The ACA provides mandates and tax incentives for individuals to gain health care coverage, and while children are covered for dental care though the dental essential health benefit (EHB), only some of those plans cover adult dental care as well. That leaves the door wide-open for insurance brokers to offer dental plans to individuals who have signed up for an ACA insurance plan. This can be a lucrative opportunity for your business to sell to individuals as well as groups.
Under the ACA, small businesses with 50 or more full time employees must pay or play – full time meaning those working a minimum of 30 or more hours per week. Companies who meet these requirements and don’t offer insurance options to employees can face penalties. Read more about the pay or play rules.
Research has shown that employees feel more loyalty toward businesses that offer dental insurance plans. Assisting small-business owners with identifying affordable group dental plans will make you a hero in the eyes of their employees, and you a hero to them—a great opportunity all-around. Another great selling vehicle is to partner with small businesses as “benefits advisors” to offer their employees individual dental insurance plans that are more tailored to each employee’s needs.
Opportunities for Brokers to Sell on Exchanges
Individuals and qualifying employer groups needing to shop for ACA plans can work with brokers like you. But, you brokers must be certified to sell on state and Federal exchanges. There is no doubt that the dental market continuing to grow. According to Healthinsurance.org,
“Florida had the highest 2014 enrollment among states using HealthCare.gov and the fourth highest percentage of eligible individuals using the marketplace to purchase coverage.” National Association of Dental Plans (NADP) reports that the enrollment in dental insurance plans continues to rise year after year.
Consumers and employer groups will see an increased list of carriers to select their benefits from. More choice means more choice for your clients…and greater opportunities for sales as a health and dental insurance broker.
More good news for Brokers: Private Exchanges
Many private exchanges work with brokers. These exchanges are a fantastic way to add additional voluntary products to your portfolio – and to your client’s benefit offerings. Overcome HR’s objection to adding more benefit options by working with a private exchange that provides single source billing. These platforms can be customized, giving brokers and groups more control over the benefits they choose to offer their employees/clients.
There are even state-based private exchanges, like in Florida, which offers individuals and groups benefit plans. Florida Health Choices, and other regional and state based private exchanges can add arsenal to your sales kit. Something to keep in mind is that purchasing a plan from a private exchange doesn't necessarily make you exempt from ACA requirements. Be sure to find products that are ACA certified if that’s a requirement you need to fulfill for your clients. While you are at it, be sure you are doing the most to sell clients on your services with out FREE Broker Skills & Services Guide below!
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