancillary benefits package helps ensure employees will invest in that important annual eye doctor visit.
As far as insurance premiums go, vision coverage is one of the most cost-effective health care benefits. The Federal Bureau of Labor Statistics states that vision benefit premiums come to about $70 to $80 annually, per employee, while healthcare premiums average $4,256 annually.
Not only is preventative vision care affordable in its own right, but it can help reduce overall healthcare costs through early detection of other diseases.
By bundling vision coverage with other ancillary group benefits, such as dental coverage, enriched DBL, and Group Life / AD&D, employers can save even more on monthly premiums.
However, vision coverage is only effective if employees use it to get the most out of their vision care. Many employees don’t realize the services their vision insurance covers, or only use it for corrective lenses every two years.
Choosing the right insurance broker to educate you on every aspect of your group benefits plan and provide white-glove service in every situation can help you and your employees get the most out of your vision insurance and other benefits.
Let The DBL Center connect you with the best in ancillary group benefits for better employee health.
by Michael Cohen