Tag Archive for: insurance

What Does Minimum Essential Coverage Entail?

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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!

Innovative HIA provides the most competitive rates for Minor Medical coverage 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 Innovative HIA

We told you we saved the best tip for last! Working with Innovative HIA is the easiest way you can increase your margins as a healthcare insurance broker.

At Innovative HIA, our ACA-compliant policies start at a base price with a set 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 Innovative HIA can set their insurance rates to reflect the market and effort they put into managing their accounts. 

Increase Your Margins by Working with Innovative HIA!

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 Innovative HIA today to learn more or read on to learn how brokers can get their employer groups engaged!

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Why Invest in Health Insurance for Your Employees?

A study found that 70% of people don’t feel valued by their workplace. In that same study, 25% of people believed that their productivity at work would improve if they received employee benefits. When you show your employees you value their hard work, they will be more likely to strive to perform better. It’s part of why investing in health insurance for your employees is so important. 

 

Investing in health insurance is essential to ensuring a happy and healthy workforce. Navigating employee benefits that your employees actually want, can be a challenge. Not to mention the various requirements necessary for employers with 50 or more employees. So, why should you invest in health insurance for employees?

 

Learn more about Affordable Benefits, talk with one of our team members!

 

Employee Benefits Increase Employee Productivity

According to the CDC, employees who prioritize preventative care, such as annual check-ups, are more productive in the workplace. This may be attributed to a few different reasons. Whether they’re taking less sick time, or they’re less stressed about their health, improving focus on their work, whatever the outcome, is beneficial to you. 

 

As an employer, you want your employees to remain focused on their work to ensure ongoing success. Having to worry about their personal healthcare and that of their dependents drains their time and energy. While it can be time-consuming to set up proper health insurance, partnering with the right company can simplify the complexities involved.

 

Almost anyone in a management role knows the importance of employee morale in the workplace. A positive workforce yields positive results. One way to ensure your workforce remains positive is to provide benefits that match their needs. After all, employers who provide great benefits gain a better reputation for their business, while also increasing productivity, and decreasing turnover. 

 

When you partner with a broker who can guide you through the process seamlessly, health insurance doesn’t have to be complicated. They can help select plans that are right for your employees, help set up your virtual benefits, and serve as a go-to resource to answer questions that your employees may have. 

 

Why invest in health insurance for your employees?

 

How can Ancillary & Voluntary/Worksite Benefits Attract and Retain Top Talent? 

In today’s job market, employees require more than traditional benefit programs. Benefits like vision, dental, accident, term life, critical illness, and hospital indemnity insurance can provide your employees with additional coverage when they need it most.  These additional benefit options allow your employees to tailor their benefit coverage to their needs.

 

When employees are given the choice in their benefit programs, they are more likely to use them. And when employees use their benefits, as we said above, they are able to remain healthy and ready to work more often. 

 

Employees look for employers who offer voluntary benefits because these benefits give employees choice, they meet various needs of a diverse workforce, and they ensure employees remain financially stable. Offering voluntary benefits adds a level of insurance coverage that many workers have not previously had access to. Benefits beyond the traditional 401(k) and health insurance are vital to attracting the right talent for business. 

 

At Innovative HIA, we offer our clients comprehensive coverage that provides the complete solution for employers who want to provide affordable benefits to their workers. Service is our priority. We pride ourselves on our reliable, fast, and friendly team that makes compliance with ACA easy and affordable. 

 

You Remain Compliant with ACA Requirments – and Avoid Paying Hefty Fines

As an applicable large employer (ALE) you are required by the Affordable Care Act to provide benefits to 95% of your full-time or full-time equivalent employees. If you fail to do so, you will be subject to some pretty significant financial penalties. 

 

The Cost of Pentalty A 

If an employer fails to offer benefits to their full-time employees, they will be subject to a penalty of $2,700 per employee annually. Violations are assessed on a monthly basis. When broken down monthly, each month that an eligible employee is not offered coverage will earn you a $225. A large company with 5,000 employees that fails to provide proper benefits for its employees, could be subject to a $13,500,000 annual fine.

 

The Cost of Pentalty B

Penalty B is calculated for every full-time employee that was not offered minimum value coverage by their employer and went to the Health Insurance Marketplace and qualified for a premium tax credit. The annual penalty per employee in this scenario totals $4,060. Penalty B is also calculated on a monthly basis and when broken down to a monthly rate equates to $338.34 per employee. 

 

If a company failed to offer minimum value coverage to 100 ACA full-time eligible employees, or if the offered coverage was not affordable and they received a premium tax credit or subsidy on the exchange, the employer involved would be liable for an annual fee of $406,000.

 

At Innovative HIA, we have the most competitive affordable benefits available. We ensure the benefit plans you offer your employees are fully ACA compliant.  To achieve this, we process your 1094/1095s on your behalf. If there are ever any errors in your 1095 processing, we refile for you. No hassle to you, just compliant benefits.

 

Read on to learn more about how offering minor medical benefits is more beneficial than not. 

Article originally published on SBMA Benefits.

