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Open Enrollment Checklist

After open enrollment: Product-bundling offers coverage and sales opportunities

Have clients who are shopping for short term health insurance coverage? Although they can purchase it on its own, you can recommend they bundle it with Metal Gap and other products. The benefits are two-fold: You strengthen your relationship with your clients, and you potentially boost your earnings.

The best time to do this is the period after open enrollment, since those who did not purchase Obamacare coverage may be investigating options.

Make it win/win by capitalizing on this situation. These five tips may help:

  1. Suggest higher-deductible options. “If your client did not enroll in an ACA plan, short term medical may be their only option for coverage. Moving to a higher deductible plan could lower their premium (costs) enough so you can layer in additional products, like Metal Gap,” explains IHC Specialty Benefits Senior Sales Consultant Ryan Rosenberg. “When you bring them away from the lower-deductible short-term options with higher premiums, you’re going to be pushing them towards $2,500 or $5,000 deductibles. The main reason why you’d want to have short term coverage in the first place is to protect yourself against a major accident or a major illness. And (Metal Gap’s) major benefit is that your out-of-pocket may be covered in the case of any covered accident or major illness.”
  2. Promote affordable, easy-add dental and prescription card products. “Through our enrollment tools, you can just add these sales,” says Rosenberg. “With a click of a button, you can add Metal Gap, a dental plan, or a prescription card. It’s a really simple way to cross-sell multiple products and increase commission."
  3. Emphasize penalty-free cancellations. If clients eventually get coverage through an employer that offers dental and prescription coverage, “they can just cancel all their coverages with us. We don’t have any penalties,” Rosenberg states. “Everything’s set up on a month-to-month basis with us. In most cases, as long as they let us know before their premium is due for the next month of coverage, we won’t bill them for that next month. They won’t overpay for insurance they don’t need.” (Note: Exceptions apply. Suggest that your clients refer to their policy provisions for specifics.)
  4. Review your Renewal Reports on www.myihcgroup.com. After open enrollment, reach out to your “book of business” to discuss the merits of Metal Gap, dental and prescription card coverage.
  5. When it comes to group sales, relationship-build, one product at a time. Perhaps you miss out on a group health sale due to competition. During the pitch, you can still suggest other products, such as group life, disability, dental or vision coverages. "You’re building that relationship,” says Darin Whitely, IHC Specialty Benefits Managing Sales Director. “When that (health) renewal comes up, (the HR person is) going to remember you: ‘Oh, that’s right. You have health plans available.’ He’s going to give you a call.”

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About The IHC Group
The IHC Group is an organization of insurance carriers and marketing and administrative affiliates that has been providing life, health, disability, medical stop-loss and specialty insurance solutions to groups and individuals for over 30 years. Members of The IHC Group include Independence Holding Company (NYSE:IHC), American Independence Corp. (NASDAQ: AMIC), Standard Security Life Insurance Company of New York, Madison National Life Insurance Company, Inc. and Independence American Insurance Company. Each insurance carrier in The IHC Group has a financial strength rating of A- (Excellent) from A.M. Best Company, Inc., a widely recognized rating agency that rates insurance companies on their relative financial strength and ability to meet policyholder obligations. (An A++ rating from A.M. Best is its highest rating.) Collectively, the companies in The IHC Group provide insurance coverage to more than one million individuals and groups. For more information about The IHC Group, visit www.ihcgroup.com.