As covered in Part 1 of this blog post series, benefit advisors are presented with a unique opportunity to help small to midsize businesses (SMBs) buckling under the weight of crushing employee health coverage costs find alternatives to fully insured models.
Benefit advisors who dedicate time to learn the range of alternative funding solutions stand to help struggling employer clients and benefit themselves from embracing a forward-thinking approach. Per Part 1, benefit advisors who expand their offerings to include alternative funding solutions can position themselves as progressive in a rapidly changing healthcare market, fulfill their ethical obligation to help employer clients, stay competitive, maximize avenues of compensation and —if they partner with ClearPoint! —enjoy protection from Broker of Record (BOR) hunting.
5 Reasons Why Benefit Advisors Should Align Themselves with Alternative Funding Solutions, Part 2
As if five reasons weren’t enough, here’s five more. Benefit advisors who embrace alternative funding solutions can…
- Retain Clients
If they choose to use a captive, realize the likelihood that the employer client will remain a member of the captive is high! Captives have an average retention rate of over 97%, which means the advisor who led them there does too.
- Future-Proof Their Offerings
Alternative funding solutions are the way of the future. With the percentage of businesses with between 100 and 499 employees that operate under a self-insured health plan jumping from 32% in 2020 to 37% in 2022, their popularity is projected to grow. Benefit advisors that modernize their offerings today will lead the charge into a future where alternative funding options are increasingly attainable and more commonly chosen by SMBs.
- Collaborate Effectively
The prospect of expanding offerings to include non-traditional products can be daunting. There is no doubt that fear of the unknown is a major obstacle preventing benefit advisors from enjoying the clear benefits of offering alternative funding solutions. However, with the right partner, anything is possible. ClearPoint Health understands this and eases benefit advisors’ transition to an elevated business model by providing advisor education and marketing services as well as full service administrative, strategic, and underwriting support.
4. Become More Efficient
Partnering with an alternative funding marketplace can boost a benefit advisor’s ability to operate efficiently. For example, benefit advisors that align with ClearPoint Health can submit a single RFP through ClearPoint’s proprietary ClearQuote technology to access a wealth of carriers, networks, PBMs, TPAs, and extensively vetted cost management solutions intelligently matched to client needs and risk profiles.
5.Count On Support
Benefit advisors who add alternative funding solutions to their selection of offerings don’t have to do so alone. A supportive and knowledgeable partner can place them on the fast track to growth. Case in point: ClearPoint Health’s Alternative Funding Center of Excellence (COE), which provides partners access to comprehensive training and sales enablement materials.
Advisors, Be Advised: Alternative Funding Solutions Can Be Your Signature Offering
Offering benefits for employers and advisors alike, it’s easy to see why many are moving away from fully insured plans to alternative funding models. With ClearPoint’s support, it’s easy to master this evolving market and offer employer clients a different way to fund critical care. Build better benefits. Start by contacting ClearPoint Health.