 

infographic explaining why employers should invest in health insurance for their employees

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How to Use Your Health Insurance To Meet Your Health Goals

New Year’s resolutions are known to fall by the wayside just as quickly as they begin. Old habits die hard. The exercise routines, juice cleanse, and promises of a healthier fresh start can easily be put on the backburner. In a recent study, researchers found that in 2022:

 

  • 26% of people planned to lose weight
  • 24% of people wanted to exercise more
  • 21% of people want to eat healthier 

 

No matter where you are on your health journey – you can still use your health insurance to meet your health goals. But how? It’s simpler than you’d think. Let’s dive in. 

MEC Coverage 

Minimum Essential Coverage (MEC) plans meet the minimum requirements for an insurance plan to be considered compliant with the Affordable Care Act (ACA). All applicable large employers (ALEs) with 50 or more full-time employees must offer 95% of their full-time employees ACA-compliant benefits. If they don’t provide this coverage, ALEs are liable for fines and penalties by the Internal Revenue Service (IRS). Read more here on why offering MEC benefits is more affordable than not.  

 

The three tiers of MEC options available are: 

 

  1. Standard MEC plans are ACA compliant and include coverage for wellness, preventative services, prescription discounts, and telehealth services. 
  2. Enhanced MEC plans take coverage one step further than standard plans and are aimed at attracting and retaining top talent by also including primary and urgent care visits with low copays, and discounted specialist and laboratory services. 
  3. The highest-level MEC plans include the enhanced MEC plan benefits along with added coverage such as prescription coverage and low copays. 


How To Use Health Insurance to Meet Health Goals

Your health insurance can lead you toward the right steps to keep yourself healthy. Preventative care can help keep you and your healthcare team ahead of potential chronic illnesses. Catching diagnoses such as high blood pressure, or other similar conditions early can help avoid them becoming more serious down the road.

 

By using your health insurance resources, you are actively using the tools readily available to you to meet your health goals. Let’s unpack how a basic MEC plan can help you achieve your health goals. 

 

Annual Physical 

One of the best ways you can support your health goals is by visiting your primary care provider annually. This appointment helps you consistently monitor your physical health year over year. During a physical, your healthcare provider will examine you to check for any underlying conditions you may not be aware of before they become more serious or potentially deadly. 

 

In a poll taken by Kaiser Health, 92% of Americans do believe in the importance of an annual physical, but only about 62% of Americans actually take advantage of their annual physical. 

 

If your healthcare provider identifies an issue during your visit, they can then help you identify the best course of action for treatment or refer you to a specialist. 

 

Vaccinations 

Routine vaccines are another great way to help your body stay healthy and strong against viruses and bacteria that cause illness. 

 

Vaccines help develop the body’s immunity and create stronger defenses to fight against disease. According to the CDC, “Every year thousands of adults in the U.S. become seriously ill and are hospitalized because of diseases that vaccines can help prevent.” 

 

Receiving your routine preventative and wellness vaccinations can:

 

  1. Lower your chance of getting certain diseases, like how the Hepatitis B vaccine lowers your risk of liver cancer 
  2. Lowers your odds of spreading disease to others 

 

Click here to see the CDC’s recommended vaccine schedule. 

 

Telehealth 

Virtual visits are a great way to speak with a healthcare professional to continue making the healthiest decisions for yourself. Seeking expert advice can help you know how to best care for yourself, and know when it is a good idea to see a physician in person. 

 

Having a telehealth visit before an in-person exam can help the healthcare provider prepare for your visit, and understand what you may need in case you do need to go into the office. It also reduces the time you take to physically go to the appointment, wait in the waiting room, and return home. 

 

Your health journey isn’t yours alone. Use resources like telehealth visits to maximize physician resources. 

 

For more information on how to make the most out of your telehealth visit, read our article here. 

 

Prescription Discounts  

Medication can be expensive. Let your health insurance support the cost of necessary medications that keep your body healthy and functioning properly. Using your insurance prescription discount can help save hundreds, if not more, dollars on medications that some may not be able to live without.

 

Certain providers may be able to offer generic options for brand-name drugs to save you money while still getting you the medications you need.

 

Screenings/ Bloodwork 

Take advantage of the screenings and bloodwork panels included in your preventative care and wellness insurance plans. These screenings and bloodwork exams were created for a reason– to flag any potential illness before it becomes an issue. 

 

The Bottom Line

Catching a chronic illness or disease before it becomes more difficult to manage is one of the best outcomes of preventative care. 

 

Use to resources that your health insurance offers to keep yourself healthy. Taking advantage of these preventative care services are small manageable opportunities for you to implement your New Year’s health resolution throughout the year.  

 

Looking for more information on minor medical coverage? Read our article here. 

health insurance can be used to meet health goals

Article originally published on SBMA Benefits.

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Difference Between Hospital Indemnity and Accident Insurance?

Navigating insurance policies can be challenging for anyone. There isn’t a way to predict the future, so how can you know what you will need? There are so many options available, how can you decide?

Voluntary benefits can help supplement insurance policies that may not cover all of your employees’ needs. There are many options when it comes to voluntary benefits with a few differences. What’s the difference between hospital indemnity policies and accident insurance? Here’s a breakdown.

