Unfortunately, what was in the past for Carrier, Brokers, and Service Providers will never be again. For these groups the "New" is very uncertain and challenging. The future will also be challenging for Employers, Employees and Individuals. In past years industry changes were Evolutionary. Brokers, Carriers, and Service providers merely adjusted their business plans to better and more profitably plan the New Year. Employers and Employees reacted to Price Hikes. Individuals had few Choices. Industry changes are now Dramatic!
2013 is different! PPACA/Obamacare and other new Disruptive Changes have presented a totally different paradigm! Those in the Employee Benefits Marketplace - including Carriers, Brokers, TPAs, Enrollment Companies, Technology Providers - have been forced to develop new sets of Plans, Programs, and/or Services to comply with PPACA and meet the needs of Employers, Employees, and Individuals. Health and Human Services (HHS) is rolling-out regulations and guidelines on a daily basis.Carriers must create Qualified Health Plans (QHPs) that include Essential Health Benefits (EHBs). Carriers must meet Medical Plan Ratios (MLRs) or be penalized. Brokers face reduced or disappearing commissions in the face of MLR and Market Forces. Service Providers must revamp and create new technologies to accommodate PPACA. Employers face a new Benefits Marketplace with Mandates and Penalties. Employees face uncertainties about their Employers participation and Funding.
Throughout 2012 BenefitPace.bi (http://www.benefitplace.biz/
About Change - A friend and colleague passed along a quote that he lives by when facing challenges and change:
"God grant me the serenity to accept the things I cannot change; courage to change the things I can; and wisdom to know the difference".
Brokers, Carriers, and Service Companies cannot change PPACA/Obamacare!
What are the Brokers, Carriers, and Service Providers Facing?
Brokers have lost a substantial portion of their revenues traditionally generated from Group Health Insurance Commissions due to mandated Minimum/Medical Loss Ratios (MLRs). They see Federal and State Exchanges as a direct competitor for the Delivery of Health Plans. They need to be considered Trusted Advisors by Employers, Employees and Individuals. Brokers face partially shifting to a Fee Based Model to replace lost commissions. Their Employer Clients are considering an exit from providing Employee Benefits - Plans are time-consuming and ever escalating in cost. With this Employees would be turned loose to the Individual Plan Marketplace. Brokers have little or no access to the Individual Marketplace.
Carriers have been forced to re-structure their Plans offered to Employers, Employees, and Individuals to be compliant as Qualified Health Plans (QHBs) which are required to offer mandated Essential Health Benefits (EHBs). Carriers face the loss of Brokers as their traditional distribution channel because commissions were reduced or eliminated due to the mandated MLRs. Private Exchanges threaten to put Carriers side-by-side for comparison and competitive pricing on internet based platforms.
Service Providers have been forced to upgrade or create new Technologies to meet the demands of PPACA. New competitors have entered the Service Provider's marketplace offering new technologies to support Private Exchanges, Defined Contribution, the Education processes, and Enrollments that accommodate Employee and Individual Choices.
BenefitPlace.biz (BP) and BPTraeShow.com (BPTS) have a 5 Step Turnkey, Profitable Set of Strategies and Solutions for Brokers, Carriers, and Service Providers that can be utilized as an integrated whole or severally. Click on the Links Below - Each Link provides access to pages that describe the Component Parts essential to each of the 5 Steps. BP/BPTS work with Best-In-Class Affiliate/Providers for delivering components to meet our Client/Partners Needs and Price Points.
Profitable Employee Benefit Strategies and Solutions Compliant with PPACA / Obamacare! Click on the Links Below for more Information:
CHART OF THE 5 STEPS (http://www.benefitplace.biz/
STEPS: Private Exchanges
Defined Contribution
Integrated Benefit Choices
Integrated Supporting Technology
Inbound (http://www.benefitplace.biz/
SOLUTIONS!! 2013 and Beyond can provide incredible opportunities for Brokers, Carriers, and Service Providers who embrace PPACA and other Disruptive Changes offering Employers, Employees, and Individuals Efficient and Cost-Effective Strategies and Solutions. Have a Prosperous and Profitable New Year!
For more information – Email max@benefitplace.biz or Call 216.577.5579
