For many businesses and employers, navigating the labyrinth of available health insurance options can siphon valuable time and money away from company resources. On top of other urgent deadlines and responsibilities, these professionals are left adrift in a sea of offerings, wondering, “Exactly how to find the best health insurance plans for my clients?”
Thankfully, skilled third-party administrators (TPAs) and brokers are available to help their clients demystify the process of matching the best insurance plans to fit the precise needs of individuals and businesses alike.
How to Find the Best Health Insurance Plans for My Clients
When it comes to finding the right health insurance plans for your clients, you’ll want to offer the most versatile, comprehensive, and affordable plans that correspond directly to your clients’ needs, budgets, and demographics. By preemptively gathering all the relevant personal and financial information, you can support your clients in choosing and adopting the right plan.
Assess Your Clients’ Healthcare Needs
The most critical step to matching your clients with a suitable healthcare plan is to assess your client’s basic needs thoroughly. For example, you’ll want to have a solid grasp on factors such as the size of your client’s business, the number of employees needing coverage, and the affordability thresholds they envision. Each client will have vastly different budgets and desires regarding premiums, deductibles, copays, and out-of-pocket maximums.
Clients may also have strong preferences regarding the provider networks they’d like to work with. To ensure they’ll be matched with providers offering them affordability, accessibility, data transparency, and continuity of care, your clients may want to consider building Health In Tech’s HI Performance Network (HPN) into their health plans. With over 1,595,049 participating provider locations, our HPN encompasses doctors, specialists, and hospitals in all 50 states, offering clients higher quality care with more price consistency than ever before.
Evaluate Budgeting and Total Costs
The cost of health care plans can vary based on several factors, including but not limited to your clients’ total number of employees, the number of employees slated to participate in the plan, and how old those employees are. Overall costs also depend upon the level of coverage and ancillary benefits offered within the plan, the location of the participating business, and the employer’s chosen contribution or reimbursement plan.
Other associated spending will involve the costs of choosing and administering the plans themselves through dedicated brokers and TPAs that can help employers with implementation, which is especially important for small businesses that may not have the in-house resources to handle such matters independently.
When formulating affordable healthcare plans for businesses at all developmental stages, Health In Tech is proud to offer our clients over 30 years of total cost and rate transparency, reimagining the narrative around self-funding and plan budgeting with no extra hidden fees on our proposals.
Leverage Tools and Technology: Underwriting Personalized Plans with eDIYBS
To streamline the process of finding the best health insurance plan for your clients, consider using advanced technology that helps you provide real-time quotes, plan comparisons, and personalized recommendations—saving valuable time all the while.
In just two minutes, our proprietary Enhanced Do It Yourself Benefit Systems (eDIYBS) software can help you produce a FIRM proposal with 12 plans with 4-tier rates for your clients to choose from. You’ll be empowered to quote, bind, and administer comprehensive small-group level-funded health plans with ease and control.
This revolutionary medical underwriting technology will help you develop unique plan designs and plan return options to fit your client’s needs by seamlessly integrating any desired ancillary products into the proposals. Using a unique direct-to-client platform, eDIYBS is here to help you deliver personalized health insurance plans straight to the people and businesses that will benefit from them the most.
Exploring Plan Options for Your Unique Clients
The next step in solving “how to find the best health insurance plans for my clients” is exploring appropriate plan options that fit the bill. After properly assessing your client’s needs and concerns, you can formulate an array of highly tailored and holistically-minded solutions for your clients to choose from. Below, we’ve outlined just a few plan options that benefit clients and businesses in every industry and at every scale.
Traditional Fully-Insured Plans
Traditional fully insured plans dictate that your client will pay a premium to an insurance carrier, which assumes the financial risk for providing healthcare benefits; the carrier is thereby responsible for paying claims, keeping the employer’s costs typically fixed. However, remember that clients and employers will have less control over plan design and may have limited influence over cost-saving opportunities, as these plans are subject to federal and state insurance regulations.
Self-Funded Plans
Now more than ever, businesses are turning to self-funded plans for their insurance coverage each year. Unlike traditional plans, self-funded healthcare plans require employers to pay for some, and occasionally all presented claims out-of-pocket. These plans subvert the “one-size-fits-all” approach to coverage by allowing for increased plan customization based on the specific needs of your workforce. Self-funded plans also provide increased flexibility for businesses and individuals when navigating their healthcare challenges.
Sourcing Stop-Loss Insurers
Stop-loss insurance is crucial to discuss with your clients as they decide between insurance plans. This insurance helps support the costs of self-funded benefits plans and protect employers against unanticipated, catastrophic expenses or losses. Stop-loss insurers reimburse employers for claims made above pre-specified amounts. Discover other stop-loss solutions through Health in Tech’s Stone Mountain Risk (SMR) technology that can help protect your clients against dangerous, high-cost claims.
Ancillary Benefits and Coverage
In addition to basic health coverage, clients may require ancillary benefits catering to their employees’ needs. These ancillary products benefit policyholders in various ways, often geared towards offsetting financial burdens such as deductibles and provider bills while providing peace of mind and protection when preparing for the unexpected.
Types of ancillary benefits include Critical Illness, Accident, Dental, Vision, Term Life, and Gap coverage. Health In Tech is excited to offer these ancillary products and other comprehensive options to brokers and small businesses looking to keep their employees holistically protected.
Cultivate Unique Health Insurance Solutions with Health in Tech
Here at Health In Tech, we understand that the needs of all of our clients are as diverse as the communities and industries they serve. Our cradle-to-grave solutions are thoughtfully constructed and easily streamlined to help businesses enact top-tier insurance plans for their hardworking employees.
Our company was built on the pillars of disruption and transparency so that you’ll never again have to wonder to yourself, “How to find the best health insurance plans for my clients?” without our professional services to guide you through the complexities of the healthcare system. Let us help you match the best health insurance plans to meet your unique needs by getting in touch today.