The fourth quarter is in full swing! If you’re like most health insurance brokers, this is your busiest time of year. It’s also your last opportunity to hit your sales goals for the year. We’ve put together seven killer sales strategies to make this your best fourth quarter ever.

1. Pivot to an online platform

Fourth quarter is crazy enough already, but the addition of a global pandemic brings this fourth quarter to a whole new level. With everyone taking extra precautions and many people working from home, you’re bound to be met with more challenges than ever before. This is why you’ll need an online platform to tackle open enrollment this year.

Online benefits platforms not only eliminate paperwork and give remote employees a safe way to enroll in benefits, but they also give you the ability to monitor enrollment in real-time and quickly run reports to see who’s enrolled. Plus, since employees review, enter, and update their own data, you’ll save time by drastically reducing errors.

2. Take advantage of the Small Business Special Enrollment Period for No Minimum Participation Requirements

The Small Business Special Enrollment Period is a little-known ACA mandate that requires carriers to offer a special enrollment period (SEP) without any participation or contribution requirements. This is a huge opportunity for small employers who might not usually be able to afford a group plan or who struggle with meeting participation requirements. The employer can offer the plan to employees without paying a single cent towards contributions, and only one employee needs to enroll.

The Small Business SEP is not only a great way to remove the barriers for employers who typically wouldn’t be able to establish a group plan, but also a fantastic prospecting tool to help you get your foot in the door and write more group business. The SEP runs from November 1 to December 15, 2020.

We’ve put together a guide to help you understand how the Small Business SEP works and the huge sales opportunity it presents. We’ve even included template letters that you can send to small businesses in your area to raise awareness about this unique opportunity.

 

3. Consider level-funded plans combined with HRAs to help your clients save on premiums

The cost of employee benefits continues to rise. Now more than ever, employers are looking for solutions to save money. Combining level-funded plans with a Health Reimbursement Arrangement (HRA) can help employers save up to 35% on premiums without sacrificing quality of coverage.

Premiums for level-funded plans are typically lower than ACA plans because they are not community rated, but instead based on the health trends of specific group. Plus, in years where claims are lower than expected, the employer gets back a percentage of the funds. It’s a win-win!

The addition of the HRA allows the employer to lower premiums even further by selecting a high-deductible plan. They can then channel some of their premium savings into the HRA to help compensate employees for the higher out-of-pocket expenses. The employer gets to keep any unspent HRA dollars at the end of the year, which helps to further control costs.

We’ve created Flex Integrator which combines multiple cost-saving products into a packaged solution where employers only pay for the benefits they need and share the savings with their employees. Flex Integrator is a great option to help your clients and prospects navigate this time of uncertainty.

 

4. Offer Individual Coverage HRAs to your clients who are considering terminating their group coverage

With the amount of small business struggling during the pandemic, chances are you’ve probably got some clients who are worried that they can no longer afford to offer group health insurance benefits to their employees. Before they throw in the towel, encourage them to consider an Individual Coverage HRA (ICHRA) as an alternative.

The ICHRA allows employers to reimburse employees tax-free for individual health insurance premiums and qualified out-of-pocket expenses. Giving employees a fixed amount to pay for healthcare helps employers definitively control their costs. No more dealing with the uncertainty of annual renewal increases!

Plus, ICHRAs are simple to use. There are just three easy steps:

• The employer sets up the ICHRA
• Employees shop for and purchase their individual health plans
•  Employees use their ICHRA funds to pay their premiums

ICHRAs can also be a good option for employers who don’t currently offer a group plan, or ones who don’t want to be burdened with all the administrative duties of offering a group plan. They are also a perfect solution for employers who have remote employees scattered in different parts of the country or who want to offer a benefit to a specific class of employees, such as part-timers or seasonal workers.

 

5. Enhance the benefits offering without costing the employer extra money

Voluntary benefits are a great way to round out an employer’s benefit package and increase your commission. Since these plans are 100% employee paid, they allow employers to expand their benefits without expanding their budget.

With deductibles and out-of-pocket expenses continuously on the rise, many employees are looking for a little extra security and piece of mind. Worksite benefits like Accident, Hospital Indemnity, and Cancer plans can make all the difference. These plans pay cash benefits which employees can use where they need it most, whether that is to pay for medical bills they’ve incurred or to pay for household expenses while they are recovering from an illness or injury. The premiums can also be payroll deducted, which makes these plans convenient and easy for employees.

Flex offers our own line of worksite products, called Flex Worksite. These plans are underwritten by MetLife, so you know your clients are in good hands with a trusted industry leader. Flex Worksite offers a range of plans available for any size group, down to 5 enrolled, and all plans feature easy, convenient sheet rates, and 20% flat commission.

 

6. Help your clients and their employees save with Consumer-Driven Health Plans

With so much focus on the medical plans in recent years, Consumer-Driven Health Plans (CHDPs), like FSAs, HRAs, and HSAs, often get overlooked. This is a shame because these plans are extremely beneficial to both employers and employees. CDHPs are a great way to help employees plan for expected expenses and save money in the process. Plus, any employee contributions done view pre-tax payroll deduction also lower the employer’s FICA taxes.

Adding CHDPs to an employer’s benefits package only increases client loyalty and stickiness. It’s also a fantastic way to show your clients that you’re not just selling them insurance plans, but instead taking a consultative approach to employee benefits. Your clients will appreciate your taking the time to get to know them, to understand their specific needs and challenges, and recommend a benefits package that’s right for them.

When selling high deductible plans, don’t forget to add-on HSA for plan that are eligible.  You’ll be saving employees significant amount of money on their healthcare bills.

As a trusted benefits administrator for over 30 years, Flex offers a full suite of employee benefit account and compliance services built with employers in mind. We’ve got all the tools and resources employees want, plus the dedicated service and support employers need. Our experienced staff works hard every day to provide truly hassle-free benefits administration for your clients.

 

7. Stop passing up opportunities.  Earn $$$ on referrals.

From time to time, you probably come across a sales opportunity that you have to pass up. We get it, there are only so many hours in the day, and not everyone can be an expert on everything. But that’s why Flex is here!

Our experienced, knowledgeable sales consultants are here to help you find creative strategies to close deals on all sales opportunities. They can even join you during crucial client meetings and assist with employee enrollment. Plus, when you work with Flex, you have an entire back office of customer service people working for you. We reduce your administrative burden so that you can focus on selling more business.

If you’re looking for higher levels of client-facing support than is available through the standard GA arrangement, Flex has several partnership options available with varying degrees of support and compensation. If you come across opportunities that you’d just rather not deal with at all, don’t say no, pass it on to us! We’ll take it off your hands and pay you a one-time referral fee.

Contact your Flex Sales Consultant to learn more about our Broker Partnership Program.

 

As you navigate through the craziness that is Q4, don’t forget that Flex is here to help. We’ve got everything you need to help you exceed your sales goals and make this the best year ever. Reach out to your Flex Sales Consultant today to talk strategy.

Call us at 888-353-9178 or email groupsales@flexiblebenefit.com