Accident Insurance 

Accident insurance is an option to help supplement out-of-pocket expenses for potential expenses incurred when an accident occurs. This insurance is used to cover expenses that your standard health insurance plan cannot cover.

Typical medical insurance directly pays the medical provider, and you receive the bill later. Accident insurance, on the other hand, pays the cash directly to you, then you choose the best way to use that money.

What Exactly Does an Accident Insurance Policy Cover? 

There are quite a few expenses accident insurance covers that your traditional health insurance plan may not. These can include:

  • Emergency room visits
  • Ambulance rides
  • Helicopter transportation
  • Hospital admission charges
  • Diagnostic exams
  • Follow-up treatments
  • ICU and rehabilitation unit care
  • Physical therapy

Ambulance transportation can be extremely expensive. Investing in accident insurance could save you thousands of dollars.

Deductibles for many medical insurance plans can also cost thousands. Other insurance simply doesn’t cover hospital stays, ambulance rides, or other non-preventative care. Accident insurance can be a great backup plan.

How Much Does My Insurance Go Up After an Accident?  

Unlike claims filed for car insurance or homeowner’s insurance, the premiums on accident insurance do not increase after an accident or diagnosis of an illness. In other words, covering an ambulance ride with insurance will not impact the premium.

The Affordable Care Act (ACA), created in 2010, halted any insurers’ ability to adjust insurance rates due to medical history or gender.

Now, once you are insured, your premiums will not increase as a result of filing a claim. However, premiums increase steadily over time due to healthcare inflation, increased prescription costs, and rises in chronic illnesses. Many insurance policies implement a fixed annual rate increase that in no way is based on claims filed on accidents.

As Verywell Health explains, “the overall rates for everyone on the plan will typically go up from one year to the next, based on the total claims that were filed by everyone on the plan. But they’ll go up by the same percentage for people who filed big claims, people who filed small claims, and people who filed no claims at all.” Rates reflect the usage of the group, not the individual.

What is Hospital Indemnity Insurance? 

Hospital indemnity insurance is very similar to accident insurance. Whether you choose one over the other or get both will depend on your lifestyle, expenses, and savings. It is also used to supplement any expenses incurred outside of your health coverage.

Hospital indemnity insurance provides a set cash payment to use for any bills you need to pay. This is especially helpful for paying housing, bills, and living expenses if you are unable to work.

What Does Hospital Indemnity Insurance Cover? 

Hospital indemnity insurance coverage depends on the plan and coverage options you choose. Some things covered under a typical hospital indemnity plan include:

  • ICU stays
  • Critical care unit stays
  • Outpatient surgery
  • Continuous care
  • Outpatient x-rays
  • Laboratory procedures
  • Outpatient diagnostic imaging procedures
  • Ambulances
  • Emergency rooms
  • Physician office visits

Generally, hospital indemnity plans have lower premiums compared to other insurance, but depending on your coverage that can increase.

Is Hospital Indemnity Insurance Worth It? 

It’s important to consider your own personal health and wellbeing when deciding on purchasing hospital indemnity insurance. Since this insurance does not cover typical doctor’s visits or prescription medication, it really depends on you and your lifestyle.

Keep in mind:

  • Your personal health—are you or your family members more likely to be hospitalized?
  • What level of coverage does your current health insurance plan cover?
  • Are you financially able to cover unexpected health costs?
  • How much would a hospital indemnity plan cost over time vs. the cost of benefits received?

This plan may give you peace of mind, and the support you need during an unexpected accident. However, if the plan does not seem like something you need, or if you are able to cover the price of an emergency out-of-pocket, you may not need hospital indemnity insurance.

So, How Do You Decide Which Coverage to Invest in? 

The important distinction between the two types of insurance is how often you frequent the hospital. If you have hospital indemnity insurance and do not go to the hospital, you will not get paid benefits. However, accident insurance plans apply to both hospital stays and treatment from your primary care doctor. Consider a few things before you make your decisions.

Consider Your Lifestyle

Do you enjoy running, hiking, and other activities that may be more prone to accidents? Accident insurance might be your best choice.

Do you have kids who play sports or are constantly playing outside? Accident insurance may be for you. If you lead a relatively healthy, active lifestyle, accident insurance might be a better option for you.

If you have a chronic health issue or have dependents with chronic health issues, hospital indemnity insurance may be a better bet for you.

How Much Money Do You Need to Get By?

If you live alone or if you are a relatively young person with fewer financial responsibilities, accident insurance is a great option to ensure you are covered for whatever comes your way.

 

Sometimes, the best solution may be to have both coverage options. If you have children, own a home, own a car, and have other expenses, purchasing both will give you the best coverage.

Consider How Much You Have Saved for Emergencies

If you don’t have a large amount of savings, (e.g. enough to cover three months of expenses), a small monthly premium for accident insurance may make sense for you. On the other hand, if you have enough money to cover potential accident expenses or medical expenses, and support your lifestyle, but a large hospital bill might drain your savings, hospital indemnity insurance may be the smarter option.

Curious about other benefit plan options available to you? Read our article about voluntary affordable benefits here.

Article originally published on SBMA Benefits.