Archive for July, 2011

Enrollment in Health Savings Accounts which must be linked to a Federally qualified high deductible health insurance plan continue to have significant growth year on year according to a report recently published by America’s Health Insurance Plans.  Highlights are detailed in an Article recently published in  Total enrollment has increased over 14% from last year and has more than doubled from January 2008 to January 2011.  Clearly there is an attraction to these plans as they offer reduced premiums due to the high deductibles, and the tax advantages of the HSA.

AHIP reports that growth has been consistent in the small and large group market as well as individual private insurance.  Growth rates in the large group market were the highest as it rose by 26% from January 2010 to January 2011, followed by the individual market at 15%.  Totals in these market segments are as follows: large group-6.3 million; small group-2.8 million; individual-2.4 million.

What does this all mean for voluntary insurance marketers?  Opportunity!  For those who are working in the work-site space, large group is a prime target.  Employers are moving in the direction of cost shifting to their employees, thus being able to provide valuable supplemental products at no cost to the employer is a winning proposition.  Supplemental products that can help offset the expenses of the higher deductible, hospital cash, accident medical, wellness benefits, critical illness etc.  Likewise for those agents focusing on the individual market, the need is there as well, and if properly presented, voluntary supplemental benefits could be a real opportunity for growth.

No one can with great certainty predict what is ultimately going to happen in 2014 but clearly the need and opportunity to provide supplemental products continues to grow.

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